Cryptocurrency
The co-founder of the Three Arrows Capital fund got in touch for the first time in a month. He claimed harassment

After nearly a month of being out of the public eye, the co-founder of crypto fund Three Arrows Capital (3AC) has once again come forward. On his Twitter, he posted screenshots of email correspondence from Advocatus Legal LLP, a law firm that represents 3AC in the bankruptcy liquidation of the fund’s assets, with the liquidators themselves.
Meanwhile, lawyers involved in the case had previously said there were concerns about the disappearance of the company’s top executives. Suu Joo himself believes there is a deliberate campaign to discredit them. We’ll tell you more about the situation.
Note that the situation around one of the once leading cryptocurrency funds is getting worse. In particular, today it became known about the meeting of creditors, Three Arrows Capital, which will be held on July 18 and will be held by employees of the financial consulting firm Teneo.
To that end, they have also made a website that will gather the necessary information regarding the liquidation of the 3AC crypto fund.
It also became known yesterday that Three Arrows Capital crypto fund co-founders Soo Joo and Kyle Davis had no plans to participate in a court hearing in New York regarding what’s happening with 3AC. And that’s hardly a good sign for the company.
What’s going on with Three Arrows Capital?
One of Zhu’s published letters accuses authorized asset liquidators Russell Crumpler and Christopher Farmer of “harassment.” Here’s the relevant line from Suh, with which he broke the lingering silence on his part.
Why Zhu presents his cooperation with the liquidators as a positive phenomenon is unknown. Obviously, he had no choice but to hide from the investigation, which is hardly a good thing.
Recall that in a July 8 filing to the U.S. Bankruptcy Court for the Southern District of New York, Russell Crumpler and Christopher Farmer said that 3AC’s co-founders “have not yet begun to interact with the bankruptcy process in any meaningful way.”
The statement also claimed that the whereabouts of Soo Joo and Kyle Davis were unknown, with the added “heightened risk” that Soo and Davis might try to transfer the firm’s assets to outside accounts.
But a published letter from Advocatus Legal LLP asks liquidators whether court documents mention “threats of physical violence” that 3AC founders and their families have received. Legal counsel for 3AC also noted that their clients “worked under great time pressure” as they also responded to inquiries from the Monetary Authority of Singapore (MAS).
Also, according to Decrypt’s sources, Suh and Davis “will not continue the conversation tonight,” referring to a discussion between 3AC and liquidators scheduled for this week. Next, foundation officials are awaiting a response from the liquidators, based on which the bankruptcy proceedings will proceed.
In the meantime, the fund is busy with a lawsuit that will likely end in its complete liquidation. Three Arrows Capital has serious solvency problems, in part because of the collapse of the Terra project this spring, as well as poor risk management. The failure of 3AC is a serious test for the entire crypto market, as the fund was a significant institutional player on its scale.
Cryptocurrency
Bitcoin onchain metric are stronger than ever

