Sky News Business Editor Ross Greenwood says the price of cryptocurrencies lurched down, and there's a good reason why.
“The aftershocks of the collapse of crypto exchange FTX continue – Crypto currency lender BlockFi filed for Chapter 11 bankruptcy in the US,” Mr Greenwood said.
“It had close ties to FTX's research company Almeda – Almeda, remember, accepted seemingly unauthorised transfers of clients' crypto accounts from FTX … Almeda defaulted on $680 million US owed to BlockFi.
“By the way have you noted with all these collapses – they now talk in cold hard dollars – not in their cryptocurrency equivalents?
“As Diddy once sang ... it's all about the Benjamins.”
