Fundamental Development:-
Crypto-Winter Victim: Crypto Hedge Fund 3AC Files for Bankruptcy
Singapore-based 3AC is among the high-profile investors whose major capital has fallen into liquidation. This marked one of the biggest casualties of the latest “Crypto Winter.” Representatives from the company made the bankruptcy filing in a Southern District New York (Manhattan) court on June 1, which legally shields the US assets of insolvent foreign debtors from creditors in the US. Last week, a court in the British Virgin Islands ordered the liquidation of 3AC’s capital after they failed to repay a $670 million loan provided by Voyager Digital, a crypto broker. As a result, this has halted all trades, transactions, deposits, and withdrawals. However, 3AC is considering employing business consulting company Teneo to oversee the process. The fund, co-founded by former Credit Suisse traders Zhu Su and Kyle Davis, managed around $10 billion of assets as recently as March, later dipping to $3 billion in April, as reported by block chain analytics firm, Nansen.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $18,900-$19,500 ranges.BTC is made low 18,700 and now consolidating within a range. Yesterday it made high near $19,600 and then it continue to Decline. Bitcoin is struggling to gain momentum above $19,200.
Alternative Scenario: If Bitcoin fails to clear the $19,200 resistance zone, it could start another decline. An immediate support on the downside is near the $18,700 level.
Crypto-Winter Victim: Crypto Hedge Fund 3AC Files for Bankruptcy
Singapore-based 3AC is among the high-profile investors whose major capital has fallen into liquidation. This marked one of the biggest casualties of the latest “Crypto Winter.” Representatives from the company made the bankruptcy filing in a Southern District New York (Manhattan) court on June 1, which legally shields the US assets of insolvent foreign debtors from creditors in the US. Last week, a court in the British Virgin Islands ordered the liquidation of 3AC’s capital after they failed to repay a $670 million loan provided by Voyager Digital, a crypto broker. As a result, this has halted all trades, transactions, deposits, and withdrawals. However, 3AC is considering employing business consulting company Teneo to oversee the process. The fund, co-founded by former Credit Suisse traders Zhu Su and Kyle Davis, managed around $10 billion of assets as recently as March, later dipping to $3 billion in April, as reported by block chain analytics firm, Nansen.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $18,900-$19,500 ranges.BTC is made low 18,700 and now consolidating within a range. Yesterday it made high near $19,600 and then it continue to Decline. Bitcoin is struggling to gain momentum above $19,200.
Alternative Scenario: If Bitcoin fails to clear the $19,200 resistance zone, it could start another decline. An immediate support on the downside is near the $18,700 level.