Bitcoin & 3AC: New drama shakes crypto industry

Bitcoin and the crypto markets are currently facing increased volatility, ie strong price fluctuations. The crash last week was followed by a couple of green days where BTC and Altcoins could rise sharply – but analysts are not yet quite clear, on the contrary. Meanwhile, after the Terra LUNA crash, the next cryptodrama is shaking the industry: the collapse of the crypto fund Three Arrows Capital (3AC). Are the dominoes falling now?

Bitcoin is going down, many investors are worried.


So far, the next big correction in the crypto markets has not been missed: Bitcoin (BTC) is stable above $ 20,000 and only falls below it for a short time. Ethereum (ETH), the second most valuable cryptocurrency by market value, has also recovered after its recent retreat to around $ 900 and returned above the psychologically significant $ 1,000 mark. Right now, BTC is trading at $ 20,428, ETH at $ 1,101.

Why is bitcoin falling right now?

The total crypto market value has grown by 2% in the last 24 hours, it is now at 904 billion dollars. Some assets even perform really well in the current environment: the Layer 2 scaling solution Polygon (MATIC), for example, has increased by 27% in the last 24 hours, while the blockchain game project Enjin Coin has increased by 15%. Analysts warn, however: The downturn in the crypto markets is not over yet. “I just looked at a lot of charts and yes, everything still looks bearish to me. I expect new lows this week, ”commented the pseudonymous top trader CryptoCapo.

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