Crypto is creaking. Unfortunately, even those fund managers in normal markets like stocks and bonds who have studiously avoided focusing on this freewheeling asset class, need to pay attention.

A trickle lower from a peak above $US68,000 ($99,000) in the bitcoin price has turned into a flood, in part because of cracks in the so-called stablecoins – a misnomer if ever there was one – that glue the market together. Right now the price is down to around $US27,000.

Financial Times