Breaking: Bitcoin drops below US$19K as crypto bleeds further losses

Bitcoin has dropped below US$19,000 for the first time since December 2020 as the crypto market wrapped up Q2 with further downturns as of Friday morning in Asia.

Fast facts

• The world’s largest cryptocurrency hit a low of US$18,729 and was trading at US$20,352 at press time, according to CoinMarketCap.
• The crypto market and Bitcoin have lost around 57% throughout Q2 with a market cap of US$881 billion early morning Friday.

• Crypto hedge fund Three Arrows Capital (3AC) has reportedly been reprimanded by the Singapore central bank for misleading officials.

• 3AC was reportedly ordered by a British Virgin Islands court to liquidate, according to media reports on Wednesday.
• The European Systemic Risk Board deemed crypto assets a threat to the financial system on Thursday and called for additional regulation to address the issue as a “matter of urgency.”

Details later…