The nerves stoked by China come during a period of vulnerability for crypto markets, which are on edge over the contagion spreading from the fall of Sam Bankman-Fried’s FTX exchange and sister trading house Alameda Research.
Crypto watchers also pointed to worries about wrapped Ether, which is meant to have the same value as Ether while allowing access to more applications.
Some reports suggested the concerns stemmed from joke Twitter posts falsely claiming a break in the expected peg in the value of wrapped Ether and Ether., head of research and strategy at crypto lender Matrixport, said he’s “not too concerned” about wrapped Ether because it’s based on automatically executing software known as smart contracts.
“This will make it unlikely to be actually manipulated as no person, nor a centralsed entity, should be able to manipulate the open-source smart contract,” which can also be checked for bugs or flaws, Thielen added.One risk in China is that Beijing’s ongoing policy of Covid-zero mobility curbs is an impediment to stabilising domestic demand, Katrina Ell, senior economist at Moody’s Analytics Inc., said on Bloomberg Television.
The collapse of FTX — which once boasted a $32 billion valuation but tumbled into a bankruptcy in a matter of days this month — continues to threaten a wider reckoning for the digital-asset sector., head of trading at digital-asset exchange Independent Reserve.
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