The stunning implosion of cryptocurrency exchange FTX, which mismanaged $8bn of customers’ digital assets and suffered a bank run on exchange deposits, initiated a second major crypto contagion event in just six months.
The cryptocurrency sector is showing early signs of stabilisation after two successive implosions – the collapse of the Terra Luna ecosystem and crypto hedge fund Three Arrows Capital – which unleashed a tidal wave of contagion across the broader digital assets market.
The UK’s much-anticipated summer travel revival risks descending into chaos as unions target airline strikes to coincide with school holidays while surging inflation and the cost of living crisis curb nascent demand recovery.
Chancellor Rishi Sunak promised to ease the burden of surging inflation across the UK economy in his Spring Statement yesterday with a series of headline-grabbing policies, as UK households were warned the biggest fall in living standards since the 1950s is looming.
The Bank of England (BoE) raised interest rates for the third consecutive meeting last week, signalling to markets that taming inflation and containing second-round effects remains its priority.