News Digest:

The ongoing downturn in the crypto landscape is a “little bit” similar to the rapid collapse of Long Term Capital Management moment in the late 1990s, Michael Novogratz, chief executive of Galaxy Digital and a long-time crypto investor, has said. 

Takeaway:

Similar to the unwinding of LTCM, which was massively geared and had deep connections with several Wall Street banks, the crypto ecosystem is presently undergoing an “accelerated deleveraging” with large-scale repercussions, Novogratz argued. 

End Notes

Source: https://www.cnbc.com/2022/06/14/novogratz-says-crypto-having-a-long-term-capital-management-moment.html