Dear Reader, The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of.
The collapse of FTX, a crash in digital cryptocurrencies and fresh doses of daily negative news are spreading fears of a crypto contagion in financial markets.
And, the fear is real as one of the world’s largest exchanges, FTX, has filed for bankruptcy. Not surprisingly, cryptocurrencies have tumbled.
The value erosion so far in 2022 is estimated at $1.4 billion. There’s speculation over other big crypto names going under too unless they are able to raise millions of dollars to support redemptions.Worse, FTX owes its top 50 creditors -- the list is not disclosed -- around $3.1 billion, according to media reports.Read more on moneycontrol.com