Bitcoin dips below $19K as crypto fund Three Arrows implodes
— Research, Investors, Cryptocurrency sector already reeling, Selloff, Leading cryptocurrency hedge fund, Growing, High inflation, Series, Invested heavily, Told cnbc regarding — 1 min read
Bitcoin is down 4.4% at $19,209.20 as of 9:30 a.m. ET Thursday, according to CoinBase data. Bitcoin’s value has plummeted nearly 60% so far this year and more than 70% off its all-time high of $69,000 last November. Three Arrows Capital, a leading cryptocurrency hedge fund, entered liquidation proceedings after facing legal challenges from creditors over unpaid debts. The latest downturn follows a series of negative developments within a cryptocurrency sector already reeling from a months-long selloff. Investors have dumped cryptocurrencies and stocks as the Federal Reserve steadily hikes interest rates to tamp down decades-high inflation. The Fed Chair Jerome Powell acknowledged during a panel discussion Wednesday that the central bank was prepared to tolerate a higher risk of recession Source