The swift unraveling of cryptocurrency exchange FTX, which culminated in a Chapter 11 bankruptcy announcement on Friday, is raising questions about whether it might produce a spillover into broader financial markets.
Read: FTX filed for bankruptcy. Here’s what account holders need to know about this ‘very messy and complex bankruptcy case.’ “We believe cryptocurrency markets remain too small and too siloed to cause contagion in financial markets, with an $890 billion market cap in comparison to US equity’s $41 trillion,” said analyst Joseph Ayoub, Alex Saunders, and others at Citi.Still, Ayoub told CNBC on Friday that he sees “a serious risk of broader contagion to the ecosystem itself” and, “within cryptocurrencies, it’s unclear as to how far and how deep this goes.
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For now. Cryptocurrency needs to be regulated as pure gambling to prevent it from growing so large that collapses like this do spill over into the real economy.
MarketWatch needs to look into all the stuff is going on with FTX.
Can we talk about the fact that SBF was the second largest democratic donor?
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Chapter 11 is destroying our nation.
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Source: CoinDesk - 🏆 291. / 63 Read more »