The selloff and resulting crash in cryptocurrency prices on Jan 21, 2022, which wiped out over $1 trillion from the major coins, showed that cryptocurrency behaves like any other risky asset in the market. The plummet coincided with a stock market decline, nullifying the point that cryptocurrency is some sort of bastion from traditional markets.
See also:
- Stocks tend to go down when bond yields go up as risk-averse investors can get safer returns
- This cryptocurrency decline could get worse with looming federal funds rate hikes
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Trading Volume of Nfts Fell 97%
A recent analysis of the trading volume of NFTs found that it fell 97% from $17 billion in January to $466 million in September.