Wall Street megabanks unbothered by crypto downfall (Cryptocurrency:BTC-USD)
— Crypto, Banks, Risk, Bitcoin, Unbothered, Megabanks, Downfall, Street, Cryptocurrencybtcusd, Wall — 1 min read
Bitcoin (BTC-USD) off around 65% from its all-time high of $68.8K in November, changing hands at $21.4K as of 4:00 p.m. on Thursday. Wall Street's biggest banks have not been affected, and in some cases turned a profit on the meltdown. Retail investors, on the other hand, are getting hit with large losses in the wake of tanking crypto prices. Still, Wall Street banks are facing problems of their own as rising interest rates and tighter financial conditions have "limited the number of companies that want to do deals, leaving bankers idle," the NYT said. Even if traditional banks wanted to enter the decentralized market, it would require more capital given cryptos' risk profile Source