How long will crypto's collapse last?

In the last five days alone, Bitcoin has tumbled 20 percent, compared to a 5 percent decline in the S&P 500. Prices are through 6 p.m. Eastern time on May 12. How long crypto’s collapse might last is unclear. Cryptocurrency prices have typically rebounded from major losses, though in some cases it took several years to reach new heights.

What happened to cryptocurrencies?

A cryptocurrency that promoted itself as a stable means of exchange collapsed. And more than $ 300 billion was wiped out by a crash in cryptocurrency prices since Monday. The crypto world went into a full meltdown this week in a sell-off that graphically illustrated the risks of the experimental and unregulated digital currencies.

Is a crypto collapse a 'perfect storm'?

Critics said the collapse was long overdue, while some traders compared the alarm and fear to the start of the 2008 financial crisis. “TThis is like the perfect storm,” said Dan Dolev, an analyst who covers crypto companies and financial technology at the Mizuho Group.

Did FTX steal $473 million in crypto assets?

On Saturday, FTX said it was looking into whether crypto assets were stolen. Crypto risk management firm Elliptic said $473 million in crypto assets appear to have been nabbed from FTX. FTX General Counsel Ryne Miller said Saturday the company “initiated precautionary steps” on Friday and moved all its digital assets offline.