On June 14, concern among executives at crypto firm Deribit turned to frustration.

“As requested before,”  Luuk Strijers, Deribit’s chief commercial officer, said in a Telegram group chat, “any sign of life would be appreciated.”

The target of Strijers’ ire was Kyle Davies, co-founder of Three Arrows Capital, the $10B crypto hedge fund that was then beginning its death spiral.

Frustration & Anger

The day before, Davies had ignored pleas from Strijers and other Deribit executives to provide a status update on a multimillion-dollar loan they’d given him, according to screenshots of the chat made public this week.

Three hours later, frustration turned to anger.

“You really need to start communicating,” another executive said to Davies. “Deribit legal team is preparing for the worst now, including [a] plan of seizure of your assets and stocks. … Don’t do anything stupid and please communicate.”

Now they’ll have to get in line.

Deribit, a crypto derivatives exchange based in the Netherlands,  is one of 32 creditors named in a 1,157-page document filed in a Singaporean court as part of Three Arrows liquidation. The filing, shared on a website maintained by Three Arrows liquidators, offers the most comprehensive picture to date of Three Arrows’ collapse.

Three Arrows owes the 32 creditors at least $3.9B, according to the documents. The largest creditor is Genesis, a crypto trading and lending firm, which is out $2.36B. It loaned the money to the hedge fund in U.S. dollars, secured by shares of Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and tokens for the Near and Avalanche blockchains.

But the documents offer more than numbers. They also detail the frustration and panic among the clients  who trusted Davies and his Three Arrows co-founder, Su Zhu, with their companies’ assets.

Moreover, Three Arrows’ creditors doubt the co-founders are acting in good faith. In requesting the Three Arrows’ liquidation, Deribit noted it had tracked the hedge fund’s blockchain transactions.

Barriers to Recovery

In mid-June, as Davies and Zhu were ignoring creditors calls and messages, Three Arrows sent cryptocurrency worth tens of millions of dollars to unknown addresses or affiliates of the co-founders.

“It was unclear where those funds subsequently went,” said Russell Crunpler, a liquidator with Teneo, the New York-based firm assigned to Three Arrows, in the court documents. “The Company’s conduct was especially concerning given that cryptocurrency, by its nature, is difficult to secure and is difficult to recover if it has been dissipated … While the transfer of funds can be traced on the blockchain, the ease with which it can be transferred and the anonymity of wallet addresses create serious barriers to recovery.”

Perhaps most egregiously, the pair allegedly made a down payment on a $50M yacht they were to pick up this summer in Italy. 

Perhaps most egregiously, the pair allegedly made a down payment on a $50M yacht they were to pick up this summer in Italy. 

“It is also my understanding,” Charles McGarraugh, chief strategy officer at Blockchain.com, said in an affidavit, “that Mr. Davies intends this yacht to be larger than any yacht owned even by Singapore’s richest billionaires.”

As it happens, a three-year-old tweet of Zhu’s surfaced on Twitter in which he joked about everything that’s come to pass — insolvency, the ghosting, the liquidations, the drama. 

“Climate change talk is cheap,” Zhu tweeted in February 2019, “but sailing the seven seas on your yacht as an international fugitive is expensive.” 

Three Arrows did not immediately respond to a request for comment Wednesday. 

DeFiance Founder Had ‘No Visibility’ on Three Arrows’ Condition: Statement

Three Arrows is a Deribit customer, borrower and shareholder, Jos van Grinsven, the company’s head of compliance, told the High Court of the British Virgin Islands in an affidavit dated June 24. Deribit did not immediately respond to a request for comment Wednesday. 

On June 11, Three Arrows breached its margin requirement on a trading account at Deribit and defaulted on a loan from the company totaling 1,300 bitcoin and 15,000 ether. The two accounts were, as of June 20, worth a combined $79M, van Grinsven said.

Slowly Liquidating

Two days later, per its agreement with Three Arrows, Deribit began slowly liquidating the hedge fund’s trading account with permission from Davies and Zhu, according to screenshots of a Telegram group chat between them. The screenshots were among the hundreds of pages of evidence included in the court documents released this week.

“Shall I sell around 100btc and 1000eth a few times every hour for you?” a person going by the handle “Shaun Deribit” asked a Three Arrows employee. “Can you also get [Davies] or [Zhu] to confirm this approach?”

