Cryptocurrencies are going through a spectacular crash and the head of one of the largest crypto exchanges says the Federal Reserve is responsible for this downturn.
"The core driver of this has been the Fed," said Sam Bankman-Fried, the CEO of FTX, whose app and sites are used by investors to buy and sell digital currencies.
The Fed is raising interest rates aggressively to fight high inflation, and that has led to a "recalibration" of expectations of risk, Bankman-Fried told NPR.
The billionaire said he appreciates the difficulty of what the central bank is trying to do, noting it is "caught between a rock and a hard place." But Bankman-Fried said a lot of his own outlook for his business is now dependent on decisions the Fed will make in the months ahead.
This week, the Fed announced the largest interest rate increase since 1994. With the era of cheap money fast becoming history, financial markets have already been extremely jittery and cryptocurrencies have been in meltdown...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...