$2,200,000,000,000 Banking Giant Citi Says Crypto Contagion Has Likely Passed: Report

$2,200,000,000,000 Banking Giant Citi Says Crypto Contagion Has Likely Passed: Report


An analyst from banking titan Citigroup is reportedly saying that the crypto contagion that has impacted the industry over the last several months is likely over.

In a recent note to clients as cited by Seeking Alpha, Citi analyst Joseph Ayoub says that the contagion sparked by the collapse of the Terra (LUNA) ecosystem has probably peaked as signs of liquidity stress fade away.

The analyst also highlights the recent volatility of staked Ethereum (STETH), a token meant to be pegged to the price of Ethereum (ETH) and staked on crypto liquidity protocol Lido.

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Ayoub notes that crypto lending firm Celsius held over 401,000 stETH as it filed for bankruptcy, which the Citi analyst says may have caused stETH to move away from parity as

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