Bloomberg: Nearly one month of "brutal" cryptocurrency decline triggers stress tests on Wall Street

PANews reported on November 22nd, citing Bloomberg, that the cryptocurrency market has experienced a rapid and unexpectedly large-scale sell-off in recent weeks, triggering stress tests on Wall Street. Friday's drop pushed Bitcoin's price close to $80,500, marking its worst monthly performance since the $100 million Terra crash in 2022, which triggered bankruptcies like FTX. Digital asset reserves (DATs), inspired by Michael Saylor's Strategy Inc., also faced steeper outflows. Furthermore, the flash crash on October 10th liquidated $19 billion in cryptocurrency bets within hours, exposing issues of insufficient weekend trading liquidity and excessive leverage on some exchanges. No previous market volatility had prompted traders to anticipate the speed and scale of the moves in recent weeks. While this market reversal lacked the systemic shock of previous crashes, its magnitude still exceeded expectations.