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Five Companies Have Formed Three Arrows Capital Creditors Committee

Genesis Lent $2.36 billion to Three Arrows Capital

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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

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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).

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