Cryptocurrencies always merited scepticism. The collapse of platform group FTX — and a halt to withdrawals at Genesis Trading — means they need even sharper-eyed scrutiny.
The foremost candidate is the price of bitcoin. The volatility of the flagship digital asset has been perplexingly restrained, given recent events.
Bitcoin is trading at just under $16,500, about a fifth lower than a few weeks ago. Surely it should have fallen further? It is a key asset in the incestuously entwined dealings...
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