When you start thinking about crypto, think again. The entire crypto market lost $1.4 Trillion in value this year. Depending on how you count it, this is roughly the GDP of Mexico. The equivalent of one of the top 20 economies in the world, just disappeared. FTX may have 1 million creditors, and owns more than $3 Billion to the top 50 unsecured creditors alone. Contrasting… Enron had about 20,000 creditors. I know that people will call for legislation, for oversight, and more. I don’t have a good answer, but crypto may never look the same again when the music stops.
Bitcoin briefly hit a two-year low Tuesday as the cryptocurrency market takes a bruising following the collapse of major exchange FTX.
Found at www.cnbc.com