While momentum of the financial contagion effect in the cryptocurrency market keeps growing, Wall Street's biggest banks have not been affected, and in some cases turned a profit on the meltdown, The New York Times reported on July 5.
Retail investors, on the other hand, are getting hit with large losses in the wake of tanking crypto prices.
For some context, the crypto market is facing one of its worst bear markets with bitcoin (BTC-USD) off around 65% from its all-time high of $68.8K in November, changing hands at $21.4K as of shortly before 4:00 p.m. on Thursday. The crypto slump was exacerbated by the collapse of algorithmic stablecoin TerraUST (UST-USD) in May after it de-pegged from the U.S. dollar. Terra's contagion spread to embattled crypto lender Celsius, which has suspended withdrawals for the past three weeks amid liquidity issues and sinking token prices. And the next big player that failed was Three Arrows Capital, the crypto hedge fund that recently went bankrupt in...
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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...