top of page
  • Writer's pictureAspen Digital

Bitcoin’s Price Falls Below $20,000 For The First Time Since December 2020

Updated: Jun 21, 2022

Daily Market Wrap

  • Crypto market cap: 0.87 trillion, up 6.78%

  • BTC price stands at USD 19,957, up 7.48%

  • ETH price stands at USD 1,074, up 11.72%

  • Top gainer: STEPN (GMT), up 21.60%

  • Top loser: USDD (USDD), down 0.89%

News of the Day

Why it matters:

  • Bitcoin (BTC) sunk as low as $18,739.5 and lurched below $20,000 for the first time since December 2020

  • Ethereum’s price (ETH) also plunged below $1,000 amid the recent panic market sentiment surrounding Celsius Network and Three Arrows Capital, losing 8.4% in the past 24 hours at the time of writing

  • The entire cryptocurrency market crashed to a new low of 2022 in June, with its market cap shrinking below $1 trillion to $875 billion

Crypto daily spotlight

Brief introduction: Three Arrows Capital (3AC) is a hedge fund manager that provides risk-adjusted returns. The firm was established in 2012 by Su Zhu and Kyle Davies and is headquartered in Singapore, Central Region, Singapore. Recently, rumours of insolvency started swirling after 3AC started moving assets to top-up funds on decentralised finance (DeFi) platforms such as Aave to avoid potential liquidations.

Why it matters:

  • 3AC co-founder Kyle Davies told the WSJ that 3AC is working things out and finding an equitable solution for all its constituents

  • Davies admits that 3AC suffered heavy losses from the recent LUNA collapse as it invested over $200 million in LUNA tokens as part of the $1 billion raised by the Luna Foundation Guard in February

  • 3AC is now proactively seeking solutions, including asset sales and a rescue by another firm, and hopes to reach a settlement with creditors, Davies said

Daily sector tracker

Daily News Roundup

About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

For more information, please visit

Sign Up on Aspen Digital

We have launched the beta version of our platform. If you would like to know more, please sign up here.

1 view0 comments


bottom of page