(Kitco News) Despite being known for its volatility, Bitcoin's price action has been fairly muted as the world's largest cryptocurrency is grasping at straws to hold the $20,000 level following June's selloff. And if this support level fails, it could open the door to $14,000, according to Fairlead Strategies.
The crypto market is still reeling amid growing contagion risks, with the overall market cap down at $946 billion on Wednesday. Making things worse were reports that crypto hedge fund Three Arrows Capital (3AC) has fallen into liquidation.
This comes after crypto broker Voyager Digital sent a default notice to 3AC on Monday after the hedge fund failed to make payments on its loan of 15,250 Bitcoin, approximately $324 million, and $350 million worth of USDC stablecoin.
Singapore-based 3AC is one of the more prominent crypto hedge funds that has had a difficult time amid this crypto meltdown.
At the time of writing, Bitcoin was trading at $20,192, largely flat on the day after...
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