Crypto feels the shockwaves from its own ‘credit crisis’

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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.

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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: ft.com

Language: English

Reading Time: 9 minutes read

Article Length: 1444 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 9338

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About Financial Times

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