Bitcoin has been gyrating around the $20,000 mark after a 56% slide this year. digital assets have struggled since US based lender Celsius Network this month said it would suspend withdrawals. Bitcoin and ether were further rattled by the apparent insolvency of crypto hedge fund Three Arrows Capital, which has entered liquidation.
Blockchain.com, a creditor of Three Arrows Capital, said it is cooperating with ongoing investigations into the troubled crypto hedge fund.
Blockchain.com and Deribit, a crypto derivatives exchange, confirmed that they are among creditors that sought for the liquidation of Three Arrows at a court in the British Virgin Islands, which ordered the liquidation of Three Arrows Capital, the crypto hedge fund that bet big on everything from Bitcoin to the ill-fated Luna tokens and then succumbed to a $2 trillion wipeout of the digital-asset markets.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose more than a per cent to $1,099. Meanwhile, dogecoin price today was trading almost flat at $0.06 whereas Shiba Inu gained more than 3% to $0.000010.
Other crypto prices' today performance also improved as XRP, Tether, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Polygon prices were trading with gains over the last 24 hours, whereas Uniswap slipped.
Cryptocurrencies have suffered this year amid Federal Reserve rate hikes and stubbornly high inflation. After crypto’s last two-year hibernation ended in 2020, the sector spiked to around $3 trillion in total assets last November, before plunging to less than $1 trillion. The collapse of the Terra/Luna ecosystem and the continued concern about hedge fund Three Arrows Capital Ltd. further rattled investors.
(With inputs from agencies)
