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  • Writer's picturePaul Gravina

Crypto Currencies and the Current Crash

Significant cryptocurrencies such as bitcoin, ethereum, and other ones have experienced sharp price falls this week, wiping off billions of dollars from the whole crypto market and bringing it below the closely-watched $1 trillion level. The price of bitcoin has dropped below $20,000 per coin during the previous day, losing 6%, while the prices of ethereum, the other top ten cryptocurrencies, cardano, solana, and dogecoin have all decreased by 3% to 15%.

The CEO of a rival exchange issued a strong warning after FTX, a cryptocurrency exchange founded by billionaire Sam Bankman-Fried, apparently stopped processing withdrawals recently, sparking they "spread fear" and driving FTX's shares down 30%. At Owls Nest Capital we have not been buying any cryptocurrencies for months, with Interest rates, inflation, and other macroeconomic variables that can influence investor confidence these hazardous alternative assets are very speculative. People feel investing their money in risky alternative assets now has been like catching a falling knife and they are redeeming and deleveraging.

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