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The post 3AC Founders Blame Terra and GBTC Trades for Bankruptcy appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide The founders of Three Arrow Capital (3AC) told Bloomberg that the trade involving Greyscale Bitcoin Trust (GBTC), Terra Luna (LUNA), and UST tokens are responsible for the blowup of the crypto fund. Kyle Davies and Su Zhu, the founders of the crypto fund firm 3AC, had previously confirmed that they took on some $200 million in losses related to LUNA and UST, now-imploded algorithmic stablecoin. The prices of the two tokens started plummeting in mid-May and fell to nearly zero later. Zhu explained, “What we failed to realize was that Luna was capable of falling to effective zero in a matter of days and that this would catalyze a credit squeeze across the industry that would put significant pressure on all of our illiquid positions.” 3AC had also failed to flag risks related to LUNA. 3AC was one of Terra’s most outspoken bulls, it wa
The post FED Decks Up For FOMC Meeting, Analysts Predict The Bitcoin Price To Hit $28k appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide As per reports, the Federal Reserve is expected to raise the interest rates in its upcoming meeting scheduled on July 26-27. If it raises the rates by 0.75%, it will be the third rate hike this year and won’t be the last either, as more as planned for the months ahead. These measures by the Federal Reserve have affected all risky assets, including cryptocurrencies. However, this news isn’t impacting the crypto market as of now, as Bitcoin & Ethereum have reclaimed their $22,000 and $1,500 price levels. This, in turn, has been driving positivity through industry experts and traders who remain bullish. Today, Binance CEO Changpeng Zhao, also known as CZ, displayed his bullish perspective via a Twitter post. CZ believes that as the profitability is increasing across the crypto market, the focus should be more
The post 3AC Co-Founders Finally Break Silence, Claims The Whole Situation Was “Regrettable” appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide F or the first time since filing for bankruptcy, the co-founders of the troubled hedge firm, Three Arrows Capital, have provided details regarding its premature downfall. In an interview with Bloomberg, they broke their month-long silence. The co-founders, Zhu and Davies, called the collapse “unfortunate” and rejected allegations of withdrawing money from the fund before its collapse. In a Nutshell: Here Are The Highlights Of The Interview Crippling Debt: It appears that the collapse of the Terra ecosystem served as the catalyst for Three Arrows, also known as 3AC, and caused repercussions in the cryptocurrency market. Amounts totaling $2.8 billion are allegedly still owed to investors by the bankrupt fund. A 1,157-page court document filed on Monday, with individual claims totaling more than $1 billion,
The post Coinbase Vs.SEC: Commission Asked For Rule Clarification On Digital Assets appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide C oinbase has asked the Securities and Exchange Commission to clarify which digital assets are to be treated as securities in response to the litigations filed by SEC against it a few days back. Along with this, SEC is also asked to give the answers to the questions raised by Coinbase regarding public consultations. Currently, the SEC is being highly criticized for the existing regulations governing digital assets in the crypto industry. However, Coinbase stressed the importance of the establishment of clear standards, given the market crash that has bankrupted various companies and has wiped out trillions and billions of dollars over the past few months. Foundational hurdles There are some major foundational hurdles regarding Crypto, one of which is that securities rules do not work for digitally native instruments
The post After Tesla, Did Microstrategy Liquidated its Bitcoin Holdings? Decoding The Truth appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide O n Friday, the cryptocurrency market recovered, with the top coin, Bitcoin, returning to the $23,000 threshold. Similar to the stock market, Bitcoin has been on the upward slope so far this week as investors grow more confident in the ability of the U.S. Federal Reserve to control the country’s decades-high inflation. On the other hand, Ether, the second-largest cryptocurrency by market value, increased by more than 10 percent from the day before to 1,573. Data on massive sale activity offers contradictory indicators just as Bitcoin is finally holding onto the $23,000 mark. It is commonly known that the biggest institutional Bitcoin investor is Michael Saylor’s Microstrategy . Data from Crypto Quant , meanwhile, raises the possibility that the business is allegedly offloading some of its Bitcoin assets. It
The post Twitter Suffers $270 Million Loss, Is It Because of Elon Musk? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide T witter revealed on Friday that it suffered a $270 million net loss in the second quarter (Q2), partly as a result of uncertainties around Elon Musk’s potential takeover of Twitter , which had a negative impact on its advertising business. According to Twitter’s Q2 earnings report , its Q2 revenue was $1.18 billion, a 1% year-over-year decline. Ad income for Twitter came to $1.08 billion, while subscription and other revenue came to $101 million. Average monetizable daily active usage (mDAU) for Q2 increased by 16.6% from Q2 of the previous year to 237.8 million. According to Twitter, the surge was caused by continual product updates and a global discussion about current events. The price of a share of Twitter is currently $39.52. In the last six months, there has been an increase of almost 12%. Over the past year, it has trade
The post Bitcoin Miners In Profit As Mining Difficulty Eases appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide When the data of Bitcoin mining difficulty is considered, there is a drastic drop from July 2021. As per the data, yesterday, on July 22, the Bitcoin mining difficulty has seen a drop of nearly 5%. This significant drop has in turn reduced the competition between miners for rewards. The same percentage of decline was witnessed even in 2021, same time during the month of July. At the time of reporting, the Block height stands at 746,054 and the metrics showed 27.69 trillion, last seen in the month of March 2022. Bitcoin Miners In Profit This does suggest that Bitcoin’s network reliability is somewhere compromised. However, it also points towards the higher rewards that most of the miners will earn. For instance, at present, the Bitcoin’s profitability accounts for a monthly high of 0.107 Meanwhile, the Bitcoin price has gained $23,000 r
