First Mover Americas: It’s Ugly in Crypto With $200M of Margin Calls, Founders Selling Homes and Comparisons to 2008
— Offering unsustainable returns, Healthy pace, Produced, Interesting, Cylinders, Capital, Bottom, Suffering, Newsletter, Deleveraging still needs — 1 min read
The fallout from this year's stunning plunge in cryptocurrency prices continues, even as bitcoin's price appears to stabilize just below $20,000. The number of active crypto users among Bank of America customers slumped more than 50% to fewer than 500,000 between November and May. El Salvador’s President Nayib Bukele tweeted that the country bought 80 bitcoin at $19,000 each. JPMorgan's Nikolaos Panigirtzoglou, cross-asset analyst at JP Morgan, wrote in a LinkedIn post Friday that it's hard to tell how much more deleveraging still needs to happen in the market. The next wave of crypto adoption will come from utility tokens of real-world companies, writes TaschaLabs. Source