Genesis Insolvency Begins the End of Crypto Deleveraging

The Bitcoin Miami Conference in April 2022 was a celebration of the triumph of cryptocurrency. The Bitcoin miners were spending over $1 million a table at the high-end night clubs for which Miami is famed. When the fine Champagne had been drained and the conference ended, the crypto miners, traders, investors and leverage providers were still drunk on liquidity and expecting to ride crypto mania into a long, easy, prosperous future...