Crypto Warning From Within: Billionaire Says More Bad News Ahead
— Market value, Voyager digital, Singapore, Macroeconomic environment, Warning — 1 min read
Bitcoin, the most popular digital currency, down 71% to $20,086.93 from its November 10 all-time high of $69,044.77. Ether, the second largest cryptocurrency by market value, is down 76.8%. Singapore-based crypto hedge fund Three Arrows Capital (3AC) defaulted on a loan worth more than $670 million, after it had $200 million exposure to Luna. Lender Celsius Network has gone silent after suspending fund withdrawals and all other operations on its platform. Some third-tier exchanges that are already insolvent, says Sam Bankman-Fried, CEO and founder of FTX.com, are in serious financial trouble. Many crypto companies, and more specifically exchanges, have recently announced cost reduction measures. Source