Crypto is creaking. Unfortunately, even those fund managers in normal markets like stocks and bonds who have studiously avoided focusing on this freewheeling asset class, need to pay attention.
A trickle lower from a peak above $68,000 in the bitcoin price has turned into a flood, in part because of cracks in the so-called stablecoins — a misnomer if ever there was one — that glue the market together. Right now the price is down to around $27,000.
Yes, crypto bros, before you email me with your all-caps missives (again), I am aware that some people are still up on their investments. It is entirely plausible that the market can recover from this, just as it has done from numerous previous challenging episodes.
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