crypto strategy

Your evening briefing: The latest wave of crypto-contagion is spreading

The fallout from the rapid collapse Sam Bankman-Fried’s FTX is spreading across the world of crypto. Cryptocurrency lender BlockFi is reportedly preparing to file for bankruptcy in days. The mess even ensnared the Winklevoss billionaire twins. Their lending partner is suspending repayments and new loans after facing withdrawal requests exceeding current liquidity. Gemini Trust, founded by Cameron and Tyler Winklevoss, later announced that its retail investor yield product would also stop redemptions. Across the crypto world, another reckoning is going on. But as the FTX disaster slowly unfolds, what is becoming clear is that the markets have in fact dodged a bullet. It could have been much worse.

The United States and NATO say the killing of two people in an explosion just across the border from Ukraine in Poland was probably not directly caused by Russian rockets. The statements softened what Tuesday afternoon looked like a showdown between superpowers in the making. Although this is good news for the world, Vladimir Putin has other problems. It is possible that Xi Jinping will distance himself from his friend in the Kremlin. With speeches and gestures in recent weeks, the Chinese leader has shed some light between Beijing and Moscow on Putin’s war. Tuesday’s alleged false alarm — a long-dreaded scenario in which things spiral out of control — may have rattled Beijing, writes Clara Ferreira Marques in Bloomberg Review. Sitting on a fence does not become more comfortable with time, she says. The latest signal Beijing is already receiving came during the G20 summit in Bali on Wednesday, where China signed a communicated saying that “most members strongly condemned the war in Ukraine”. This may be bad news for more and more isolated russia.

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