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Bitcoin Rides Stock Rally to Hit Highest Level in Over a Week
The rout in digital assets may exacerbate inequities in financial markets.
A Bitcoin logo on the screen of a cryptocurrency automated teller machine (ATM) inside an Alza.cz store in Prague, Czech Republic, on Tuesday, May 17, 2022.
Paulina Cachero
Crypto assets that lured investors of color with the promise of quick wealth are now in freefall, threatening to widen existing inequities in financial markets.
In a June survey of more than 4,400 adults, about a quarter of Black and Hispanic respondents said they owned or held cryptocurrencies, compared with just 17% of their white counterparts, according to a new report from business intelligence firm Morning Consult. That implies a larger proportion of investors of color have been hurt by the crypto rout, which has wiped away $2 trillion in market value since last fall.
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