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3AC’s Su Zhu arrested in Singapore

Su Zhu was arrested at Singapore Changi Airport while attempting to leave the country after a court granted a committal order.

The co-founder of Three Arrows Capital (3AC), Su Zhu, was arrested in Singapore when attempting to leave the country, Cointelegraph has learned from Teneo, the joint liquidator of the bankrupt hedge fund. 

In a statement, Teneo announced that Zhu “was apprehended at Changi Airport whilst attempting to travel out of Singapore following a committal order granted by the Singapore Courts against him.“

A committal order is used to send someone to prison for contempt of court. On Sept. 25, Teneo was granted its committal request in Singapore, claiming Zhu failed “to comply with a court order.“

The investigation is related to efforts to recover funds for creditors of 3AC. The $10 billion hedge fund collapsed in 2022 following the implosion of the Terra ecosystem. 3AC had excessive leverage on long positions across some cryptocurrencies and borrowed hundreds of millions of dollars from crypto lending protocol.

Since its failure, co-founders Zhu and Kyle Davies have been on the run from liquidators, although very active on social media. The committal order granted in Singapore sentenced Zhu to four months’ imprisonment. A similar committal order was granted against Davies, said Teneo.

“As a result, Mr Zhu will be held in prison to serve his sentence of 4 months under the committal order, during which time the liquidators will seek to engage with him on matters relating to 3AC, focusing on the recovery of assets that are either the property of 3AC or that have been acquired using 3AC’s funds. The liquidators will pursue all opportunities to ensure Mr Zhu complies in full with the court order made against him for provision of information and documents relating to 3AC and its former investment manager during the course of his imprisonment and thereafter, and may make applications for further court orders as required.“

Davies’ whereabouts remain unknown. The Monetary Authority of Singapore prohibited Zhu and Davies from conducting regulated investment activity for nine years each.

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3AC’s Su Zhu arrested in Singapore 2023/09/29 10:39

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Oversold Conditions For Corcept Therapeutics (CORT) 2023/09/29 11:45

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Why is Ether (ETH) price up today?

Ether’s price is up today as traders weigh the possibility of an Ethereum futures ETF launching and a weaker than anticipated inflation print.

Ethereum’s native token, Ether (ETH), is up today as traders assess a slew of positive updates from cryptocurrency and macro markets.

Ethereum future ETF euphoria behind ETH rise

On Sep. 29, Ether's price rose nearly 2.5% to $1,688, its highest level in a month.

ETH/USD daily price chart. Source: TradingView

The intraday gains came as a part of a broader upside move that started the previous day when asset manager Valkyrie gained regulatory approval to add Ethereum futures exposure to its existing Bitcoin Strategy ETF (BTF).

The news appeared alongside claims that the U.S. Securities and Exchange Commission (SEC) may approve "a bunch of Ethereum futures ETFs" for launch next week. That includes fifteen ETH futures ETFs from nine issuers awaiting approval.

Latest U.S. PCE report boost risk appetite

Ethereum got an additional boost from the latest U.S. core personal consumption expenditures (PCE) data, also known as the Federal Reserve's preferred inflation gauge.

Notably, the PCE rose 0.1% in August, lower than the market's expectations of 0.2%. That helped take some air off from an otherwise rising U.S. bond yields, helping non-yielding assets like stocks and cryptocurrencies rise.

US 10-year Treasury note yield vs. Nasdaq 100 vs. ETH/USD daily performance chart. Source: TradingView

A cooling inflation indicates that Fed may keep its interest rates unchanged at the current 525-550 basis points (bps) range. CME's Fed futures rate data shows a 87.5% possibility of a rate pause in the next Federal Open Market Committee's (FOMC) meeting on Nov. 1.

Fed's target rate probabilities for Nov. 1 2023 meeting. Source: CME

Short liquidations outnumber long

Ethereum's price gains on Sep. 29 also coincides with short liquidations worth $7.88 million across Ether-tied derivatives. In comparison, only $1.7 million worth of long positions were liquidated on the same day.

ETH total liquidations chart. Source: CoinGlass

Short sellers liquidated their positions by buying the underlying asset. Therefore, the combination of new buyers and short liquidations pushed up the Ether price. 

Ethereum price technical analysis

The Sep. 29 upside move in the Ethereum market has pushed the Ether price above its 50-day exponential moving average (50-day EMA; the red wave) near $1,770.

ETH/USD daily price chart. Source: TradingView

Flipping the 50-day EMA from resistance to support enables the ETH price to eye $1,740 in October 2023 as its next upside target. This level coincides with two key resistances: the 200-day EMA (the blue wave) and the 0.382 Fib line.

Related: SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

In addition, the level is $20 shy of Ethereum's falling wedge upside target, as shown below.

ETH/USD daily price chart ft. falling wedge breakout setup. Source: TradingView

However, breaking below the 50-day EMA support raises Ether's risks of falling toward the 0.5 Fib line near $1,610 in October, down about 3.75% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Why is Ether (ETH) price up today? 2023/09/29 11:28

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