Celsius Network is experiencing issues. Three Arrows Capital is rumored to be insolvent. Bitcoin is trading slightly above $20K. All this and more in our weekly recap.
The market has taken a beating over the past seven days, and it’s not looking very good at the time of this writing. Bad news came from various fronts, which resulted in close to $400 billion being wiped off the total capitalization in the past week alone. Let’s unwind.
Right off the bat, towards the beginning of the week, Celsius Network – one of the cryptocurrency industry’s biggest lenders – announced that it has halted withdrawals, swaps, and transfers. Users found themselves without access to their funds. Rumors of liquidations started running rampant, and this cause serious panic within the entire market. To this date, the company remains silent, but the CEO assured that the team is working non-stop to resolve the issues.
Later during the week, Three Arrows Capital – one of the industry’s largest hedge funds – was also apparently in distress. Analysts revealed that some of their multi-million dollar positions were very close to getting liquidated, raising further red flags for the community. The result? Bitcoin is currently trading at slightly above $20,000 – its previous all-time high from 2017. This is also a level that many believe if lost, will trigger massive liquidations to the downside. The cryptocurrency ended up losing a whopping 30% of its value, and that’s not even the worst news.
Ethereum shaped up as the cryptocurrency that lost the most over the past seven days – down 40% and trading above the critical level of $1,000 for quite some time now. ETH’s downturn was largely propelled by forced liquidations from the news around Celsius and 3AC.This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:All in all, it’s been very rough seven days for the entire industry.
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