FTX-Induced Crypto Swoon Saps Bitcoin’s Sway on Global Investors
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The pain spread across cryptocurrencies by the meltdown of FTX is fracturing the link they once had with other risk assets, a sign that Bitcoin’s influence on investors may be diminishing.
The pain spread across cryptocurrencies by the meltdown of Sam Bankman-Fried's FTX is fracturing the link they once had with other risk assets, a sign that Bitcoin's influence on global investors may be diminishing.The idea that Bitcoin was a worthwhile part of a diversified portfolio of risk assets is fraying, with massive losses generated by the revelation that even FTX, until recently considered one of the most blue-chip names in crypto, was unsound. That's a far cry from the start of this year, when Bridgewater estimated that 5% of Bitcoin was held by institutional-level investors. Bitco...