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Three Arrows Capital Co-Founder Claims It Wasn’t Luna That Took It Down

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Today’s Cryptocurrency Headline

Kyle Davies, the co-founder of Three Arrows Capital, said that it wasn’t the collapse of the cryptocurrency luna that ultimately caused the downfall of Three Arrows Capital. Davies broke down how the hedge fund unwound on a podcast with hedge fund manager Hugh Hendry. He claimed that the fund survived the collapse of Luna, the ensuing credit squeeze and decline of crypto prices — only to succumb when it was liquidated by FTX. He also claimed FTX and Alameda shared internal information and that the trading firm knew its liquidation level and deliberately hunted it. 

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to Glassnode, the number of addresses holding more than 1 bitcoin reached 962,657, a record high. Bitcoin is down 1.26% over the last 24 hours and fell to an intraday low of $16,922.00. The largest cryptocurrency has been trading around its 20-day exponential moving average (EMA) of $17,031 for the past few days. The flat 20-day EMA and the relative strength index (RSI) near 50 do not give a clear advantage either to the bulls or the bears. This week US retail inflation data on December 13 will set the tone for the Federal Open Market Committee (FOMC) meeting on December 13-14. Investors will focus on those events and be prepared for the upcoming volatility. 

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