Billions of dollars of value have been wiped off the cryptocurrency market in the last few weeks. Companies in the industry are feeling the pain. Lending and trading firms are facing a liquidity crisis and many firms have announced layoffs.
Yu Chun Christopher Wong | S3studio | Getty Images
Three Arrows Capital, a crypto-focused hedge fund, has to meet a deadline on Monday to repay more than $670 million in loans or face default, in a case that could have a ripple effect across the digital asset market.
3AC, as it’s also known, is one of the most prominent crypto hedge funds around and is known for its highly leveraged bets.
But with billions of dollars being wiped off the digital coin market in recent weeks, the hedge fund is facing a potential liquidity and solvency issue.
Voyager Digital, a digital asset brokerage, said last week that it had lent 3AC 15,250 bitcoins and $350 million of the stablecoin USDC. At Monday’s prices, the total loan equates to more than $675 million....
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...