The FTX crash obviously does not imply a global systemic risk as cryptoassets overall account for less than 1% of global market capitalisation (just over 2%, at the November 2021 peak, see chart infra).The crash spread to some cryptocurrency lenders (Genesis, BlockFi), each of which is directly exposed to FTX to the tune of USD200m. There will obviously be thousands of victims, and possibly sadly a few suicides. But there is nothing systemic here...