HONG KONG — The cryptocurrency industry was on edge on Monday morning as investors feared contagion from problems at major crypto players could unleash a major shakeout if not contained.
Crypto hedge fund Three Arrows Capital is exploring its options, including the sale of assets and a bailout by another firm, its founders told the Wall Street Journal in a story published Friday, the same day Asia-focussed crypto lender Babel Finance said it would suspend withdrawals "If the market goes higher, everyone breathes a sigh of relief, things will get refinanced, people will raise equity, and all of the risk will dissipate. But 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.
The bitcoin price has tended to move in a roughly similar manner to other risk assets such as tech stocks.
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