3AC Declares Bankruptcy, Crypto Exchange Blockchain.Com Stares At $270M Loss; Bitcoin Up

Lending to hedge fund Three Arrows Capital (3AC), which declared bankruptcy earlier this month, might cost cryptocurrency exchange Blockchain.com $270 million, according to a news article by CoinDesk on July 9, 2022.

“Three Arrows is rapidly becoming insolvent, and the default impact is approximately $270 million worth of cryptocurrency and US dollar loans from Blockchain.com,” the report said, quoting chief executive officer (CEO) Peter Smith’s letter to shareholders.

The US Bankruptcy Code, which permits foreign debtors to protect US assets, has been used by 3AC to seek protection from creditors.

Elsewhere, at a gathering held in Mumbai on July 8, 2022, the Union Bank of India announced the introduction of the Metaverse Virtual Lounge and the Open Banking Sandbox environment, according to various media reports.

To start with, the Bank’s Uni-verse Metaverse Virtual Lounge will host films and information about its products. According to a statement from the bank, Uni-verse will give consumers a distinctive banking experience. Customers will be able to walk the lounge and learn about bank deposits, loans, government assistance programmes, and other digital initiatives as if they were in the real world.

The programme has been launched in association with Tech Mahindra.

Crypto Prices

The price of Bitcoin (BTC), the largest cryptocurrency by market capitalisation, rose by 0.16 per cent in the last 24 hours, and it was trading at $21,700.87 at 5:15 pm. According to data from Coinmarketcap.com, its dominance in the crypto market is currently at 43.14 per cent, down by 0.15 per cent in the last 24 hours.

Ethereum (ETH) was trading at $1,220.09, down by 0.06 per cent, while Binance Coin (BNB) was up by 0.13 per cent in the last 24 hours, and it was trading at $244.02. Solana (SOL) was up by 0.31 per cent to $38.69, while Cardano (ADA) was up by 0.36 per cent to $0.4826.

Meme Coins

Dogecoin was trading at $0.06982 at 5:15 pm, up by 0.06 per cent on Coinmarketcap.com. Its rival, Shiba Inu was trading in the red at $0.00001135. Samoyedcoin was up by 0.38 per cent, and it was trading at $0.009253, while Dogelon Mars was up by 0.17 per cent, and it was trading at $0.0000003325.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $960.19 billion, an increase of 1.18 per cent in the last 24 hours, while the total crypto market volume was $85.09 billion, registering an increase of 23.10 per cent.