ඩොලර් 66000 තිබ්බ BTC දැන් 16500 
It is now about $16,500 – a far cry from the all-time high of $66,000 just a year ago.
Ordinary buyers should beware. They are being sucked into perilously risky trading that only professionals understand
‘One can liken the current circumstances in crypto markets to the burst of the dotcom bubble in 2001.’ Photograph: Dado Ruvić/Reuters
Wed 23 Nov 2022 15.30 GMT
274
Following the bankruptcy of one of the world’s largest cryptocurrency exchanges, FTX, the price of bitcoin (BTC) has tumbled again. It is now about $16,500 – a far cry from the all-time high of $66,000 just a year ago.
Why such a large drop in value? It’s because of the highly toxic combination of an exchange (an electronic platform for buying and selling) called Binance, a stablecoin (a crypto whose price is pegged 1:1 to the US dollar or another “fiat” currency) called tether, and the skilled professional traders running high-frequency algorithms.
Unlike stocks, bitcoin can be traded on many different exchanges, but Binance has more than 50% of the entire crypto market, and as a result it sets the price of bitcoin and other cryptocurrencies. In order to buy cryptocurrencies, traders must convert fiat money, into a stablecoin like tether. Bitcoin-tether has by far the largest volume of all products on Binance, and because one dollar usually equals one tether, trading on bitcoin-tether sets the dollar price of bitcoin. But when bitcoin crashes, so does the entire crypto ecosystem.
It is now about $16,500 – a far cry from the all-time high of $66,000 just a year ago.
Ordinary buyers should beware. They are being sucked into perilously risky trading that only professionals understand
‘One can liken the current circumstances in crypto markets to the burst of the dotcom bubble in 2001.’ Photograph: Dado Ruvić/Reuters
Wed 23 Nov 2022 15.30 GMT
274
Following the bankruptcy of one of the world’s largest cryptocurrency exchanges, FTX, the price of bitcoin (BTC) has tumbled again. It is now about $16,500 – a far cry from the all-time high of $66,000 just a year ago.
Why such a large drop in value? It’s because of the highly toxic combination of an exchange (an electronic platform for buying and selling) called Binance, a stablecoin (a crypto whose price is pegged 1:1 to the US dollar or another “fiat” currency) called tether, and the skilled professional traders running high-frequency algorithms.
Unlike stocks, bitcoin can be traded on many different exchanges, but Binance has more than 50% of the entire crypto market, and as a result it sets the price of bitcoin and other cryptocurrencies. In order to buy cryptocurrencies, traders must convert fiat money, into a stablecoin like tether. Bitcoin-tether has by far the largest volume of all products on Binance, and because one dollar usually equals one tether, trading on bitcoin-tether sets the dollar price of bitcoin. But when bitcoin crashes, so does the entire crypto ecosystem.
