In this YouTube video, CNBC’s MacKenzie Sigalos discusses the recent market volatility in the cryptocurrency world. She reports that $370 billion was wiped off the market cap of all digital tokens in just 24 hours, with Bitcoin plummeting to $49,000 and Ether experiencing its biggest single-day drop in years. Sigalos notes that this sell-off was partly due to a broader market downturn, but also highlights that a broader base of investors were affected this time, including those invested in spot ETFs. Despite the market turbulence, Sigalos points out that there was no mass exodus from crypto assets, with net flow data showing that investors largely stayed in the game. Additionally, Sigalos discusses Morgan Stanley’s decision to add Bitcoin to its financial advisory services, suggesting that this move could be a game-changer for the crypto market and may prompt other major Wall Street players to follow suit. This development could potentially lead to increased mainstream adoption of cryptocurrencies and positively impact the price of Bitcoin.
