Crypto's Weekend Wipeout
Last weekend, the market for digital assets hit disarray in an extraordinary show of volatility.
The price of Bitcoin fell by more than $12,000, from near $123,000 to below $107,000 in minutes, resulting in shockwaves that drove other major cryptocurrencies like Ethereum and Solana down even further.
This carnage created one of the largest liquidation events in history, a clear signal of the inherent risks in the fast-evolving market and an integral design flaw in the new Wall Street-endorsed vehicles for investing.
According to market analysts, the event triggered a
“cascade” of forced selling.
The sheer scale of the financial bloodbath was unprecedented.
Author's summary: Crypto market volatility exposes flaw in Bitcoin ETFs.
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