- NEXO dips 40% in 3 days.
- Nexo denies any partnership with Three Arrows Capital (3A).
- NEXO ought to bounce back once the market crisis is over.
It’s so far been more than five days since the market crash started once again, and yet still persists. Moreover, it seems this condition ought to continue for more than a week, with regards to the pathetic conditions prevailing.
Truly, the entire crypto market cap is now down the last $1 trillion, and still heading deeper down. The Bitcoin (BTC) has slumped down to extremely low prices it has ever been for the past almost two years low. Currently, BTC is trading for the price of $21,537, with the graphs down by 3.78% for the past 24 hours.
On the other hand, situations are worse as before for the altcoins too. In spite of all this, most of the crypto based firms are upon huge losses. The worst affected are those who are into direct investments and finance in relation to cryptos.
The Fall of NEXO
Likewise, Nexo, a blockchain-based loan lending platform with respect to cryptos as mortgages and more, is now facing huge losses. Nexo platform so far has incurred losses provoking a debt of $4.96 billion. This in turn constitutes 100% liquidation for Nexo to clear off the debt.
And so, the price of the platform’s native token, NEXO, is down by about 40% within just three days. All the Decentralized Finance (DeFi) based firms are currently undergoing a period of immense losses overall, due to the market crash.
The recent tragic fall of the Terra (USDT) also owes to be a major concern for the start of the fear among traders. In addition, the Three Arrows Capital (3AC), a crypto-based hedge fund firm is in complete liquidation for about $400 million.
The price of NEXO started to drop down with rumors concerning Nexo’s partnership with 3AC. However, Nexo has denied any such partnership except for an NFT project back in talks in 2021, which didn’t take off either.
Currently, NEXO is trading for the price of $0.7496, with the grapes down by 3.91% for the past 24 hours. NEXO is expected to reach its target bullseye of $0.885, with the market crash to get over.