Cryptos today: Bitcoin drops 5% and threatens to lose support after new tide of bad news in the market

If yesterday Bitcoin (BTC) saw some respite after investors apparently ignored the multimillion-dollar default of hedge fund Three Arrows Capital, the price of the cryptocurrency dropped again this Wednesday (29) after a new wave of negative news in the market. At 7:10 am today, the digital currency was trading down 4.9% to $20,088, threatening support in the $20,000 region and reinforcing projections that new lows may still be ahead.

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The CEO of crypto futures exchange CoinFLEX has accused investor Roger Ver, a top Bitcoin Cash (BCH) backer, of owing the company $47 million. Ver denied this, stating via Twitter that “some rumors are spreading” and that, in fact, the “counterparty” was the one who owed him “a substantial amount of money”.

The health of companies in the sector continues to be a concern and, although the OKX brokerage has announced a 30% increase in hiring, most continue to lay off. Huobi, one of the world’s biggest exchanges, is expected to lay off around 300 people in the coming days, cutting 30% of its workforce.

Already in an interview with Forbes, American billionaire Sam Bankman-Fried, CEO of FTX exchange and trading company Alameda, stated that “there are some third-tier exchanges that are secretly insolvent.”

Bankman-Fried, who has been spearheading rescue efforts for crypto projects by providing them with lines of credit amid slumping markets, pointed out, without naming names, that some companies can no longer be saved due to too much debt or regulatory issues.

The market also reacts again to the macroeconomic scenario after the Dow Jones, S&P 500 and Nasdaq retreated 1.56%, 2.01% and 2.98%, respectively, in yesterday’s session as investors continue to position themselves cautiously, awaiting publication. of the price index for consumer spending (PCE), the country’s main inflation index, scheduled to be released on Friday.

“These are extremely anxious times in the markets, so the celebrations didn’t last long,” says Oanda Senior Market Analyst Craig Erlam.

Chainlink (LINK), for example, was up 8% yesterday after trading platform Robinhood announced the token listing. However, the rally fizzled and LINK ended the day down 2.1%.

“I fear more negative news could come in the coming weeks and I wonder how the community will react given Bitcoin’s inability to gain traction above $20K,” projects Oanda’s Erlam.

Despite the delicate moment, at least one cryptocurrency surprises and rises strongly today: TerraClassicUSD, former TerraUSD (UST) that collapsed in May and is trying to regain relevance in the market. Although it is still far from reaching the normal level of USD 1, the asset has registered a 150% increase in the last 24 hours, to USD 0.07.

  • Watch: What Happened to El Salvador After Bitcoin Crash?

Check out the performance of the main cryptocurrencies at 7:10 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 20,088.69 -4.9%
Ethereum (ETH) US$ 1,131.10 -7.5%
Binance Coin (BNB) US$ 220.68 -7.6%
XRP (XRP) US$ 0.332449 -5.2%
Cardano (ADA) US$0.473093 -3.5%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
TerraClassicUSD (USTC) US$ 0.071691 +149.5%
Tenset (10SET) $3.75 +9.4%
Synthetic (SNX) $2.61 +6.5%
1Inch (1INCH) US$ 0.755640 +0.9%
Radix (XRD) US$ 0.065626 +0.9%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
ApeCoin (APE) $4.81 -11.2%
BitTorrent (BTT) US$ 0.000000876214 -9.2%
Stepn (GMT) US$ 0.874539 -10.7%
Enjin Coin (ENJ) US$ 0.526408 -10.2%
The Sandbox (SAND) $1.05 -10.2%

Check out how cryptocurrency ETFs closed on the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 17.69 -3.43%
Hashdex BTCN (BITH11) BRL 25.14 -3.71%
Hashdex Ethereum (ETHE11) BRL 17.94 -4.87%
Hashdex DeFi (DEFI11) BRL 19.17 +1.42%
Hashdex Smart Contract Platform FI (WEB311) BRL 19.00 -1.8%
QR Bitcoin (QBTC11) BRL 6.81 -1.3%
QR Ether (QETH11) BRL 4.45 -3.47%
QR DeFi (QDFI11) BRL 3.55 -2.2%

See the main crypto market news for this Wednesday (29):

Asiatica Cabital announces integration of transfers in reais

The Asian platform Cabital announced a partnership with the Brazilian Transfero to integrate transfers in reais, marking its official entry into the Brazilian market.

In a statement, the company states that it is committed to providing users with a solution to enable easy conversion from fiat currency to cryptocurrency and vice versa.

In response to InfoMoney CoinDesk in May, Cabital had already stated that Brazil was one of the most important places in the world in the cryptocurrency sector at the moment, and praised the attempt to regulate it in the Chamber of Deputies.

Cabital’s target audience is investors looking for a haven from inflation and who may be attracted to “fixed income” investments in crypto.

Binance Defends Allegation of Collusion with Bitcoin Pharaoh

Cryptocurrency exchange Binance defended itself yesterday from the accusation that it had colluded with Glaidson Acácio dos Santos, known as the “Pharaoh of Bitcoins”, after a report in the Folha de S.Paulo newspaper pointed out that the scammer would have moved BRL 228 million in cash. a company linked to the Capital.

Capitual was the digital bank that provided, until June 17, the Pix intermediation service for the exchange.

In a statement, Binance stated that the fintech is no longer its payment provider “due to the company’s actions that conflict with its values”, and that it collaborates “in constant coordination with local authorities”, including in the case involving the Pharaoh. .

Three Arrows Fund should have new liquidated position, says website

Crypto hedge fund Three Arrows Capital (3AC) is expected to have a new position liquidated by order of a court in the British Virgin Islands, Sky News claimed today.

Partners from the firm Teneo Restructuring would have been called in to deal with the insolvency. 3AC did not immediately respond to a request for comment from CoinDesk.

How far will cryptocurrencies go? What’s the best way to buy them? We have prepared a free class with step by step. Click here to watch and receive InfoMoney’s cryptocurrency newsletter

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