Crypto sector gripped by fear as bitcoin approaches the critical $20,000 milestone

Crypto hedge fund Three Arrows Capital is exploring its options, including the sale of assets and a bailout by another firm.
U.S based lender Celsius Network earlier this month said it would suspend withdrawals.
Many of the industry’s recent problems can be traced back to the collapse of the so-called stablecoin TerraUSD in May. “If we move much lower from here, I think it could be a total shitstorm,” said Adam Farthing, chief risk office for Japan at crypto liquidity provider B2C2.

Developments in crypto have coincided with an equities slide, as U.S. stocks suffered their biggest weekly percentage decline in two years.
The overall crypto market capitalisation is roughly $870 billion, down from a peak of $2.9 trillion in November 2021.

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