Genesis Lent $2.36 billion to Three Arrows Capital

Join the Trading Community: Learn & Earn with BingX.

Today’s Cryptocurrency Headline

Genesis Asia Pacific Pte. Ltd., a division of Digital Currency Group’s crypto lender, has provided a $2.36 billion loan to collapsed hedge fund Three Arrows Capital (3AC), according to The Block. The debt is undercollateralized, and Genesis tried to recover some of its loans by commencing arbitration proceedings against 3AC through the American Arbitration Association (AAA) in New York last month. However, Genesis appears to have suspended arbitration proceedings after hiring consultancy Teneo to oversee the 3AC liquidation in late June.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CME FedWatch Tool, the probability of the Fed raising rates by 75 basis points by July is 70.9%, and the probability of raising rates by 100 basis points is 29.1%. Bitcoin is up 8.49% over the last 24 hours and rose to an intraday high of $22,956.69. Bitcoin and major altcoins continued their late weekend rally and set the total crypto market capitalization above $1 trillion for the first time since June 13. The rally was mainly driven by Ethereum 2.0 merge optimism because Ethereum Foundation member Tim Beiko suggested Sept 19 as the provisional launch date for the Merge last Thursday. For now, the bulls will attempt to push the BTC/USDT pair above the 50-day exponential moving average (EMA) ($23,382).

Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.