“Approved,” Davies responded. Then, radio silence.

Several days would pass before Three Arrows’ co-founders acknowledged Deribit executives’ calls or text messages, according to court documents. To add insult to injury, Zhu took to Twitter June 14 to quell rumors he and Davies had gone AWOL.

“We are in the process of communicating with relevant parties and fully committed to working this out,” he tweeted.

That didn’t go over well with Strijers.

“We would appreciate to be included in this communication process,” he messaged Davies.

But Deribit executives weren’t the only ones who fumed over Zhu’s tweet. Charles McGarraugh, chief strategy officer at Blockchain.com, referenced the tweet in an affidavit filed June 27, also in the High Court of the British Virgin Islands. Blockchain.com did not immediately respond to a request for comment Wednesday. 

“At no point has any 3AC representative attempted to engage with Blockchain.com in good faith about these issues,” McGarraugh told the court.

The two companies had a longstanding relationship — at least by the standards of the fast-moving world of crypto.

Terra Wobbled

“In 2019 (and thereafter), 3AC held itself out as, and [was] well known in the crypto industry as a leading proprietary trading fund with limited directional bias and a strong balance sheet,” McGarraugh said. “I had no reason to disbelieve this.”

Over the next four years, Three Arrows would borrow — and repay — more than $2B in crypto and fiat currency.

Things changed in May, when the Terra blockchain and its associated tokens, Luna and UST, imploded. Three Arrows had invested $600M in Terra tokens — as Davies confirmed in his own June 27 affidavit — and on the morning of May 11, as Terra wobbled, a Blockchain.com executive by the name of Scott O’Dell texted Three Arrows employee Edward Zhao to make sure everything was alright.

Zhao insisted the hedge fund would merge unscathed. Nevertheless, O’Dell wasn’t feeling lucky.

“We’ll actually have to change direction here given all the action this week and stables flows,” O’Dell told Zhao that afternoon, apparently referencing stablecoins. “We need to call back [redacted] worth of the [redacted] loan.”

Zhao’s response has, in the two days since the documents went public, become a meme.

Luna and UST would lose 99% of their value overnight.

O’Dell reached out again, this time to Davies. Davies said Three Arrows had lost money on Terra, but insisted it wasn’t fatal. He provided an emailed statement affirming this, a statement that McGarraugh says he is  “now doubtful … was accurate.”

A little more than a month later, with news outlets reporting Three Arrows had missed margin calls, McGarraugh tried calling Davies, to no avail.

No Transparency

“[H]ard for us to help if we don’t have transparency on what’s going on,” he messaged Davies afterward.

The next day, he sent a Zoom link that Davies also ignored.

“Kyle we want to work with you, but very difficult when you won’t pick up,” he said.

Overwhelmed with Claims

Deribit and blockchain.com joined forces to initiate liquidation proceedings against Three Arrows in the High Court of the British Virgin Islands last month. Three Arrows did the same, saying it had been “overwhelmed with claims and/or queries from its lenders and investors.”

In his affidavit, Davies said the sequence of events was simple. With its $600M in Luna, Three Arrows was a victim of a “rapid downward spiral” that began with Terra’s implosion and “macroeconomic inflationary malaise.”

“Whilst [Three Arrows] was initially able to meet these margin calls,” he continued, “it was subsequently unable to meet all the margin calls when the lenders reacted en masse.”

‘There is no prospect of any restructuring of TACL. It is hopelessly insolvent.’

Kyle Davies in an affidavit

For a moment last week, it seemed as though the mysterious co-founders might cooperate after all. Kind of.

That morning, Zhu took to Twitter for the first time in almost a month, and shared an email that his attorney had sent Crumpler.

“Consistent with our clients’ desire to work reasonably with you, a spreadsheet with details of the company’s assets that our clients have been able to put together in this short period is attached,” the attorney, Christopher Anand Daniel, of Singapore-based Advocatus Law LLP, wrote. “In the interest of time, our clients are providing these on a rolling basis, and will continue to work on retrieving the details of other assets.”  

If only.

The spreadsheet was lacking in details, according to a source familiar with the matter, who believes Zhu and Davies have been less helpful than they would like people to believe.

Nevertheless, there’s something both sides can agree on.

