Ordinary buyers should beware. They are being sucked into perilously risky trading that only professionals understand
Following the bankruptcy of one of the world’s largest cryptocurrency exchanges, FTX, the price of bitcoin (BTC) has tumbled again. It is now about $16,500 – a far cry from the all-time high of $66,000 just a year ago.
Why such a large drop in value? It’s because of the highly toxic combination of an exchange (an electronic platform for buying and selling) called Binance, a stablecoin (a crypto whose price is pegged 1:1 to the US dollar or another “fiat” currency) called tether, and the skilled professional traders running high-frequency algorithms. Continue reading...
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