Today's price moves in crypto are a strong argument for industry wide circuit breakers. The crypto markets structurally broke today & leading exchanges need to work together to prevent a repeat.
@CiaraHuobi
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Lol no thx; volatility is wonderful for volume, and you can’t possibly stop every exchange from trading.
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You couldn’t stop the DEXs even if they wanted to
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DEXs are too small to matter today and for the foreseeable future
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Top exchanges actually performed well under the load today. Circuit breakers are an impossiblity without global legal immunity but the real issue is that traders would prefer markets without them.
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Yeah in the end part of the issue is that people want to put on the trades. Another part is the lack of central clearing--it means each let of an arb in liquidation danger. And overall at least no one was down for the whole day.