Crypto crisis continues. Here's the latest on the FTX collapse

[Kennah]

Source: CNN

Prices of digital currencies fell again as the crisis engulfing the market deepened over the weekend. Bitcoin, the world’s biggest cryptocurrency, has plummeted about 65% so far this year. It was trading at about $16,500 on Monday, according to CoinDesk. Analysts believe that it could fall below $10,000.

Ether, the world’s second most valuable cryptocurrency, isn’t faring much better. It was trading at about $1,230 on Monday, having sunk over 20% over the last week, CoinDesk data showed.

The plunge comes as investors continue to grapple with the stunning implosion of FTX, one of the biggest and most powerful players in the industry.

Some industry insiders have said the company’s downfall had triggered a “Lehman moment,” referring to the 2008 collapse of the investment bank that sent shockwaves around the world.

Read more: https://www.cnn.com/2022/11/14/business/ftx-crypto-collapse-updates-hnk-intl/index.html

---

Is a Lehman moment where one just let's the market decide and pop popcorn?

[Ford_Prefect]

1. Nothin' from nothin' leaves nothin'...Billy Preston. Ain't that the truth.

[Kennah]

4. Will it go 'round in circles?

I miss Billy Preston

[OldBaldy1701E]

11. Indeed.

[republianmushroom]

2. Tsk, Tsk, maybe not to good an idea.

[oldsoftie]

5. The FTX guy needs to be arrested. He ran a Ponzi.

Doesnt matter if he was a huge donor to the Democratic Party he needs to be held accountable for this shit. And people he donated to need to give it back

[TygrBright]

6. Please let this be the beginning of the end of this massive grift... n/t

[EndlessWire]

7. There was a country in Africa

who had announced that they were going to base their entire country on Crypto currency. I can't remember the name, but I worry about them. Maybe they didn't do it yet.

[AggressiveCanary]

8. Were you thinking of San Salvador?

[EndlessWire]

9. I don't know, LOL

I just remember thinking, that it seems like a giant mistake. But, I thought it was in Africa.

[Lucky Luciano]

10. Yes El Salvador - San Salvador is its capital.

[EndlessWire]

12. Oh, here it is

"The Central African Republic has become the second country in the world to adopt bitcoin as official currency, after El Salvador took the same step last year. Apr 28, 2022"

I guess they both did. Seems risky. So, the national currency of San Salvador is Bitcoin. I don't follow alternative currencies. Is this the one that has bit the dust?