Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The cryptocurrency market continues to take a beating as Bitcoin is approaching $21K whereas ETH is tumbling towards $1.1K. Various accounts on Twitter have shared analytics information pointing out that one of the industry’s largest funds – Three Arrow Capital – is facing liquidations.
- Rumors of Three Arrow Capital (3AC), led by the well-known crypto proponent Zhu Su being insolvent, are ramping up within the community.
- According to on-chain data, an address that was tagged to belong to 3AC by analytics provider Nansen has been aggressively paying back AAVE debt against a position worth some $264 million (223K ETH) to avoid liquidation.
- On-chain Wizard – a well-known analyst – concluded that if ETH goes to $1042, the position would be liquidated:
Source: Twitter
Â
- At the time of this writing, ETH is trading at its lowest point since January 2021, charting a 17-month low at slightly above $1,100.
- This means that the above position is some 7% away from being liquidated if no collateral is added or if the loan is not repaid.
- Zhu Su, co-founder at 3AC, took it to Twitter a few hours ago to share some light, albeit limited and without revealing any precise information:
We are in the process of communicating with relevant parties and fully commited to working this out.
Publication date
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.