Latest cryptocurrency crash
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Several times, in fact. In , bitcoin's price crashed when the Mt. Gox exchange collapsed. And in , bitcoin's price fell 80% as hundreds. Several major cryptocurrencies suffered heavy losses early Monday as the market's valuation plunged to nearly $ billion. Bitcoin plunged from. Recent high-profile financial meltdowns at Bitcoin, Celsius, and Terraform Labs, which together wiped out hundreds of billions in market value. CALLED WITH SDP WITHOUT SDES CRYPTO
Meanwhile, MPs on the Treasury select committee recently launched an inquiry into the role of crypto assets in the UK. It was turning into a healthy nest egg. Duncan admits that he stopped maintaining his spreadsheets once he started doing well. Actually, that is not true. People saw it coming … the bubble I was in did not see it coming. After all, he says, people lose money on the stock market all the time. On Wednesday, the company Celcius became the third major crypto firm in two weeks to file for bankruptcy.
This past week, I spoke with Andrew Chang to unpack what's behind this latest crypto crash. For the unfamiliar, I think it might be instructive if you first explain what crypto is and why it's been such an attractive investment vehicle for so many people? Andrew Chang, Crypto Consultant: So crypto currencies is a new type of financial asset that's powered by blockchain technologies.
And it's a way to store and move value on a decentralized network. Now, why people are super excited and have been investing in crypto currencies as a financial assets is because they believe that technology is interesting and valuable. And as the value of the network increases, so does the price of the currency that powers it. Geoff Bennett: So what accounts for this crash? I mean, as I understand it, there was a crash back in , where the largest cryptocurrency Bitcoin lost about 80 percent of its value.
This crash is different in terms of magnitude and the cause. What's the deal? Andrew Chang: It's important to paint the picture over the last couple of years where the price has risen a lot. You had apps like Robin Hood and PayPal enable people to invest in cryptocurrencies. You had a greater awareness of cryptocurrency and then a greater availability of capital through stimulus checks or low interest rates. That's what led up to the price being so high. What led to the downfall in this recent crash is partly due to the greater economic downturn.
And then secondarily, you've seen a number of crypto companies that have recently filed for bankruptcy, many of these crypto companies took on too much risk and that risk led to them imploding as the price went down. Geoff Bennett: I always understood it the value proposition of crypto was that it was supposed to be insulated from the broader economic trends, this crash would suggest that that's not the case.
Andrew Chang: Yes, I think it's not realistic to think that crypto currency or any other type of alternative asset is immune to being completely divorced from the broader economic picture. When you have a long enough economic downturn or big enough economic downturn, you're going to see that affect not only traditional financial assets, but financial assets like cryptocurrencies and, frankly, all parts of our lives.
So that has been the hope for many people that you could operate a different financial network. But the reality is, it's all intertwined. Geoff Bennett: As you mentioned, novice traders, amateur traders have suffered seismic losses, some people losing it all they put in a ton of money, because they were looking for, you know, quick sizable returns, and the timing of it. So, you know, this meant that they lost a lot of money and they lost it quickly.
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