‘Urgent’ Action Needed—‘Massive’ Bitcoin And Crypto Price Collapse Warning Issued Over Systemic Risk – Forbes

‘Urgent’ Action Needed—‘Massive’ Bitcoin And Crypto Price Collapse Warning Issued Over Systemic Risk – Forbes

Bitcoin and cryptocurrency prices have charged higher this week, propelling the combined crypto market to its all-time high of around $2.5 trillion.

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The bitcoin price has added 50% since its September lows, climbing to over $60,000 per bitcoin for the first time since May as Wall Street giants increasingly begin offering bitcoin and crypto services to clients—including a highly-anticipated bitcoin futures exchange-traded fund (ETF).

Earlier this week, influential central banker Jon Cunliffe, currently serving as the Bank of England’s deputy governor for financial stability, warned “a massive collapse in crypto-asset prices [is a] plausible scenario” and the fast-growing bitcoin and crypto market could pose a threat to the financial system if not urgently regulated.

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