Voyager Digital’s 60% Slide Leads the Sell-off for Crypto Equities - Aliens: AI Crypto News & Markets Updates
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Voyager Digital’s 60% Slide Leads the Sell-off for Crypto Equities

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Blockworks

Wed, Jun 22, 2022

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Voyager reveals Three Arrows Capital is at risk for defaulting on a $657 million loan The sell-off comes as senators weigh likelihood of a recession Crypto-related equities fell Wednesday — along with the broader market — as investors continue to parse contagion risks from lending firm Celsius’ liquidity crisis .

“Unfortunately, crypto equities are going to get penalized if either crypto or tech, or both, are down,” said David Tawil, president and co-founder of Prochain Capital.

“However, I expect that the same will be true to the upside, eventually...if we are at or near a bottom in crypto and/or equities, I think that it’s a good entry point.” Crypto broker Voyager Digital led the decline, at one point losing as much as 60% during Wednesday’s trading session, following its disclosure that the company had exposure to potentially insolvent hedge fund Three Arrows Capital.

“Multiple crypto lenders reporting liquidity issues over the past few weeks has also bred fear in the market broadly and led to a general contraction in available credit.” Exchange Coinbase, business intelligence firm MicroStrategy and digital asset mining company Marathon Digital also all posted losses Wednesday.

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