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Good morning, and welcome to First Mover. I'm Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights. This newsletter was produced by Parikshit Mishra. Please let us know what you think of First Mover by replying to this email. |
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Bitcoin (BTC) has dipped below $20,000 as the news of the liquidation of crypto hedge fund Three Arrows Capital (3AC) has been ordered in a court in the British Virgin Islands. The world's largest cryptocurrency by market capitalization was trading at around $19,700, down 5% on the day. |
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Bitcoin price chart over the last 6 hours. (TradingView) |
Ether (ETH) took a larger dip, trading 8% down over the last 24 hours. Solana's SOL was down 11% and Avalanche (AVAX) dipped by 8%. With uncertainty in the market rife right now, Jason Deane, analyst at Quantum Economics, said "the slightest negative revelation is heavily amplified in such a dire economic backdrop where people consider crypto assets as risk-on trades." "Coupled with exchanges under pressure and DeFi platforms being stress-tested to a degree only imagined by those who built them in the 'good' times, that uncertainty is not unfounded," added Deane. Looking ahead, Deane said that with no clear path forward as yet, his view is that this nervousness in the market will continue for "some time" and that there is probably more shakeout to come, possibly from the mining sector which is worth keeping a close eye on. In traditional markets, European stocks retreated as global sentiment remained volatile. The pan-European stoxx 600 dropped by 1.2%. |
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Market Moves By Jamie Crawley |
The liquidation of crypto hedge fund Three Arrows Capital (3AC) has been ordered by a British Virgin Islands (BVI) court, a person with knowledge of the the situation told CoinDesk. - The court order was made on June 27.
- Partners from New York-based Teneo Restructuring have been called in to handle the insolvency, the person said.
- Three Arrows Capital, founded by Su Zhu and Kyle Davies in 2012, has suffered heavy losses in the recent sharp downturn in the crypto markets. The possibility of insolvency was reported in mid-June after it incurred at least $400 million in liquidations.
- Crypto brokerage Voyager Digital (VOYG.TO) 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 had plunged after it disclosed its exposure to 3AC.
- 3AC has been an active investor in the digital asset industry in recent years with investments across non-fungible tokens (NFTs), decentralized finance (DeFi), layer 1 blockchain firms and crypto companies.
- Teneo declined to comment. 3AC did not immediately respond to CoinDesk's request for comment.
- The court order and Teneo's role was reported earlier by Sky News.
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The SEC wants to hear from investors, like you. As part of Grayscale's filing to convert Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF, the SEC provides a 240-day review period for anyone to submit comments for consideration.If you support the conversion, write to the SEC by clicking here - you have until the end of June to submit your thoughts. Your submission matters because: We can level the playing field. To date, the SEC has only permitted Bitcoin Futures ETFs, while rejecting "physically-backed" or Spot Bitcoin ETFs. The choice should be yours. If you've been waiting for the familiarity and protections of a Bitcoin ETF, we believe you should not be forced into a Futures-based product simply because it's the only one that exists. You can help take GBTC to the next level, conversion to an ETF. It's already the world's largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company. Learn more here.
This information should not be relied upon as investment advice or a recommendation regarding any security. Visit here for important disclosures.
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The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: |
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Biggest Gainers Biggest Losers |
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Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges. |
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And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time.
- Joe Orsini, director of research, Eaglebrook Advisors
- Don Kaufman, co-founder, TheoTrade
- Mark Palmer, head of digital assets research, BTIG
- Chad Barraford, technical lead, THORChain
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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BTC Dips as 3AC Liquidation is Ordered by BVI Court