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When a quartet of big markets firms were looking at bitcoin in 2022, they saw a lot to like: record highs, regular volatility, claimed diversification benefits, and massive growth potential.
It came with a lot of weird baggage, though. The cryptocurrency market’s practice of settling trades instantly meant it was difficult to trade on credit limits, which makes back-and-forth execution more efficient in traditional financial markets; and the fragmented crypto landscape was made up of odd-looking
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