The crypto market is going through a new period of heightened risk aversion (risk-off). The recent exploit of the centralized platform Bitget, for more than $388 million, has been added to a series of devastating cyberattacks throughout this year. Just in September alone, global losses from exploits and cyberattacks have exceeded $760 million.
At a time when headlines fuel distrust and uncertainty, we must remember the cardinal principle of financial markets: the market punishes emotions and rewards discipline.