Cryptocurrency Some have announced the future of digital payments, without the overhead of a central bank or government. However, at least some overhead may be required, if the past few weeks are any indication.
The current chain of events began with the collapse of FTX, a company that runs one of the largest cryptocurrency exchanges in the world – they had it Partnership with GameStop And the An ad during the last Super Bowl. However, after reports of it The company was missing out on billions of dollars, declared bankruptcy. New CEO responsible for restructuring FTX invited him “A complete failure of company controls.”
Just like the non-crypto financial system, other cryptocurrency exchanges and lending companies are invested in each other, so the collapse of FTX has created other problems. Huobi Exchange told shareholders this She had $18.1 in crypto assets Restricted to FTX. Many cryptocurrency exchanges have stopped customer withdrawals because they do not have money, incl originAnd the The digital boomAnd the Queen House. bloomberg reports That Genesis, another major exchange, may enter bankruptcy.
The crash has eroded more people’s faith in cryptocurrency as a whole – crypto or not, if you put your money somewhere and can’t get it back later, that’s a big deal. Bitcoin has It lost 16.2% of its value over the past monthand 71.43% in the last year. Ethereum fell by 9.5%. last week.
If you are determined to stay in the crypto ecosystem, it might be a good idea to transfer (at least some) of your money to hardware wallet, as the stock exchange cannot use it as a stray fund. The value of the cryptocurrency will likely continue to drop.