How the crisis unfolded at FTX, the crypto exchange that recently declared bankruptcy, which led to a meltdown in the industry as a whole.
The ongoing crash in cryptocurrency prices is largely due to malpractice by particular key players in the crypto market, coupled with a lack of regulation that has allowed such activities to take place. Macroeconomic conditions haven’t helped either.
Bitcoin, which makes up about 41 per cent of the crypto market, has seen a precipitous fall in its price over the last year. From $64,400 per Bitcoin on 12 November, 2021, the price is now hovering around the $16,500 range. Other, smaller cryptocurrencies have seen similar falls in price. From being the darling of new-age investors and those looking to make money quick, how has the crypto market been devastated in this manner?
TCA Sharad Raghavan 