According to ADA Whale, a Cardano community-focused Twitter account, there might be other reasons for Cardano's price increases in the previous weeks. Aside from positive expectations surrounding the upcoming Vasil hard fork, ADA Whale cites other reasons, such as "on/off chains, faulty staking mechanisms, VC dumps and overleveraged chaos elsewhere behind."
Some of the pump $ADA has seen last weeks (vs ETH, BTC, alts) is probably because of the Vasil hard fork, but starting to think a not insignificant part of it is also people leaving the on/off chains, faulty staking mechanisms, VC dumps and overleveraged chaos elsewhere behind— ADA whale (@cardano_whale) June 17, 2022
According to reports, Three Arrows Capital, or 3AC, a leading hedge fund in the space, is apparently nearing insolvency after $400 million in liquidations.
Has anyone started a list of who’s directly affected?— Alex Svanevik
I’ve received DMs from multiple people/teams who lent them money, but I’m not gonna share any names before they give consent.