FTX blows tf up, wrecking crypto

116: Why we are all down bad today in crypto

Wondering why you lost a shit ton in crypto today?

Ahhhhh….

Smell that? It’s the tears of hodlers and crypto noobs who didn’t secure their holdings in cold storage and consequently will suffer due to reckless use of leverage and shady strategic moves from one of cryptos biggest players - FTX headed up by none other than Sam Bankman Fried.

But it’s also a story of how irresponsible use of leverage and reckless bets can instantly cause severe investor losses.

Crypto is the wild west and you never know what’s going to happen on any given day.

This is just a quick update to summarize what we know took place today and what is likely on the horizon for crypto investors, regulation, as well as the make up of the landscape where a new monopoly was made today through Binance.

Unless you were living under a rock today you saw the implosion in crypto markets that quickly had leveraged traders evaporated and hit most long term positioned investors hard — between losses of 40-20% down in 30 minutes.