One underappreciated feature of crypto markets is the lack of centralization. I mean, people know crypto assets are decentralized and trade on exchanges all over the world. But what’s often overlooked is the relative ease with which people can change the venues they buy and sell their holdings on.
If, for instance, Jeff Sprecher (chairman of the New York Stock Exchange) says something that upsets you, you couldn’t exactly stop trading on the NYSE without liquidating a good percentage of your portfolio, because, for many stocks, it is the only trading venue.
However, if a crypto exchange does something you fundamentally disagree with, you can trade your crypto assets elsewhere. There is no shortage of options.
You’re reading Crypto Long & Short, a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a