Bitcoin, crypto decline amid reports of 3ACs court-ordered liquidation

Crypto Falling

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Categories: Bitcoins Cryptocurrency

Bitcoin, crypto decline amid reports of 3ACs court-ordered liquidation

Bitcoin was trading below US$20,000 in late morning trade in Asia on Thursday as reports of a court-ordered liquidation of Three Arrows Capital (3AC) added to fears of a contagion in crypto. The worlds largest cryptocurrency fell to as low as US$19,937.79 in the past 24 hours before paring losses to trade down 1.4% at US$20,065.62 in late morning trade in Asia on Thursday, according to CoinMarketCap.

Ethereum fell by more than 5% to US$1,089.82 in late morning trade, while Solana was the biggest loser among the top 10 cryptocurrencies, falling over 7% to trade at US$32.99. Dogecoin was the only token in the top 10 to post some gains. The memecoin rose over 2% in the past 24 hours to trade at US$0.0685 in late morning trade. Cryptos market capitalization as tracked by CoinMarketCap was down over 2% to US$893 billion.

This comes after a court in the British Virgin Islands, where 3AC is domiciled, reportedly ordered a liquidation. The news caused an overnight drop in crypto prices as it could be bullish.

Bitcoin Trading, 3AC, Cryptocurrency, CoinMarketCap, Memecoin, Cryptos Market, Dogecoin, Ethereum Price, BTC Price

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