05212021 :: Friday finance

A partial digest

The crypto market imploded, then imploded again in spectacular fashion. At one point, more than $1 trillion market cap had vaporized. The hits just kept on coming. If buying the dips, extreme caution is advised.

The space is facing multiple headwinds, including the investigation of the Binance exchange (one of the largest); what the IRS and Treasury want; concerns with the Tether stablecoin’s reserves; China’s unforgiving stance on crypto; good old-fashioned forced liquidations of highly leveraged positions; and Elon Musk’s market…