Who crushed cryptocurrency markets? Hard to say. It seems that cryptocurrency markets were in a bubble ripe to burst.
[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don’t own any Bitcoin.]
Still, big banks may have something to do with both helping the bubble blow bigger and making the burst worse than it could have been.
There was a time when Wall Street and big banks provided a tailwind for Bitcoin, Ripple, Ethereum, and other cryptocurrencies. That was back in the last quarter of 2017, when Wall Street began to recognize Bitcoin as an investment, and was creating the vehicles and mechanisms for broader market participation in it. Like the introduction of Bitcoin futures by CME.