Bloomberg analysts say up to around $4 billion worth of loans taken out against Bitcoin mining equipment are coming under stress.
| | | 📈 30 Second Cryptocurrency Price Summary |
| Bitcoin price has started the week above $20,000, as price continues to create a new range following its recent plummet. |
| Top-20 altcoins have mostly fallen over the last 24 hours of trading, as Ethereum and BNB each drop 3% while Tron stands out with a 5% gain. |
Top Stories for June 27, 2022 🔥 |
| Bloomberg analysts say up to around $4 billion worth of loans taken out against Bitcoin mining equipment are coming under stress, due to the market downturn. |
| According to the report, an increasing number of these loans are underwater, with a depreciation in the value of the mining equipment further impacting the health of the positions. |
| In order to cover their obligations, some miners have sold Bitcoin reserves – applying further downward pressure on the market. It is estimated that many miners are operating at a loss at current Bitcoin prices. |
| Goldman Sachs has downgraded its rating for Coinbase stock from "neutral" to "sell", along with cutting its price target for the stock from $70 to just $45. Coinbase shares dropped almost 6% in pre-market trading. |
| The downgrade was attributed to the continued crypto market decline, with Goldman claiming current trading volumes imply further drops are yet to come in Coinbase revenue. |
| Cryptocurrency platform Voyager Digital has issued a notice of default to Three Arrows Capital (3AC), for failing to pay a large loan of Bitcoin and USD Coin. The loan was in the order of hundreds of millions of dollars worth of the assets. |
| Voyager has also stated that it is exploring legal recourse for the recovery of funds from 3AC. The company reportedly placed a $10,000 limit on customer withdrawals last week. |
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