Bitcoin lost about 58% of value in the second quarter of 2022, posting its worst quarterly performance since 2011. Here's why.
The episode reverberated through the industry and had knock-on effects, most notably on cryptocurrency hedge funds Three Arrows Capital, which had exposure to terraUSD Celsius paused withdrawals for customers in JuneThe company offered users yields of more than 18% if they deposit cryptocurrency with Celsius. It then lent that money to players in the crypto market who were willing to pay a high interest rate to borrow the money.
On Thursday, Celsius said in a blog post that it was taking "important steps to preserve and protect assets and explore options available to us." The issues with Celsius exposed the weakness in many of the lending models used in the cryptocurrency industry that offered users high yields.Three Arrows Capital is one of the most prominent hedge funds focused on cryptocurrency investments.
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