First Mover Asia: Bitcoin Slides; Mixed Crypto Legacy in Hong Kong for the FCA's Incoming CEO

The $390 billion bitcoin market is the deepest and most mature of all cryptocurrencies. Despite significant investor losses, the crypto financial system does not yet appear to be so large or so interconnected with the traditional financial system as to pose a systemic risk. "We are closely monitoring recent events where risks in the system have crystallized and many crypto investors have suffered losses," says Fed Vice Chair Lael Brainard, Federal Reserve Vice Chair. "It would be hard for an investor to game," says Wall Street Journal's Mark Wallisler, who says he's "closely monitoring" recent events in the crypto market and has "been very cautious" about the risks of the system. "We focus too much on statistically improbable long-tail outcomes and not enough Source