Bitcoin heads towards $30,000 before a deep dive to $12,000

15–28 June main events

  • Three Arrows Capital is on the verge of bankruptcy. The Singapore-based hedge fund Three Arrows Capital (3AC), a major investor in the industry’s leading projects, has begun liquidating assets to cover its liabilities. In particular, the fund started converting stETH against the backdrop of Ethereum’s collapse to $1,000.
  • Market decline affects Celsius. The crypto lending platform Celsius has suspended withdrawals, exchanges and transfers between accounts “due to extreme market conditions.” The project’s token reacted with a 50% drop.
  • USDD stablecoin briefly loses its peg to USD. The algorithmic stablecoin USDD from Tron briefly lost parity with the US dollar and dropped to $0.97. The DAO sent 700 million USDC to protect the peg, but this did not help. On June 15, the rate fell to $0.95.

Price analysis

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