Other causes for Cardano’s price gains in recent weeks, according to ADA Whale, a Cardano community-focused Twitter account. ADA Whales highlights “on/off chains, defective staking mechanisms, VC dumps, and overleveraged mayhem elsewhere behind” in addition to the optimistic predictions surrounding the planned Vasil hard fork.
According to reports, Three Arrows Capital, or 3AC, a leading hedge fund in the space, is apparently nearing insolvency after $400 million in liquidations.
3AC’s lenders are continuing to come forward, according to blockchain analytics firm Nansen, as the fund, which managed $10 billion in assets in March, failed to meet margin calls and liquidated its bitcoin holdings.
Celsius, the beleaguered cryptocurrency lending company, announced on Monday that it was banning all withdrawals, further stressing the market. Since October, the value of the company’s assets has decreased by more than half, raising concerns about its solvency. CEL coin has lost 97 percent of its value in the same duration.
In comparison to the massive withdrawals reported for Bitcoin and Ethereum, Cardano investment products saw slight positive inflows in the last week.
Coinshares recorded $102 million in negative outflows in the previous week, with Bitcoin accounting for $57 million, pushing its month-to-date outflows to $91 million. Ethereum saw approximately $41 million in outflows, increasing the total year-to-date outflows to $387 million.
Cardano’s price movement
Cryptocurrency market capitalization has fallen below $1 trillion, recording $895 billion at press time, according to data from CoinCu. Cardano is also down 16% in the past week, having touched lows of $0.4366 before partly rebounding.
At the time of publication, Cardano was trading up 1.28% at $0.50. According to IOG, preparations for the Vasil hard fork upgrade have reached the final mile.
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