Monat: Juni 2022

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Voyager Digital seals $200M and 15,000 BTC loan deal from Alameda Research

Voyager Digital has secured a loan facility agreement with Alameda Research, in a deal that the brokerage platform says will help it better protect its customer assets amid the current market conditions.

$200 million in cash/USDC and 15,000 BTC

Voyager announced on Friday that it had sealed “a non-binding term sheet” with trading firm Alameda Research, securing a revolving line of credit that offers access to fresh capital should it be needed.

According to the company, the loan facility will be used to provide a safety net around customer assets as the market navigates the current volatility.

The credit facility comes in two parts, with the first being a $200 million loan agreement denominated in cash or the USDC stablecoin. In addition to that, Voyager and Alameda have agreed on a further 15,000 Bitcoin (BTC) credit facility. 

The two facilities’ term expires on December 31, 2024 and will attract an annual interest of 5% to be paid on maturity.

Voyager is “well capitalized”

Turbulence in the crypto markets has had a drastic impact on companies and projects, with the recent upheavals for Celsius and 3AC pointing to potential contagion. 

In light of this, the Voyager team provided an asset and risk management update earlier in the week, seeking to assure its customers that all was well.

Apart from stating that it had no assets with Celsius, Voyager CEO and co-founder Steve Ehrlich noted:

“The company is well capitalized and in a good position to weather this market cycle and protect customer assets. It is Voyager’s goal to continue to build secure products and services, as well as build trust and leadership in the cryptocurrency industry.”

The company has over $200 million on its balance sheet, it said on Friday.

The post Voyager Digital seals $200M and 15,000 BTC loan deal from Alameda Research appeared first on CoinJournal.

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Dogecoin faces a 60% downswing as meme coins trend lower

Dogecoin has accelerated its slide significantly over the past week. The coin is slowly trying to find some momentum, but gains over the last 24 hours have been modest at best. However, DOGE faces a major downside from a longer point of view. The coin could potentially slide by 60% over the coming weeks. Here are some of the things you need to know:

  • DOGE appears to be accelerating downwards to the $0.048 support.

  • A breakdown at this price will trigger a downside towards $0.041.

  • This will represent over 60% in losses from the current price.

Data Source: TradingView 

How DOGE can avoid this sell-off

There are two ways DOGE can avert a sharp decline in the near term. First of all, the coin will need to find buying momentum and push the price well above $0.1. If this happens, we could see a more sustained uptrend that limits the downside by a huge margin. But based on trends in the market right now, we do not think the coin will rise above $0.1. 

Secondly, Dogecoin must hold the $0.048 support. This is relatively doable since the coin is already above this threshold by well over 20%. As long as broader weakness in the market eases, we are likely to see a stronger consolidation above this price. 

But there is still a risk that these two scenarios will not play out. After all, the market has already turned bearish. As such, it is likely that DOGE will fail to keep the $0.048 support and consequently slide 60% from its price.

When will DOGE recover?

A full recovery for Dogecoin will need months. The coin is already way lower from its ATH, and it doesn’t seem like there is enough demand for meme coins to push it up.

But a slight recovery to $0.1 is not far off. For now, the short-term outlook for dogecoin is bearish.

The post Dogecoin faces a 60% downswing as meme coins trend lower appeared first on CoinJournal.