Bitcoin dropped 6.1 per cent to $18,866.77 at 2004 GMT on Thursday, putting the biggest and best-known cryptocurrency down $1,226.41 from its previous close and down 60.9 per cent from the year's high of $48,234 on March 28.
Several big players in the cryptocurrency markets have had difficulties, and further declines could force other crypto investors to sell holdings to meet margin calls and cover losses. Ether, the coin linked to the ethereum blockchain network, dropped 7.5 per cent to $1,016.08 on Thursday, losing $82.38 from its previous close.
Both digital assets have struggled since U.S. 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 a person familiar with the matter told Reuters has entered liquidation.
Many of the industry's recent problems can be traced back to the spectacular collapse of so-called stablecoin TerraUSD in May, which saw the stablecoin lose almost all its value, along with its paired token.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto hedge fund Three Arrows Capital has entered liquidation, source saysCrypto hedge fund Three Arrows Capital (3AC) has entered liquidation, a person familiar with the matter told Reuters on Wednesday, in the latest sign of the market downturn hurting the crypto industry. Singapore-based 3AC is one of the higher profile crypto investors to have run into difficulties following the sharp sell-off in the market for digital currencies seen in recent months. Crypto broker Voyager Digital issued 3AC with a default notice on Monday after it failed to make payments on a loan of 15,250 bitcoin (approximately $324 million) and $350 million worth of USDC, a stablecoin.
Source: YahooSG - 🏆 3. / 71 Read more »
EU seeks deal on ground-breaking rules to regulate cryptoLONDON (Reuters - The European Union on Thursday will seek agreement on ground-breaking rules for regulating crypto assets as the rout in bitcoin piles pressure on authorities to rein in the sector.Globally, crypto assets are largely unregulated, with national operators in the EU only required to show con
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Buckle Up: How investors can deal with crypto turbulenceNEW YORK : When Doug Milnes started buying cryptocurrencies in January of this year, he felt like it could become an entirely new asset class for investors.Right now what it is making him feel is extremely unsettled.The marketing executive from Summit, New Jersey, says his holdings, including a num
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »