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The crypto crash was precipitated by the collapse of FTX, one of the world’s largest cryptocurrency exchanges. It opened the floodgates of volatility in the highly speculative digital asset market. ThoughtLeaders Opinion
When a financial instrument’s value relies on mere perception, or just because many believe that it is valuable, will it be worth having?Despite the risks, but buoyed by an adept marketing campaign and spirited lobbying in US Congress, Bahamas-based[Cryptocurrency Exchange] has raised $2 billion from some of the top venture capitalists in the world, including Sequoia Capital, SoftBank, BlackRock, Thoma Bravo, and Altimeter Capital.
Crypto functions using encryption algorithms which ensure that cryptocurrencies are both used as a currency as well as a virtual accounting system. A crypto wallet is needed to use cryptocurrencies. These wallets are cloud-based apps which can be stored on your computers or mobile devices. These wallets serve as tools that secure your encryption keys that hide your identity and link to your chosen cryptocurrency.
The success of Bitcoin spawned other forms of cryptocurrencies which are transacted in exchanges including FTX, Binance, Coinbase Exchange, Kraken, KuCoin, Bitfinex., Gemini and Coincheck.was precipitated by the collapse of FTX, one of the world’s largest cryptocurrency exchanges. It opened the floodgates of volatility in the highly speculative digital asset market.
Can FTX be held responsible? Cornell University economics professor Eswar Prasad said that FTX’s Bahamas residency puts it outside financial reporting requirements which US companies must meet.
By 1635, a sale of 40 bulbs for 100,000 florins was recorded. By way of comparison, a “tun” of butter then cost around 100 florins and “eight fat swine” cost 240 florins, while a skilled laborer earned a mere 150 to 350 florins a year. The prices of tulip bulbs rose higher and higher as people intended to resell them at a profit. Naturally, such a scheme could not last unless someone was ultimately willing to pay such exorbitant prices. In February 1637, tulip traders could no longer find new buyers willing to pay increasingly inflated prices for their bulbs. As realization set in, the speculative bubble burst. Demand for tulips collapsed, and prices plummeted.
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