Crypto Moves – Bitcoin and Ethereum fall; Three Arrows to receive a default notice

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RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, falling by 0.94 percent to $20,293.15 as of 8:20 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,082.86 falling by 1.76 percent, according to data from Coindesk.

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Crypto broker Voyager likely to send Three Arrows a default notice

Voyager Digital Ltd. said on Wednesday that if cryptocurrency hedge fund Three Arrows Capital Ltd. fails to repay a loan it may issue a default notice to the company, according to Reuters.

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Voyager has a total exposure of 15,250 Bitcoin, $310 million, and $350 million USD Coin to Three Arrows Capital, the company said.

It requested that the entire amount be repaid by June 27 after initially asking for $25 million USDC by June 24. Neither of those have been repaid, Voyager added.

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The hedge fund is also being investigated for legal recourse, according to Voyager. The Wall Street Journal reported last week that Three Arrows is considering selling assets and getting a bailout from another firm.

With inputs from Reuters

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