{"id":3963,"date":"2022-06-30T03:10:56","date_gmt":"2022-06-30T03:10:56","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2022\/06\/30\/crypto-contagion-is-main-risk-to-the-market-says-analyst\/"},"modified":"2022-06-30T03:10:57","modified_gmt":"2022-06-30T03:10:57","slug":"crypto-contagion-is-main-risk-to-the-market-says-analyst","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2022\/06\/30\/crypto-contagion-is-main-risk-to-the-market-says-analyst\/","title":{"rendered":"Crypto contagion is main risk to the market, says analyst"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p dir=\"ltr\">While Bitcoin (BTC) stays perched above $20,000 amid the crypto winter, digital asset market analyst Marcus Sotiriou says the main risk for the market is the contagion linked to the crypto hedge fund Three Arrows Capital (3AC) and crypto lender Celsius Network.<\/p>\n<p dir=\"ltr\">For 3AC, right this moment\u2019s discover of default from Voyager Digital all however confirms the demise of the hedge fund, whose issues return to the collapse of cryptocurrency Terra Luna in May.<\/p>\n<h2>Multiple corporations uncovered to 3AC<\/h2>\n<p dir=\"ltr\">Crypto brokerage Voyager\u2019s publicity to 3AC is through a mortgage of over $675 million \u2013 in $350 million of USDC and 15,250 BTC. Three Arrows is unable to repay the mortgage and therefore Voyager\u2019s try to discover authorized technique of getting the funds repaid.<\/p>\n<p dir=\"ltr\">And it\u2019s not simply Voyager, the rot impacts a number of crypto corporations which have had publicity to the crypto hedge fund, whose not-so-good funding practices may see it sink with others. Sotiriou says the contagion might be deeper. This is what the crypto market at present faces.<\/p>\n<p dir=\"ltr\">\u201c<em>As every major lender has been severely impacted by the demise of Three Arrows Capital, including BlockFi, Celsius, Voyager and Genesis, it is clear that the main market-native risk to crypto is contagion<\/em>,\u201d he mentioned in emailed feedback.<\/p>\n<p dir=\"ltr\">Together, these corporations may see billions of {dollars} price of investments go up in flames.<\/p>\n<p dir=\"ltr\">Notably, although, FTX founder and CEO, billionaire Sam Bankman-Fried is rising as a \u2018lender of last resort\u2019 along with his a number of bailout credit score amenities. SBF famous final week that the key motive to assist a few of these corporations is to \u201cprevent contagion.\u201d But he notes some might have to be left to die.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">VCs: &#8220;we&#8217;d love to help you backstop crypto firms and provide liquidity because we care deeply about preventing market contagion&#8221;<\/p>\n<p>additionally VCs: &#8220;can we please do it for the one great company (after you fix it) and make a lot of money doing it, you can take the others k thx bye&#8221;<\/p>\n<p>\u2014 SBF (@SBF_FTX) <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1539968557844336641?ref_src=twsrc%5Etfw\">June 23, 2022<\/a><\/p>\n<\/blockquote><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/analyst-main-market-native-risk-to-crypto-is-contagion\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] While Bitcoin (BTC) stays perched above $20,000 amid the crypto winter, digital asset market analyst Marcus Sotiriou says the main risk for the market is the contagion linked to the crypto hedge fund Three Arrows Capital (3AC) and crypto lender Celsius Network. For 3AC, right this moment\u2019s discover of default from Voyager Digital all 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