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Why Today's Crypto Exchange Leaders Are Powerful, but Not Inevitable

As crypto asks why prices shot down, the power and influence of exchanges are at the center of the conversation.

Feb 21, 2020 at 8:00 p.m. UTC
Updated Sep 13, 2021 at 12:20 p.m. UTC

As crypto traders ask why bitcoin prices shot downward, the power and influence of exchanges are at the center of the conversation.

For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.

After settling in at the $10,000 price level, bitcoin (BTC) suddenly and rapidly fell more than 5 percent in an hour on Wednesday. As the market discusses possible explanations, some floated the unexpected simultaneous downtime of Binance and Coinbase as a causal factor. 

In this episode of The Breakdown, we discuss the power exchanges wield - both in terms of market liquidity as well as the ability to shape news cycles. The good news is new funding for insurgent exchanges suggest that power is not inevitable. 

Lastly, we discuss the latest in central bank digital currencies, with Sweden launching an e-krona pilot, a former head of China’s national bank saying the coronavirus could accelerate efforts to develop a digital yuan, and a new member of the Libra Association.

For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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