Bitcoin and other cryptocurrencies are plunging. Here's what to know about a market that just a few months ago was being touted as the future of finance.
"We appear to be entering a recession," Brian Armstrong wrote.
In fact, with the Fed continuing to raise interest rates aggressively and with inflation still high, there is likely to be more pain ahead across all markets, including cryptocurrencies. "The technological razzle-dazzle of cryptocurrency swept in a lot of retail investors who didn't realize the sort of risks they were taking on," Prasad says.
Crypto markets are still fairly new, and there's a lack of clarity even about the most basic things, like who is in charge of overseeing the space.
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