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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, i...

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...

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...

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...

The post Federal Reserve To Hike Interest Rate By 0.75%, How Will This Affect The Bitcoin Price? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide I t appears like the wider cryptocurrency market will close the weekend on a bullish note as the global crypto market is up by 2.15% position at $1.05 trillion.  The overall crypto market is flagged green as the leading cryptocurrency, Bitcoin has reclaimed its $23,000 range . Even Ethereum, the second largest cryptocurrency by market cap, has surpassed its most crucial barrier of $1,500. However, for Bitcoin, the year 2022 has not been that great where the currency is witnessing a pendulum pattern with bears and bulls going hand in hand. Recently, when Bitcoin had just managed to climb up, news about the Federal Reserve increasing the interest rates popped up. As per the reports, the Federal Reserve is set to hike the interest rates yet again for the third consecutive month. The next Fed meeting w...

The post Tesla Dumps Bitcoin – Will The Company Continue To Hodl Dogecoin Or Liquidate In Near Term? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide T he market value of cryptocurrencies is still greater than $1 trillion, despite the fact that electric vehicle (EV) manufacturer Tesla disclosed that it sold $936 million worth of Bitcoin (BTC), or 75% of its holdings, during the second quarter. Despite this, the market valuation of all cryptocurrencies worldwide is still $1.03 trillion, down 2.52 percent from the previous day, with the Tesla announcement appearing to have an influence on the market. The price of Bitcoin dropped by approximately 2 percent after the earnings report was released, and as of July 21, the leading digital asset is presently trading below $23,000. However, following Musk’s comments on the results call, the price of Bitcoin quickly climbed back to its previous levels. Is this Tesla’s Verdict on Bitcoin? Regarding the com...

The post Inflation is Yet to Be at its Peak, says CEO of Goldman Sachs appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide D avid Solomon, CEO of Goldman Sachs , in an interview with CNN said that inflation in the United States has not reached its peak. He has urged people to prepare for worsening inflation and an approaching recession. Solomon revealed that while economists believe that inflation has already peaked, the business people and supply chain experts have a different view. According to them, inflation is still going to increase. On Goldman’s second-quarter earnings, Solomon addressed the investors stating that inflation is entrenched in the economy and it may not come down in the second half of the year. According to data from the US Bureau of Labor Statistics on Consumer Price Index for June 2022 to be at 9.1%. This is the highest it has been in the past 40 years. CPI is a strong indicator of inflation levels in the country. The Bank of ...

The post Terra LUNA Price Drop By 8% With An Ongoing Investigation appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide The after effects of Terra (LUNA) crash are still hovering around the crypto space. It’s just yesterday that 15 South Korean firms got raided by the country’s prosecutors, to check their connection with the Terraform Lab tokens LUNA and US. This raid and the ongoing investigations on Terra (LUNA) crash saw an intense pressure on LUNA price. South Korean Prosecutors Look For Physical Evidence  In order to get evidence supporting the allegations against Terra crash, the country’s prosecutors raided the crypto exchanges in search of physical evidence. Among those 15 firms, seven were crypto exchanges. News1 Korea, the country’s media, claims that the major crypto exchanges like Upbit, Bithumb, Coinone, Korbit and Gopax were raided to find out the connection with Terra crash. Moreover, Dunamu & Partners, the firm which operate...

The post The Crypto Space May Soon Relinquish the Bears to Set Up a Bull Run Very Soon appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide The Crypto space witnessed a minor relief in the past couple of days as the Bitcoin prices had reached levels beyond $24,000 for the first time since the massive sell-off. The market turned greener attracting the traders. But as Coinpedia predicted earlier, it turned out to be a bullish trap laid down to keep the bulls stuck at the higher price.  Therefore, the markets began to collapse again as the BTC price is also approaching crucial support again . The asset is expected to head towards the lower crucial levels again in the coming couple of hours that may encounter a massive drop ahead. However, the crypto space in the long term appears to be pretty bullish as predicted by the CEO of financial advisory firm, deVere Group.  Nigel Green, the CEO of the firm believes the prices of the assets may rally s...

The post Dragon Crypto Gaming To Launch IDO Via Avalaunch This July  appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide The emerging GameFi space has experienced a massive surge in interest and value. According to a report from Crypto.com, one of the leading crypto exchanges, GameFi saw an unprecedented rise in market cap from $0.48 billion in 2020 to a whopping $28.0 billion in January 2022. Despitethese remarkable statistics and figures, most commentators are of the view that the blockchain gaming space is still nascent, with current offerings leaving much to be desired.  While  many projects have been launched to attempt to deliver an improved gaming experience on the blockchain, Dragon Crypto Gaming [DCG] stands out for its commitment to quality and game design excellence.  The Dragon Crypto Gaming Platform   DCG is positioned at  the forefront of the play-to-earn [P2E] gaming industry as it seeks to deliver engagi...

The post SkyBridge Suspends Fund Withdrawals, Peter Schiff Warned Scaramucci appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide A s the Federal Reserve raises interest rates to combat rising inflation, the global stock and cryptocurrency markets have tumbled. Investor morale has been depressed by the central bank’s hawkish monetary policy stance as they worry that the US economy may enter a recession. While there have been two market meltdowns and a wave of company bankruptcies among some of the largest firms in the cryptocurrency industry, including lender Celsius Network and crypto hedge fund Three Arrows, the S&P 500 earlier in June entered the bear market territory, signaling a weakening stock market. The market value of all cryptocurrencies has decreased by almost 66 percent from its high, while bitcoin has lost 50 % during the same time. SkyBridge Capital has also ceased permitting customer withdrawals from one of its funds, following ...

The post Amidst El Salvador’s Economic Crisis, Morgan Stanley Offers Buy call on Bonds appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide E l Salvador was the first country to accept Bitcoin as a legal tender in 2021 and this influenced other countries too. However, El Salvador’s decision has not worked in its favor so far. El Salvador purchased the flagship currency at a time when the currency was trading around its all-time high. However, as Bitcoin was pulled down by more than 70% from its November high, the country’s debt has weakened its economy even further. On the other hand, in the midst of the economic crisis, El Salvador has a buy call offer on bonds from Morgan Stanley , an American multinational investment firm. Simon Waever, global head at credit strategy, informed his customers that Eurobonds that have been offered by El Salvador are negatively treated by the market. The country’s bonds of 2027, have dropped from dollar’s 32 cents t...

The post This is How 3AC, Celsius Network & Terra (LUNA) Crash Are All Interconnected appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide T he crypto lending platforms are not in a good position right now where bankruptcy is hovering around the firms. The major of them include Three Arrow Capital (3AC) and celsius network celsius network support@celsius.network Lending & Borrowing Followers : 0 View profile . As per the filings made from Trustee Teneo, a crypto hedge fund, Three Arrow Capital or also known as 3AC has been submerged with its debts that are worth $3.5 billion made to 30 companies. One of the documents states that among many other loans, 3AC had also borrowed a $75 million loan from Celsius, another crypto lending platform that has also filed for bankruptcy. JUST IN: Court filings reveal Celsius Network lent $75 million to Three Arrows Capital. — Watcher.Guru (@WatcherGuru) July 18, 2022 According to the...