Decade Old Crypto Investment Fund Files for Bankruptcy
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Three Arrows Capital Declares Bankruptcy: Reports
According to Bloomberg, the cryptocurrency investment business Three Arrows Capital, popularly known as 3AC, filed for Chapter 15 bankruptcy on Friday.
Chapter 15 bankruptcy allows international and US court systems to collaborate and is usually filed to protect the debtor's assets.
The lawsuit was made public hours after Voyager Digital halted trading and withdrawals due to $646 million in overdue loans to Three Arrows.
Despite layoffs and withdrawn job offers, Coinbase announces a plan to expand into Europe.
According to a company blog post, the biggest cryptocurrency exchange in the United States is "driving a concerted effort to strengthen our presence in Europe."
Based in San Francisco Coinbase already has offices in the United Kingdom, Ireland, and Germany, and is currently expanding to France, Italy, Spain, and the Netherlands.
The blog post continued, "While markets will always be volatile, we believe the future is bright—and we're excited to keep building that future with our customers and partners around the region."
Data reveals that whales are buying the dip as Bitcoin drops.
According to recent statistics from IntoTheBlock, Whales have actually kept accumulating cheap coins despite falling prices.
The blockchain analytics company Glassnode also said earlier this week that whales are actively boosting their balance by directly buying 140,000 Bitcoin each month from exchanges.
Currently, whales hold up to 8.69 million BTC, or 45.6% of Bitcoin's 21 million total supply.
Strategists at Bank of America compiled a list of stocks resistant to recessions.
Fears of a recession are growing as the Federal Reserve raises interest rates, potentially sinking the economy.
You might be interested in stocks that perform well during recessions. Bank of America strategists developed a list of small and mid-cap stocks.
Starting with the largest market capitalization, the top nine stocks on the list are:
Hershey (HSY) is a candy company.
O'Reilly Automotive (ORLY) is a car parts retailer.
AutoZone (AZO) is a retailer of auto parts.
Paychex (PAYX) is a human resources company
Amphenol (APH) is a manufacturer of electronic connectors.
Yum! Brands (YUM) - the restaurant corporation that owns Taco Bell, Pizza Hut, and KFC
ResMed (RMD) - a medical device corporation
AmerisourceBergen (ABC) is a pharmaceutical wholesaler.
Otis Worldwide (OTIS) is an elevator manufacturer.
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Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.