Crypto Complex Erased $480 Billion in ‘Cascade of Liquidations’
- Stock selloff triggers deleveraging across crypto derivatives
- Monetary tightening move is flushing out speculative euphoria
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As Wall Street traders bedded down for the weekend after the stock volatility last week, Nikita Fadeev in London was woken up by a Bitcoin market alarm at 4:55 a.m.
Thanks to the cell-phone notification on Saturday morning, the head of cryptocurrency hedge fund Fasanara Digital was back at his desk as the world’s biggest token plunged 20% in an hour.