David Westin speaks with top names in finance about the week’s biggest issues on Wall Street.
Bloomberg Wall Street Week, hosted by David Westin, is a reinvention of the iconic Wall Street Week, which aired on PBS for over 30 years and was hosted by late financial journalist Louis Rukeyser. The one-hour program features market and geopolitical discussions with a rotating panel of influential voices including thought leaders, CEOs, policy makers and economists.
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The implosion of crypto exchange FTX is not just an Enron moment – one particular company collapsing under the weight of fraud. It is crypto’s Lehman moment, too. The interconnectedness of FTX’s crypto platform, the use of leverage, and the lack of a lender of last resort ensure that the fallout will be widespread and lasting. Here’s what the end game could look like.
The price of Bitcoin has held up well in the face of a calamitous collapse of the once-celebrated crypto exchange FTX. After dipping below $16,000, the bellwether cryptocurrency has recently traded around $17,000. But don’t let that fool you. There is more pain to come for crypto investors. For one, the cascade of bankruptcies resulting from FTX’s downfall are just beginning. BlockFi is the first major firm to enter bankruptcy after FTX. A few other players like Genesis and Gemini are still limping along but their woes are far from over.
