Singapore’s Monetary Authority Finally Notices Three Arrows’ Capital AUM Discrepancy; Bitcoin Holds Above $19K in Weekend Trading

July 4, 2022 Singapore Blockchain

After a work week filled with discouraging news of different shapes and sizes, bitcoin waited out long holiday weekends in Canada, the U.S. and other parts of the world above its new $19,000 support line.

The largest cryptocurrency by market capitalization was recently trading at about $19,200, roughly flat over the past 24 hours. Bitcoin fell below $19,000 at one point on Thursday following the U.S. Securities and Exchange’s (SEC) rejection of two spot bitcoin ETFs, a reprimand for troubled crypto hedge fund Three Arrows Capital and the latest drumbeat of discouraging economic indicators, but subsequently regained ground.

“Bitcoin price action remains weak, with some volatility seen on both sides, which is typical in pauses between trend continuations,” Joe DiPasquale, CEO of crypto asset manager BitBull Capital, wrote in an email to CoinDesk. “Currently, we expect BTC to see more downside action but we are also keenly watching the market’s reactions to assess a decline in selling momentum and interest.”