Evercore’s Emanuel Warns Bitcoin Plunge May Take Stocks to Lows
- Fall in cryptos snowballs as Binance walks away from FTX deal
- Bitcoin falling below 2019 high could elevate stress: Evercore
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The fallout from FTX.com’s blowup has so far been contained to the crypto world. The relative calm won’t last if Bitcoin’s swoon takes it to levels last seen in 2019.
That’s the view of Julian Emanuel, Evercore ISI’s chief equity and quantitative strategist, who says that if the biggest digital token plunges past its pre-pandemic high of around $13,850, the hit to investor sentiment could spread to other asset classes. Bitcoin sank 16% Wednesday to below $16,000 for the first time in two years.