Bitcoin is this morning trading at US $16,40, down from just over $21,000 after a turbulent, market-rocking seven days.9News
Wall Street JPMorgan said the rattled crypto sector is facing "a new cascade of margin calls" which will have a major impact on the value of Bitcoin, already down about 75 per cent in the past year.
insiders are debating whether to call the implosion of FTX, which filed for bankruptcy last week, a "Lehman moment," referring to the 2008 collapse of the investment bank that sent shockwaves around the world.
A margin call is when the value of securities in a brokerage account falls below a certain level, requiring an injection of more funds. The failure of FTX, which was launched in 2019 by Sam Bankman-Fried, a 30-year-old wunderkind, has spooked crypto investors.
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