FTX's collapse wiped out $200 billion in the total value of the cryptocurrency market, and it hit retail investors in emerging economies the hardest
Cryptocurrency markets lost $200 billion in value in the wake of FTX's downfall in November, a newRetail investors in emerging markets were hit the hardest, according to the Bank for International Settlements , with participants in India, Pakistan, Thailand, Brazil, and Turkey impacted even more. Over 80% of retail participants using a crypto-trading app would have lost money from the market turmoil.
"The median investor would have lost $431 by December 2022, corresponding to almost half of their total $900 in funds invested since downloading the app," the report said."Notably, this share is even higher in several emerging market economies like Brazil, India, Pakistan, Thailand and Turkey. If investors continued to invest at a monthly frequency, over four fifths of users would have lost money.
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