Almost $6 B Lost by Cryptocurrency Investment Funds Like 3AC, Celsius and Others

Shares

Cryptocurrency investment funds lost almost $6 billion worth of Bitcoin following the massive liquidation series on the cryptocurrency market back in the May-June period. The biggest loser on the market is, as expected, the Luna Foundation Guard.

The largest portion of the coins that were lost is tied to the series of large liquidations that appeared on the market after the price of the first cryptocurrency tumbled from $30,000 to $17,000.

Luna Foundation Guard lost more than 80,000 BTC, which is worth more than $1.8 billion at press time. Second place on the chart goes to Tesla since the company sold $900 million worth of BTC back in May.

Bitcoin chart
Source: Vetle Lunde

The notorious Three Arrows Capital was not the biggest loser on the market, despite being the most popular object of ridicule in the space since May.

The chart is being closed by massive selling events conducted by public miners who got rid of around 19,000 Bitcoins, causing enormous selling pressure on the market in June and fueling BTC's catastrophic run to $17,000.


Read more on U.Today https://u.today/almost-6-billion-lost-by-cryptocurrency-investment-funds-like-3ac-celsius-and-others

Shares

Related Articles

Ethereum Developer Reveals Timeline for Final Testnet "Merge" Upgrade

In a tweet, Ethereum developer Tim Beiko shares the expected timeline for the Goerli proof-of-stake transition. Also, in a blog post shared alongside the tweet, the team notes that after numerous devnets, shadow forks and merges on deprecated testnets, Goerli and its accompanying Beacon Chain, Prater, are the only remaining testnets to undergo the "Merge." In this case, […]

Solana Comes to Largest Terra DeFi Protocol, Anchor: Here's How

Expert and professional traders use covered call options as a method of low-risk to enhance their Bitcoin holdings. Let us take a look at how they do it in detail.

PwC Account Hacked to Promote XRP Scam

The official Twitter account of PricewaterhouseCoopers (PwC) Venezuela has been hacked in order to promote an XRP scam. It is advertising “a big event” with Ripple CEO Brad Garlinghouse that is supposed to take place an hour from now. Its tweet encloses a link that is supposed to bait potential victims into sending their crypto. […]