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Could 3AC affect Ethereum enough to register newer lows this week

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Could 3AC affect Ethereum enough to register newer lows this week

The global crypto market cap has dropped by $369 billion in the past week. Ethereum [ETH], as it stands, took the biggest hit during the past week among the top 10 cryptocurrencies. But the question is- What conspired against ETH as it plunged to new lows on 15 June?

Welcome to the carnage

For most cryptocurrencies, the bear market has signaled a period to adopt stop-gap measures and “wait and watch”. However, some major cryptos have been hit hard during these bearish conditions. Amidst the market sell-off, ETH is the worst hit among the top 10 cryptocurrencies over the past week.

The last two weeks have especially been very hard for Ethereum. The token experienced a massive liquidation volume across the market. The rumors of insolvency pertaining to Three Arrows Capital, as well as the block reorganization in the Beacon Chain have had an impact on the altcoin.

However, a prominent crypto analyst who goes by the name ‘Onchain Wizard’ on Twitter claimed another huge liquidation out of 3AC.

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This wallet (tagged as 3AC on Nansen) has been aggressively paying back AAVE debt against its 223k ETH / $264mm position to avoid liquidation. With $198mm in borrowings against it, @ a 85% liq threshold, a -11% move in ETH to $1,042 liqudates ithttps://t.co/y7yJJ0NlMc pic.twitter.com/2S55Rzl9Xc

— Onchain Wizard (@OnChainWizard) June 15, 2022

Furthermore, ETH might also fall further after the FOMC meeting as the Federal Reserve is likely to raise the interest rate by 75 bps.

Ringing the bottoms

Ethereum is currently trading at its 17-month lows. It is down by almost 80% from its all-time high of $4,891 that the token stood at in November 2021. But the metrics indicate further downslides for the largest altcoin in the market.

As per the latest Glassnode updates, Ethereum’s data is suggesting that investors are experiencing massive losses.

In fact, the number of addresses in loss reached an all-time high of 38,011,694. This goes to show how far ETH has fallen during the current crash. Evidently, many investors have been unable to recover from the Terra crash before being faced with the current price drops.

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Source: Glassnode

With the on-chain transfer volume outpacing market cap growth, the NVT signal has dropped dramatically. The signal is showing another major bearish sentiment after touching a four-month low of 936.211.

Source: Glassnode

Also, the MVRV ratio just reached a two-year low of 0.70 indicating another major hint of capitulation.

Source: Glassnode

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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Malaysia’s $30bn wealth fund to stand by carbon-emitting state companies

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Japan’s biggest chipmakers from Toshiba to Sony brace for engineer shortage

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Swiss Luxury Brand Hublot Adopts Bitcoin Payments

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Swiss Luxury Brand Hublot Adopts Bitcoin Payments

The Swiss luxury watchmaker – Hublot – allowed its customers to buy certain limited products in cryptocurrencies by partnering with the bitcoin payment service provider – BitPay.

In addition, Prague City Tourism joined forces with Global Payments to enable passengers of the emblematic Tram Line number 42 to purchase tickets in digital assets.

Hublot Enters the World of Crypto

Embracing cryptocurrencies as a means of payment has turned into a move practiced by numerous companies part of the fashion industry. The Switzerland-based renowned watchmaker – Hublot – is the latest member of that club.

In a recent announcement, the firm said it launched a limited collection called “Big Bang Unico Essential Grey,” which consists of 200 watches. Those products could be purchased only on Hublot’s US e-Boutique platform as clients can pay with cryptocurrencies.

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Introducing the new #BigBangUnico Essential Grey, a limited edition of 200 pieces solely available online on the e-commerce platform https://t.co/FtQRk4LWq7. Exclusively on our Hublot United States eBoutique, clients will be able to shop using select Cryptocurrencies with BitPay. pic.twitter.com/Ny2tct8lQ2

— Hublot (@Hublot) June 21, 2022

The price of a single watch from that edition is around $21,200, meaning that if one wants to pay in bitcoin, they will have to part with approximately 1 BTC (calculated at current prices).

Last month, another Swiss luxury watchmaker – Tag Heuer – also said “yes” to such payments. The enterprise accepted leading cryptocurrencies, including Bitcoin, Ethereum, and Shiba Inu, plus five stablecoins as a means of settlement on its US website.

Explore Prague in Exchange for Crypto

Another example of the latest cryptocurrency adoption is Prague’s iconic Tram Line number 42. One of the oldest trams in the Czech Republic is currently used as a tourist attraction. Visitors can ride on it and explore the most popular sightseeings of the country’s capital, such as the Prague Castle, Charles Bridge, and the Powder Gate.

According to a local coverage, the Tram Line teamed up with Global Payments to allow travelers to pay for their experience in crypto. Petr Soukup – Director of IT at Prague City Tourism – said:

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“Cryptocurrencies are a very popular source of money today. There is no reason why people should not use them for regular payments. They can now pay for a ticket with a piece of bitcoin or, for example, Ethereum.”

He further explained that clients could pay in digital assets, but merchants can choose whether to accept the transaction in crypto or fiat (for example, Czech crowns).

Featured Image Courtesy of Hublot

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