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2022-11-10

FTX crash is old lesson for financial newcomers

FTX is a young company facing an ancient financial problem. 

Sam Bankman-Fried’s cryptocurrency exchange is hanging in the balance, after customers wanted their money back and it wasn’t able to oblige. 

Bankman-Fried’s group was valued at $32 billion in January. Now it is probably worthless

Reuters 10 November 2022

https://www.reuters.com/breakingviews/ftx-crash-is-old-lesson-financial-newcomers-2022-11-10/

The crypto-currency market is double the size of the sub-prime debt in the U.S. on the eve of the financial crisis...

and poses a threat unless urgently regulated, the Bank of England said

https://englundmacro.blogspot.com/2021/10/the-crypto-currency-market-is-double.html


Likely to be missing from discussions will be any mention of 2021 

Consumed by this year’s challenges, we’ve all but forgotten the wild excesses that preceded them: the retail investor frenzy that drove up obscure stocks such as GameStop to extreme heights, how some $18tn of bonds were trading at one stage with negative yields, the rush to invest in blank-cheque Spac investment vehicles. 

Remember dogecoin, a cryptocurrency designed as a joke that surged 15,000 per cent before crashing?

Peter Atwater FT 23 August 2022

https://englundmacro.blogspot.com/2022/09/varfor-manga-tror-att-nedgangen-pa.html


What Triggered the Crash? 

https://englundmacro.blogspot.com/2021/07/what-triggered-crash-hussman-funds.html


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