“There is no prospect of any restructuring of TACL,” Davies said in his affidavit. “It is hopelessly insolvent.”

It’s the gift that keeps on giving, or rather, people kept on giving to Three Arrows Capital. 

The saga goes on as revelations about creditors of the crypto hedge fund continue to pour in. 

The latest twist — Three Arrows Capital (3AC) owes $270M to Blockchain.com, as reported by CoinDesk. Blockchain.com is a crypto platform that features an exchange, a wallet, and an institutional arm.

The news comes eight days after the Monetary Authority of Singapore released a statement outlining 3AC’s failures to comply with regulations. And just one day earlier, The Defiant reported on the official liquidation of the hedge fund. 

Fall From Grace

It’s been an unbelievable fall from grace for 3AC, whose founders were generally regarded as wizards of the past crypto bull run. Comments on co-founder Su Zhu’s podcast appearances lauded the hedge fund manager’s trading abilities and his tweets have become the stuff of legend after 3AC’s collapse.

Zhu also coined the phrase “supercycle” —  the idea that institutional adoption of digital assets would prevent the crypto markets from repeating the collapses of 2018 and 2014.

The fallout continued after Voyager Digital announced 3AC’s default on a $700M loan on June 27 and Kyber Network called out 3AC for not returning $7.9M in treasury funds on June 23. And all while the fund’s co-founder, Su Zhu, was tweeting positively as 3AC dumped stETH.  

With the latest news that Blockchain.com may also be on the losing end after loaning 3AC money, the crypto world is still grappling with the apparent total disregard for risk management at one of its formerly most influential players.

A court in the British Virgin Islands has directed that the embattled crypto hedge fund Three Arrows Capital (3AC) to be liquidated. The liquidation order comes a few days after Voyager Digital issued a notice of default to the hedge fund firm.

The Singaporean crypto hedge fund has been going through a hard time in the past few weeks following the crisis gripping the cryptocurrency sector.  Its woes started with the fall of Terra LUNA, which seemingly started a ripple effect that is still being felt throughout the crypto space.

According to reports, several partners including Teneo in the British Virgin Islands are lining up to handle the insolvency of the crypto hedge fund which has been in operation for the last 10 years since its launch in 2012 by Su Zhu and Kyle Davies.

What does 3AC liquidation mean to the crypto market?

Crypto insiders opine that the liquidation will have a significant impact on the cryptocurrency sector which is already undergoing difficulties due to plummeting market prices which has also caused the market to become extremely volatile.

Although it is still unclear what the immediate financial implications will be, 3AC’s demise is likely to rise more questions about the future of digital assets. And the 3AC creditors will certainly be the first to feel the pinch.

It would be noted that the default notice issued to the 2AC by Voyager Digital was in relation to a loan worth hundreds of millions of dollars.

In an interview with the Wall Street Journal earlier this month, the Three Arrows Capital co-founder Kyle Davies said:

“We are committed to working things out and finding an equitable solution for all our constituents”.

Davies had also said that the hedge fund was looking at alternative ways of rescuing the firm including the sale of assets or being rescued by another firm.

ETH had seen its price take a tumble along with the rest of the market in the January market crash. But while the broader market had panicked, whales had seen this as an opportunity to fill up their bags at low prices. It was basically a free-for-all as sell-offs had rocked the digital asset. Three Arrows Capital was among those who had taken advantage of the low prices.

The hedge fund which is headed by Su Zhu had loaded up on ethereum, pouring tens of millions of dollars into the asset. This comes despite CEO Su Zhu’s comments about the Ethereum network, which he has disparaged in the past. It seems that while Zhu may no longer be a fan of ethereum, his firm is taking the step to leverage the opportunities presented by the network.

3AC Buys $56 Million Worth Of ETH

A new report from Wu Blockchain has shown that Three Arrows Capital (3AC) had been ramping up its crypto buying activities. The firm had gone on a buying spree that came out to more than $50 million worth of ETH purchased. An address that was identified to belong to the hedge fund had been rapidly buying thousands of ETH over a couple of days.

Related Reading | Cardano (ADA) Forms Local Resistance As It Readies For Another 40% Liftoff

In three days, 3AC had accumulated a total of $56.67 million worth of ETH, coming out to 18,575 ETH purchased in three days.

