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Bitcoin Drops Sharply 5% In Intra Day Trading, Ether Falls 6%: Three Arrows Debacle Concerns


The Crypto market continues to experience sharp fall, due to high volatility in the market. Due to multiple interest rate hikes in the US and other major countries, the assets are under pressure now. Additionally, today, the US has published strong weekly job growth data, which again influenced some investors in the government. The US bond yields are expected to surge. So, apart from the alternative investment instruments, the assured income options are ruling the market now. Bitcoin, the largest Crypto coin has fallen sharply today, on June 30. Till 6pm UTC, Bitcoin has dropped by 0.71%, and was quoted at US$ 19,084.70 falling by 5.02%. Yesterday, the asset closed at US$ 20,093.50.

Bitcoin Drops Sharply 5% In Intra Day, Ether Falls 6%: Three Arrows Debacle

On the other hand, at the same time, Ether was quoted at US$ 1,032.59, falling by 6.06%. Yesterday, the asset closed at US$ 1,099.15. Litecoin was quoted at US$ 51.50, falling sharply by 3.88%, Dogecoin was quoted at US$ 0.0653 dropping sharply by 5.94%, and Cardano was quoted at US$ 0.4486 falling sharply by 3.44%.

Commenting on the situation, Oanda senior analyst Edward Moya commented to CoinDesk, "The news cycle has been pretty awful for crypto markets. Concerns are growing that the collapse of Three Arrows Capital could trigger further market contagion."

However, on a different note, CoinDesk in a report stated, "Powell's comments offered little comfort for crypto investors already wrestling with the ongoing Three Arrows debacle. The firm has suffered heavy losses in the recent sharp downturn and faces the possibility of insolvency after incurring at least $400 million in liquidations. Crypto brokerage Voyager Digital issued a default notice to 3AC this week after the fund failed to make required payments on loans of 15,250 bitcoins and $350 million in USDC. Voyager's shares plunged after it disclosed its exposure to 3AC."

Read more about: bitcoin cryptocurrency ether
Story first published: Thursday, June 30, 2022, 23:40 [IST]
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