Big Crypto Rides to the Rescue, for Some

Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Yueqi Yang assesses the winners and losers from developing shakeout in crypto:

Crypto is known for celebrating decentralization, but select exchanges and trading houses have built up kingdoms with outsize influence. Current turbulence is providing an opportunity for them to expand their realms — and in some cases determine who survives.