The crypto market saw losses across the board on Wednesday as bitcoin (BTC) once again dipped below the USD 20,000 mark, and some analysts pointed to a risk of further downside.
On Wednesday at 10:30 UTC, BTC stood at USD 20,123, down by 4% for the past 24 hours and by 3% for the past week. At the same time, ethereum (ETH) traded at USD 1,133, down by 7% for the day and up by nearly 1% for the week.
Other popular altcoins, including Binance’s BNB, FTX’s FTT, and Avalanche’s AVAX token all saw 24-hour losses of between 7% and 8%.
Notably, the market sell-off on Wednesday came as news emerged that a court in the British Virgin Islands has ordered the liquidation of the crypto hedge fund Three Arrows Capital, which has for some time been rumored to be insolvent.
Sky News said it has learned that partners from Teneo in the British Virgin Islands has been lined up to handle the insolvency of the fund. It was unclear what the immediate financial implications would be for Three Arrows'...
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