FTX, Binance and Crypto

While everyone is watching election ballot drops and wondering what the hell is going on in Maricopa County, investors in FTX are wondering what the hell is going on with their accounts. This is getting a lot of coverage in the financial channels, but outside of that … not much! Yet, those who are impacted are probably feeling really horrible about what’s going on. Binance is in then out. What are these folks going to do?

Overall, what does this mean for crypto? Do people who have money elsewhere invested in various cryptos head for the exits, hold on for dear life (HODL), or what? Bitcoin and Etherium took a beating today on the market, and it will be interesting to see how the whole crypto market holds up in the days, weeks and months ahead.

Disclosure: Zero holdings in crypto.

Bitcoins or Tulipcoins?

Bitcoin's roller-coaster ride cuts $38 billion before reversal.

Bitcoin is proving that investing in digital currencies isn’t for the faint of heart.

After plunging as much as 29 percent from a record high following the cancellation of a technology upgrade on Nov. 8, the largest cryptocurrency came roaring back in early trading Monday before fluctuating between gains and losses.

“Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities LLC in New York.

https://a.msn.com/r/2/BBETi1k?m=en-us&ocid=News

Ya think?

Bitcoin has been a huge winner for those who got in early. Even if the crypto-currency has been extremely volatile. But is this thing really the kind of currency you can go to the grocery store and buy a loaf of bread? If the value is fluctuating like crazy, how can there be a stable market for anything?

Is Bitcoin the latest Tulip bulbs mania?