Last Week News: 18–24 july

Results of the week: BTC could not hold above $24,000, 3AC went bankrupt, Vauld was in debt, criticism from Novogratz.

Let’s remember what interesting and important things happened in the cryptocurrency market over the past week.

Bitcoin did not gain a foothold above $24 thousand

In mid-July, we all watched the growth of bitcoin with hope: from $18,900, BTC rose to a local maximum of $24,100, recorded on July 20. But despite our hopes, the first cryptocurrency could not resist and go above this level.

According to CoinMarketCap, Bitcoin lost 3% in the last 24 hours, and lost 1.5% in the last 7 days. Market capitalization still exceeds $1 trillion.

  • BTC/USDT -2.9% in 24h

Most of the altcoins from the Top list also show instability and are in the red zone in terms of daily and weekly indicators. The decline rate ranges from 2% to 10% on average.

  • ETH/USDT -4.2% in 24h

Glassnode experts recently announced signs of a bottom formation in Bitcoin quotes and expect a long-term rise in the coin. In contrast to their opinion, many analysts suggest that cryptocurrencies will need more time and a more favorable market situation to restore momentum.

Three Arrows Capital (ZAS) debt is estimated at $3.5 billion

Hedge fund Three Arrows Capital already has $3.5 billion in debt and debt, according to released court documents. Blockchain com, Voyager Digital and Genesis Global Trading are among the companies that have suffered significant losses. In early July, ZAS filed for bankruptcy, on the basis of which the process of liquidating the hedge fund has now begun.

Three Arrows Capital founders Su Zhu and Kyle Davis spoke out in an interview with Bloomberg about the collapse of the company. They cited overconfidence based on a long bull market as the main reason for the bankruptcy. Su and Kyle added to the above that this is a typical mistake for the entire crypto lending industry.

Vauld owes $400 million

Vauld has become another crypto landing platform that is having a hard time. A few days ago, the company released the amount of outstanding debt. Court documents show that the amount of debt is $402 million, with $360 million of this amount being the funds of ordinary retail investors.

Michael Novogratz compared the participants of the crypto market with a “gathering of idiots”

Mike Novogratz, a well-known crypto advocate and head of Galaxy Digital, has called the cryptocurrency market participants a “bunch of idiots” amid recent events including the collapse of Terra, ZAC and Voyager.

Mike Novogratz believes that the main reason for the collapse of several of the largest “players” at once was the neglect of risk management, as well as excessive lending. He also believes that the US Securities Commission “did not do enough to protect investors” and called for the speedy creation of regulation for the cryptocurrency market.

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CoinShark is not responsible for any content, accuracy, quality, advertising, products or other content posted on the site. The article is for informational purposes, based on information from open sources and is not a proposal for action. The financial market is dangerous and full of risks, investments in cryptocurrencies can lead to losses. Users should do their own research and analysis before taking any action.

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