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
Immutable Plans to Launch a $500 Million Fund For Gaming, Web3 Development https://bit.ly/3HDayjc
Circle Plans to Launch Euro-Backed Stablecoin on Ethereum Blockchain https://bit.ly/3tFQJlm
Mark Cuban Believes Crypto Startups With Good Fundamentals Will Thrive https://bit.ly/3b9HQtM
BTC Technical Analysis: The Next Support Will Be $17K-$20K https://bit.ly/3HwYn7v
FTX Plans to Acquire Crypto Exchange Bitvo, Eyeing Canadian Market https://bit.ly/3xyUNoQ
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