$32 billion valuation to $0 in two days? Or was it two months?
This was the crypto being mined in El Salvador.
Cryptocurrency crashed on Wednesday, November 9, 2022, with most coins and tokens plummeting to multi-year lows.
Bitcoin has lost one quarter of its value this week alone as major crypto exchange FTX halted customer withdrawals and lost a potential buyout bid Wednesday from rival firm Binance.
Until a few days ago, FTX CEO Sam Bankman-Fried was considered an industry leader and a lender of last resort.
The media compared him to the Federal Reserve, Warren Buffett and J. P. Morgan. Now, potential lenders are backing away from FTX's toxic balance sheet. Bankman-Fried, just 30 years old, has lost most of his billions of dollars in wealth.
The fallout could trigger more large-scale failures in the cryptocurrency world. Cryptocurrency could tumble further after the market cap for the entire sector fell below $1 trillion on Wednesday. Regulators and politicians could seize the moment to warn of crypto's risks. But ultimately, cryptocurrency is here to stay. Some in the industry would argue that cryptocurrency companies will benefit as investors continue backing away from FTX.
I wonder how Kevin O'Leary's plan for crypto mining in North Dakota is working out?
Link here. As of October 12, 2022:
Will wonders never cease?
Meanwhile, link here:
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