The address marked as Three Arrows Capital (0x4862733B5FdDFd35f35ea8CCf08F5045e57388B3) has accumulated 18,575 ETH in the past three days, worth about $56.67 million. pic.twitter.com/hDda9v76Og

— Wu Blockchain (@WuBlockchain) February 8, 2022

Most of these ETH had come in increments of 2,000 at a time, staking up over time to a significant balance. As of the time of this writing, the total value of the Ether had grown by almost $2 million, now sitting at over $58.5 million.

3AC CEO Does Not Like Ethereum

CEO of 3AC, Su Zhu, has not been the biggest fan of Ethereum in recent times. In November last year, NewsBTC had reported that the CEO had reportedly said that he was leaving the ethereum project behind. This is a project that Zhu has supported in the past but he had given reasons for him taking this decision, the high cost of a transaction is at the top of the list.

Related Reading | Bitcoin Settles Above $43,000, But What Does The 4-Year Cycle Say?

Zhu lamented that ETH had abandoned its users due to its high fees. At that point, the transaction fees had risen exponentially due to the high traffic on the network, leaving smaller investors being unable to use transact on the blockchain. Zhu had referred to the situation as “gross” given that newcomers were unable to enter the space due to high fees.

ETH plunges to $3,100 | Source: ETHUSD on TradingView.com

The CEO’s lamentations had not affected his investment firm’s view on the digital asset, however. About two weeks after Zhu had made the comments, Three Arrows Capital had purchased 156,400 ETH for about $676.37 million and had transferred it to its wallet which Wu Blockchain had identified as belonging to the firm.

Zhu, too, had softened his stance on the ethereum network after widespread backlash, saying that he loved “Ethereum and what it stands for.” Nevertheless, 3AC has maintained its support for the network. This is evidenced by the rapid rate at which the firm has been accumulating ETH.

Featured image from Ethereum Price, chart from TradingView.com

Ardana, the asset-backed stablecoin protocol, and decentralized exchange has raised $10 million of investment in its latest strategic funding round. 

The Cardano-powered platform, whose founding team features tech veterans from Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Barclays, and Cardano, won support from cFund, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW.io, MGNR, Selini Capital, Skynet Trading, and Portico Ventures amongst others in a round led by Three Arrows Capital and Ascensive Assets.

“To say we are thrilled to welcome aboard some of the best-known names in the private equity space would be an understatement,” said Ardana CEO and co-founder Ryan Matovu.

“As the first all-in-one stablecoin ecosystem built on Cardano, our platform provides users with convenient access to liquidity, an ever-present concern in the hyper-competitive defi world. We are also able to leverage Cardano’s speed, scalability, and security to offer a decentralized financial solution that works for everyone, and soon we’ll even be facilitating foreign exchange on-chain. 

“Along with the investors’ expertise, this funding will allow us to establish Ardana as one of the premier defi gateways on the Cardano blockchain. The future is bright.”

Currently gearing up for a Token Generation Event and Public Sale in Q4, Ardana combines a DEX stable asset liquidity pool and asset-backed, fully decentralized stablecoin protocol. Through the latter, ADA token-holders can use their assets as collateral against a cost-effective loan denominated in the dollar-pegged dUSD stablecoin. 

This Ardana Dollar uses smart contracts to let users mint, spend, send and receive dUSD on the Cardano blockchain, with all dollars fully backed by collateralized assets such as ADA. When users deposit ADA into the permissionless, noncustodial Ardana vault, they receive a proportion of its value back as a newly-minted dUSD loan which, when repaid, unlocks their collateral.

The Danaswap DEX, meanwhile, facilitates highly capital-efficient trading between stablecoins and tokens representing identical assets such as synthetic Bitcoin. Danaswap also allows users to earn interest from dUSD deposits, as well as a percentage of market-making fees generated via the app.

A second native Ardana asset, DANA, functions as a utility and governance token, conferring voting rights on changes to the project’s parameters as well as a share of platform fees.

Due to a recent partnership with NEAR protocol, Ardana’s decentralized stablecoin will soon have utility across chains via bridging infrastructure, making it the first collateralized stablecoin loan offering for both ADA and EGLD.
Image Sourced from LaunchTeam

LONDON, UK / ACCESSWIRE / November 1, 2021 / Ardana, the asset-backed stablecoin protocol and decentralized exchange, has attracted $10 million of investment in its latest strategic funding round.

