This Week in Coins: Bitcoin and Ethereum Erase Gains, 3AC Files for Bankruptcy - Aliens: AI Crypto News & Markets Updates
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This Week in Coins: Bitcoin and Ethereum Erase Gains, 3AC Files for Bankruptcy

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Decrypt

Sat, Jul 02, 2022

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Bitcoin’s and Ethereum’s 30% gains last week were short-lived, as both market leaders depreciated more than 10% over the last week, with Bitcoin falling below the key $20,000 support level.

The world’s favorite cryptocurrency, as of this writing, was trading for just $19,203, and leading rival Ethereum suffered steeper losses, falling about 15% over the week to $1,045.

More details emerged on Monday over the insolvency of Singapore-based crypto hedge fund Three Arrows Capital (3AC), with reports that crypto broker Voyager Digital had served 3AC with a default notice for failing to repay some of its $673 million debt from loans of 15,250 Bitcoin and $350 million in USDC.

On Monday, a report by digital asset manager Coinshares revealed that outflows for Bitcoin-specific funds last week totalled $453 million, roughly equal to all inflows over the past six months—and the highest dollar amount ever.

Per CoinShares, last week’s outflows were the third-largest on record in terms of assets under management (AUM), representing 1.2% of the entire AUM of all funds tracked by CoinShares.

Gensler said Bitcoin is an example of a crypto asset that should be regulated under the Commodity Futures Trading Commission (CFTC), as he’s said previously.

On Wednesday, the SEC rejected Grayscale’s application for a Bitcoin Spot ETF, saying the digital asset management giant had not done enough to protect investors from “fraudulent and manipulative acts and practices.” The next day, Grayscale CEO Michael Sonnenshein announced on Twitter that his company is filing a lawsuit against the Securities and Exchange Commission.

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