Crypto investors fearful of contagion following on-going meltdowns of over-leveraged borrowers: reports suggest several exchanges face losses
Bitcoin has spent the past seven days hovering tentatively below the $20k mark, unable to garner enough momentum for a prolonged breakout. The digital asset is currently trading hands at $19.4k, a 7.6% week-on-week decline, mirroring a 5% fall in the Nasdaq-100 over the same period. Crypto investors are fearful of contagion following the on-going meltdowns of over-leveraged borrowers: reports suggest that several exchanges face losses as a result of exposure to defunct fund 3AC, some amounting to hundreds of millions. The scale and extent of the contagion will become more apparent as the fund continues to unwind.
The Bitcoin Network has arrested its recent slowdown: the 14-day moving average Network hashrate is up around 3% week-on-week to 212 EH/s. Difficulty remains at 29.6T and is expected to remain approximately flat following tomorrow's adjustment. Languid price action means hash price is back around the $0.085 mark. Happy mining!