Cryptocurrency Prices Today June 17: Bitcoin trades over Rs 17 lakh, major cryptos witnesses bloodbath after US Fed rate hike

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Major cryptocurrencies traded in the red early on June 17 as the global crypto market cap increased 6.88 per cent to $893.36 billion over the last day.

Total crypto market volume dropped to $75.88 billion. The total volume in DeFi stood at $6.24 billion, 8.23% of the total crypto volume in the last 24 hours. The volume of all stable coins was $65.58 billion, which is 86.42 per cent of the total crypto market’s 24 hour volume, according to CoinMarketCap.

The price of Bitcoin hovered over Rs 17 lakh, down nearly 8 per cent with a dominance of 44.47 per cent.

Crypto hedge fund Three Arrows Capital fails to meet margin calls -FT

Singapore-based crypto hedge fund Three Arrows Capital failed to meet margin calls this past weekend as cryptocurrency prices slid, according to a report from the Financial Times.

New Jersey-based crypto lender BlockFi was among the groups that liquidated at least some of Three Arrows’ positions, the FT said, citing people familiar with the matter whom it did not identify.

Three Arrows, which made a strategic investment in BlockFi in 2020, had borrowed Bitcoin from the company, the FT said, but was unable to meet a margin call on that loan. One of the people said the liquidation had occurred by mutual consent, the FT said.

In a tweet, BlockFi CEO Zac Prince said his company liquidated collateral against a loan to a large client, without naming who the client was. “We fully accelerated the loan and fully liquidated or hedged all the associated collateral,” he tweeted.

Three Arrows had tweeted on Wednesday it was committed to working things out. There had been chatter on social media that it faced liquidation issues. “We are in the process of communicating with relevant parties and fully committed to working this out,” Su Zhu, the co-founder said in a tweet, without going into further detail. The hedge fund was set up in 2012, according to its website.

As of 10:00 am on June 16, these are the prices of the largest cryptocurrencies (data from WazirX):

Bitcoin 17,04,001 -7.71%
Ethereum 89,894.0 -10.21%
Tether 82.90 0.69%
Cardano 40.3001 -5.84%
Binance Coin ₹17,700.00 -6.84%
XRP 26.9766 -2.66%
Polkadot 595.08 -12.86%
Dogecoin 4.6556 -6.88%

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(With Inputs from Reuters)