The Cardano-powered platform, whose founding team features tech veterans from Apple, Microsoft, Barclays and Cardano, won support from cFund, DeFi Capital, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW.io, MGNR, Selini Capital, Skynet Trading and Portico Ventures amongst others in a round led by Three Arrows Capital, CFund and Ascensive Assets.

“To say we are thrilled to welcome aboard some of the best-known names in the private equity space would be an understatement,” said Ardana CEO and co-founder Ryan Matovu.

“As the first all-in-one stablecoin ecosystem built on Cardano, our platform provides users with convenient access to liquidity, an ever-present concern in the hyper-competitive defi world. We are also able to leverage Cardano’s speed, scalability and security to offer a decentralized financial solution that works for everyone, and soon we’ll even be facilitating foreign exchange on-chain.

“Along with the investors’ expertise, this funding will allow us to establish Ardana as one of the premier defi gateways on the Cardano blockchain. The future is bright.”

Currently gearing up for a Token Generation Event and Public Sale in Q4, Ardana combines a DEX stable asset liquidity pool and asset-backed, fully decentralized stablecoin protocol. Through the latter, ADA token-holders can use their assets as collateral against a cost-effective loan denominated in the dollar-pegged dUSD stablecoin.

This Ardana Dollar uses smart contracts to let users mint, spend, send and receive dUSD on the Cardano blockchain, with all dollars fully backed by collateralized assets such as ADA. When users deposit ADA into the permissionless, noncustodial Ardana vault, they receive a proportion of its value back as a newly-minted dUSD loan which, when repaid, unlocks their collateral.

Story continues

The Danaswap DEX, meanwhile, facilitates highly capital-efficient trading between stablecoins and tokens representing identical assets such as synthetic Bitcoin. Danaswap also allows users to earn interest from dUSD deposits, as well as a percentage of market-making fees generated via the app.

A second native Ardana asset, DANA, functions as a utility and governance token, conferring voting rights on changes to the project’s parameters as well as a share of platform fees.

Due to a recent partnership with NEAR protocol, Ardana’s decentralized stablecoin will soon have utility across chains via bridging infrastructure, making it the first collateralized stablecoin loan offering for both ADA and EGLD.

About Ardana

Ardana is an asset-backed stablecoin and decentralized exchange stable asset liquidity pool built on Cardano. Founded by a core team of fintech and blockchain veterans, the platform has pioneered a dollar-backed Cardano native token and highly capital-efficient DEX, enabling users to diversify their portfolio without selling their current assets.

Website | Discord | Telegram | Twitter | Documentation | Pitch Deck

Contanct:

Dan Edeldtein

pr@marketaccross.com

SOURCE:

View source version on accesswire.com:
https://www.accesswire.com/670473/Cardano-Stablecoin-Protocol-Ardana-Toasts-10m-Capital-Injection-Led-by-Three-Arrows-Capital-Cfund-Ascensive-Assets

PRESS RELEASE. Ardana, the asset-backed stablecoin protocol and decentralized exchange, has attracted $10 million of investment in its latest strategic funding round.

The Cardano-powered platform, whose founding team features tech veterans from Apple, Microsoft, Barclays and Cardano, won support from cFund, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW.io, MGNR, Selini Capital, Skynet Trading, Kosmos VC and Portico Ventures amongst others in a round led by Three Arrows Capital and Ascensive Assets.

“To say we are thrilled to welcome aboard some of the best-known names in the private equity space would be an understatement,” said Ardana CEO and co-founder Ryan Matovu.

“As the first all-in-one stablecoin ecosystem built on Cardano, our platform provides users with convenient access to liquidity, an ever-present concern in the hyper-competitive defi world. We are also able to leverage Cardano’s speed, scalability and security to offer a decentralized financial solution that works for everyone, and soon we’ll even be facilitating foreign exchange on-chain.

“Along with the investors’ expertise, this funding will allow us to establish Ardana as one of the premier defi gateways on the Cardano blockchain. The future is bright.”

Currently gearing up for a Token Generation Event and Public Sale in Q4, Ardana combines a DEX stable asset liquidity pool and asset-backed, fully decentralized stablecoin protocol. Through the latter, ADA token-holders can use their assets as collateral against a cost-effective loan denominated in the dollar-pegged dUSD stablecoin.

