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Amidst the continuously dropping prices of cryptocurrencies all over, the market is flooding with speculations and rumors regarding various companies’ fallout.
After the interest rates hike recorded for the May month released on Friday last week, it created a huge ripple effect all over the markets around the world. The Fed Interest rates hike for the month of May has come out more than what it was expected that resulted into sort of carnage in the whole crypto market. Whole cryptocurrency market including major cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) including many others have taken steep decline on Monday after massive selloffs.
Overall crypto market has dropped down to more than $868 billion while bitcoin has dropped to $20,299 which is approx 10.34% and Ethereum is at about $1,041 after showing 14.74% decrease in the last 24 hours. This is badly affecting the businesses and companies running over the cryptocurrencies. One such example is a prominent cryptocurrency fund Three Arrows Capital.
Three Arrows Capital is rumored to be stuck in a tough situation where it is facing massive liquidations following the prices of Ethereum (ETH) keep crashing constantly. Given the falling prices of Bitcoin and Ethereum, various Twitter accounts have started sharing the analytics information while implying that Three Arrow Capital is facing liquidations issues.
Rumors about the cryptocurrency fund led by popular supporter of crypto Zhu Su, Three Arrow Capital, are increasing and spreading out like wildfire across the crypto community. As per the data provided by Nansen, an address has been noted to pay back AAVE debt with a position that is standing at the value of some $264 million or in 223K Ethereum (ETH) in order to deal with liquidation. The address is being said to belong to Three Arrow Capital.
While at the time of writing, top smart contract blockchain Etheruem’s native token ETH is facing its all time low since January last year. Following the drastic low in price of Ethereum (ETH), the liquidation is only 7% away from Three Arrow Capital if no collateral will be added or in case of loan not being repaid.
In the wake of the seriousness of the matter, co-founder of Three Arrow Capital, Zhu Su showed up on Twitter and shared some insights bringing light on this issue. However the information provided by the co-founder was precise and not too much exposed. He said that the firm is currently in between the communication process with relevant parties and it is fully committed to figure it out.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
