Crypto feels the shockwaves from its own ‘credit crisis’

Financial Times LogoFinancial Times1 mo ago

Crypto feels the shockwaves from its own ‘credit crisis’

Quick Summary AI Powered

Now, the tide is moving out as the Federal Reserve and other central banks shift to tackling intense inflation.“In a higher-rate environment, the emperor needs to be wearing some clothes to survive,” said Taimur Hyat, chief operating officer of $1.5tn asset manager PGIM.

Over the past nine days through his companies, Bankman-Fried has extended loans worth hundreds of millions of dollars to BlockFi and crypto lender Voyager to steady both companies and boost confidence in the system.

When the prices started going down, a lot of people wanted to take their assets out,” said Marcin Miłosierny, head of market research at crypto hedge fund ARK36.

More Pictures


Article Details

Author / Journalist: Kadhim Shubber

Category: MarketsFinanceInvesting

Topics: Last Assets People Financial System Crypto Bitcoin Price

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-24, 20:00:33

News Timezone: GMT -5:00

News Source URL:

Language: English

Reading Time: 9 minutes read

Article Length: 1444 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 9338

View Article Analysis

About Financial Times

Financial Times Logo

Main Topics: MarketsFinanceInvesting

Official Website:

Update Frequency: 14 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 9h ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #3

Publisher Details

BEAMSTART brings you the latest news, jobs, and events from all around the world on startups, technology, and business. Stay updated with industry news, plug-in to exciting events, and discover incredible career opportunities with the world's most innovative companies.

© Copyright 2022 BEAMSTART. All Rights Reserved.