The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
Sunday, October 1, 2023
  • Login
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
Subscribe
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
No Result
View All Result
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
ADVERTISEMENT
Home News Story

What Impact Will Celsius & Three Arrows Have On The Crypto Market In The Next Few Days?

by Ashutosh Thakur
June 17, 2022
in News Story
132
0
What Impact Will Celsius & Three Arrows Have On The Crypto Market In The Next Few Days?
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

RelatedPosts

Hebdo Crypto #259 – Les actualités Bitcoin et cryptomonnaies de la semaine

MNBC : l’Australie veut plus qu’une simple monnaie numérique

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

The bitcoin market has had a massive bearish pull. Celsius, one of the major crypto lending sites, froze all withdrawals, swaps, and account transfers on Sunday, kicking off the recent calamity. According to rumors, the company has hired restructuring lawyers to help with possible solutions to its mounting financial problems.

On the other hand, rumors of stress at Three Arrows Capital surfaced. This was in response to its founder Zhu Su’s perplexing post from late Tuesday. According to Zhu Su’s tweet, they are in the process of connecting with relevant employees and are committed to resolving the situation.

According to The Block, the Three Arrows are working on a plan to repay their lenders and other creditors. All of this is happening because the company filed for bankruptcy after being liquidated by top-tier financial institutions.

In March, Three Arrows, a significant player and one of the most well-known hedge funds in the market, was expected to handle about $10 billion in assets. According to a regulatory filing, as of December 2020, the company owned over 6% of the Grayscale Bitcoin Trust GBTC, the world’s largest bitcoin fund.

The unease has taken a toll on Bitcoin, which is now down more than 70% from its all-time high in November. The currency has slightly recovered since the Fed announced the most significant rate hike since 1994.

Bitcoin is trading at $21,835 at the time of publication, up 2.58 percent in the last 24 hours.

Other Lending Platforms To Keep An Eye On

Celsius’s competitors, such as BlockFi and Nexo, are also being watched by investors. Users can invest their cryptos on these sites and obtain huge returns. According to Celsius’s website, consumers can earn up to 18.6 percent APR.

Following the revelation of Celsius’s account suspension on Sunday, Zac Prince, CEO of rival crypto lender BlockFi, tweeted to reassure customers that “all products and services @BlockFi continue to operate routinely.”

BlockFi, on the other hand, said on Monday that it would lay off about 20% of its workforce since the fast-changing macroeconomic scenario impacts the company’s growth rate.

Nexo, another cryptocurrency lender, tweeted yesterday that it “had no connection to Three Arrows Capital.”

Is It Time For Institutional Interests To Weaken?

Terra’s demise and recent concerns about Celsius and Three Arrows, according to Wave Financial’s Siemer, may erode institutional investors’ trust in the crypto industry.

David D. Tawil, president and co-founder of ProChain Capital disagrees. According to him, the bitcoin issue will likely irritate traditional banking investors.

Was this writing helpful?

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Related Posts

Hebdo Crypto #259 – Les actualités Bitcoin et cryptomonnaies de la semaine
News Story

Hebdo Crypto #259 – Les actualités Bitcoin et cryptomonnaies de la semaine

September 24, 2023
1.9k
MNBC : l’Australie veut plus qu’une simple monnaie numérique
News Story

MNBC : l’Australie veut plus qu’une simple monnaie numérique

August 27, 2023
1.9k
Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm
News Story

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

August 15, 2023
1.9k
Consensys poursuivie en justice : MetaMask ne serait pas son idée ?
News Story

Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

August 3, 2023
1.9k
Cryptocurrency News – Week of July 23, 2023
News Story

Cryptocurrency News – Week of July 23, 2023

July 24, 2023
1.9k
USDC at half price and maximum profit: it broke the bank of this casino
News Story

USDC at half price and maximum profit: it broke the bank of this casino

July 21, 2023
1.9k
Load More
  • Trending
  • Comments
  • Latest
-The Blockchain Cafe

Write for us – guest post

April 14, 2022
Important Update On The Celsius Network

Important Update On The Celsius Network

June 14, 2022
TCS-The Blockchain Cafe

TCS roll-outs Quartz DevKit to help businesses build blockchain applications 40% faster

December 4, 2021
Quorums and Quorum Slices -The Blockchain Cafe

What Are Quorums and Quorum Slices?

December 4, 2021
OneCoin: the $4 billion Ponzi back in court

OneCoin: the $4 billion Ponzi back in court

0
The Blockchain Cafe

10 Things A Crypto Beginner Should Know

0
Binance Launches Training Program for Government Agencies

Binance Launches Training Program for Government Agencies

0
NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

0
Hebdo Crypto #259 – Les actualités Bitcoin et cryptomonnaies de la semaine

Hebdo Crypto #259 – Les actualités Bitcoin et cryptomonnaies de la semaine

September 24, 2023
MNBC : l’Australie veut plus qu’une simple monnaie numérique

MNBC : l’Australie veut plus qu’une simple monnaie numérique

August 27, 2023
Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

August 15, 2023
Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

August 3, 2023
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Navigate Site

  • News Story
  • Blockchain
  • Cryptocurrency
  • NFT
  • Metaverse
  • DAO
  • Listicle

Follow Us

No Result
View All Result
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version