Galaxy Digital analysts published a report that examined key bitcoins onchain metrics (BTC), compared the world’s main cryptocurrency to other asset classes and explained what events could be the catalyst for the coming price rally. The company is confident that the bulls have plenty of reasons to remain optimistic – even despite difficult macroeconomic conditions.
BTC has become the best performing asset of 2023
Bitcoin is the best performing asset in 2023 compared to a lot of stocks, fixed income securities, indices, and commodities. It shows the best or some of the best performance over various time horizons (except for 1 year), and it looks even stronger over the long haul.
In addition, bitcoin’s correlation with the Nasdaq and S&P 500 stock indices has begun to decline, while its correlation with gold, which is considered a classic haven asset, has risen sharply. This happened against the backdrop of the crisis that engulfed U.S. banks and led to the closure of Silicon Valley Bank, Silvergate and Signature.
Given the nature of the current crisis, in which the system of partial bank reserves is tested for strength, the fundamental characteristics of the BTC favorably distinguish it from traditional assets.
Accumulation, not driving price rally speculation
A number of key market indicators indicate that bitcoin’s price rally is driven by the accumulation of coins on the spot, not speculation in the derivatives market. The futures funding indicator has remained virtually unchanged since the beginning of 2023 – meaning that the market is net-neutral regarding speculative positioning. The same can be said about volume and open interest in the CME.
The total number of addresses with non-zero balances also continues to grow rapidly, with more than 45 million wallets holding BTC today. At the same time, most of them have never spent coins, but only received new ones.
The approaching halving will affect the level of inflation in the BTC network
The next bitcoin halving will occur in April 2024 and will cause the network’s inflation rate to fall below 1%. The halving events of 2012, 2016 and 2020 catalyzed a price rally and reached a new all-time high as investor demand for BTC quickly exceeded the declining supply level.
This event will put bitcoin among the most stable assets and make it less susceptible to inflation than gold and silver.
Early we reported that Whales are interested in Litecoin, again.
Cryptocurrency
Whales are interested in Litecoin, again: will it help LTC price return to the $100 mark

In February, Litecoin, albeit briefly, returned to the $100 level for the first time since the collapse of the Terra ecosystem in May 2022. In early March, the price of the asset dipped below the $70 mark again. But that didn’t seem to hinder the whales’ plans, as large holders actively bought LTC during the correction.
Whale activity continues to rise
According to analyst firm IntoTheBlock, the average LTC transaction size increased more than 600% in March 2023, from $13,355 to $81,022.
The increase in average transaction size as the price pulls back signals an influx of large investors looking to buy back the decline in the asset. Given the financial strength of the whales, this could push LTC to another rally in the coming weeks.
Litecoin price forecast – could reach the $110 mark
Santiment’s Market to Realized Value Ratio (MVRV) shows that investors who bought Litecoin in the last 30 days made a 10% profit. According to historical MVRV readings, LTC holders have often captured profits of around 20%. This means that the $100 level is likely to be the next resistance zone.
If the price of the asset can combine above $100, the coin may continue its upward movement towards $115. However, bears can reverse the situation if the LTC falls below $80. With further declines, LTC could fall back below $70.
Early we reported that China intends to work with crypto-businesses through Hong Kong.
Cryptocurrency
China intends to work with crypto-businesses through Hong Kong

Hong Kong subsidiaries of major Chinese banks began to provide services for local cryptocurrency firms involved in projects related to Bitcoin, altcoins and various startups. It was reported by Bloomberg, citing sources in the region.
It is alleged that the local branches of Bank of Communications, Bank of China and Shanghai Pudong Development Bank have begun, or are working to provide banking services to crypto-businesses. According to the publication, a representative of an unnamed Chinese bank even visited the office of a crypto firm to promote the services of the financial institution. A top manager of an unnamed large Chinese bank said in a media commentary that banks promote their services in Hong Kong due to the tacit approval of Beijing. The interest in the business is also due to the uncertainty around lending to the local market, they said.
Loyal attitude to the market of cryptocurrencies in Hong Kong has already “bounced back” to local investors with considerable losses. According to calculations by local law enforcement agencies, the region lost over $200 million in 2022 alone. 2,336 cases of crypto-fraud were registered in Hong Kong in 2022.
However, Chinese authorities’ interest is not limited to the crypto market. In early March, the South China Morning Post reported that China intends to stimulate the digitalization of the economy in Hong Kong with its own currency. The authorities are offering citizens a 20% discount for making payments in digital yuan. At the same time, the promotion is valid only for Hong Kong citizens and only in the southern technology center of Shenzhen (connecting China and Hong Kong).
Recall that in the fall of 2022, Hong Kong authorities announced plans to develop a cryptocurrency market in the region. According to the Hong Kong government’s website, the authorities will work with local regulators to create “favorable conditions” for developing the local cryptocurrency industry.
Early we reported that Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike.
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