This Ardana Dollar uses smart contracts to let users mint, spend, send and receive dUSD on the Cardano blockchain, with all dollars fully backed by collateralized assets such as ADA. When users deposit ADA into the permissionless, noncustodial Ardana vault, they receive a proportion of its value back as a newly-minted dUSD loan which, when repaid, unlocks their collateral.

The Danaswap DEX, meanwhile, facilitates highly capital-efficient trading between stablecoins and tokens representing identical assets such as synthetic Bitcoin. Danaswap also allows users to earn interest from dUSD deposits, as well as a percentage of market-making fees generated via the app.

A second native Ardana asset, DANA, functions as a utility and governance token, conferring voting rights on changes to the project’s parameters as well as a share of platform fees.

Due to a recent partnership with NEAR protocol, Ardana’s decentralized stablecoin will soon have utility across chains via bridging infrastructure, making it the first collateralized stablecoin loan offering for both ADA and EGLD.

 

About Ardana

Ardana is an asset-backed stablecoin and decentralized exchange stable asset liquidity pool built on Cardano. Founded by a core team of fintech and blockchain veterans, the platform has pioneered a dollar-backed Cardano native token and highly capital-efficient DEX, enabling users to diversify their portfolio without selling their current assets.

Website | Discord | Telegram | Twitter | Documentation | Pitch Deck

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Recently, Su Zhu, Co-Founder, CIO, and CEO of Singapore-based crypto-focused hedge fund Three Arrows Capital talked about what makes him very bullish on Dogecoin.

Zhu’s comments were made during an episode of the “Uncommon Core” podcast that was released on August 25.

In short, as reported by The Daily Hodl, Zhu said that his bullishness is due to the huge “name brand recognition” that Dogecoin enjoys:

“I’m very bullish on Dogecoin. I delved into the community, delved into what’s been happening and what’s kind of the broader thesis for people that own Doge, both in terms of normal people as well as investors…

“The best way to understand DOGE, I think, is that if you look at Robinhood, which is sort of the most blue-collar style of crypto investing, DOGE is 60% of their crypto revenue. And crypto is 40% of Robinhood’s revenue, so Robinhood is basically a DOGE proxy.

“And I think that DOGE has four times the name brand recognition over Ethereum in many communities in the US. Not talking about like smart people, but just talking about people.“

He then tried to explain Dogecoin’s appeal to retail investors:

“I think that there’s something just very understandable about DOGE. It’s just like the ‘dog money,’ you put your money in ‘dog money’… I think that DOGE is really underestimated in terms of that sheer virality, and sort of the quality of the memes and the organicness of that…

“It is the coin that people can own whole amounts of, it’s the coin that can be sent around among people… And also its memes are simple, like the man who drinks beer can understand it. The girl who posts selfies can understand it, and she can just put her money in it and outperform everybody.“

Earlier today, one popular crypto influencer told his over 181K Twitter followers why it is important for all Dogecoin node operators to update to the latest version of Dogecoin Core (i.e. v1.14.4,), which was released 10 days ago.

According to Dogecoin Core 1.14.4’s release notes on GutHub, although this is a ” minor version release”, it is important for two reasons. First, it “prepares the network for a reduction of the recommended fees by reducing the default fee requirement 1000x for transaction relay and 100x for mining”.

Second, it “increases freedom for miner, wallet and node operators to agree on fees regardless of defaults coded into the Dogecoin Core software by solidifying fine-grained controls for operators to deviate from built-in defaults”.

Finally, a few hours ago, pseudonymous crypto analyst and influencer “DonAlt” told his over 303K Twitter followers what he thinks about Dogecoin’s latest price action.

$DOGE update:

Thought I’d update the above setup with my thoughts

Whenever price hangs around my entry for a few days I usually cut it.

The setup goes from good to uncertain gambling which I try to avoid doing

As @SalsaTekila says best, lucky entries likely exits pic.twitter.com/kkQzUWF2kq

— DonAlt (@CryptoDonAlt) August 30, 2021

According to data by TradingView, on crypto exchange Bittrex, $DOGE is currently (as of 14:15 UTC on August 30) trading around $0.2750, down 1.68% in the past 24-hour period, but up 37.50% in the past one-month period.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Image by “KNFind” via Pixabay