Monat: Juli 2022

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Voyager Digital asks the bankruptcy court to honour withdrawal requests

Voyager Digital filed for bankruptcy earlier this month and is now looking to settle its clients soon.

Struggling cryptocurrency broker Voyager Digital has asked the federal bankruptcy court to honour withdrawal requests from its clients.

According to the company’s filings, there are customer withdrawals worth over $350 million currently held by Metropolitan Commercial Bank. 

Voyager Digital pointed out that it has around $1.3 billion worth of cryptocurrencies on its platform. However, it also held more than $350 million in a For Benefit of Customers (FBO) account at Metropolitan Commercial Bank.

The cryptocurrency broker added that it has claims against Three Arrows Capital exceeding $650 million.

Voyager Digital’s July 14 filing with the US Bankruptcy Court for the Southern District of New York said;

“The debtors have determined, in their business judgment, that failure by the debtors to honor withdrawals any longer could materially harm customer morale during these Chapter 11 cases. Reinstating access to withdrawals will alleviate customer concerns that access to their cash held in the [Metropolitan Commercial Bank] accounts, and the integrity of the platform, is restored.”

In its court filing, the cryptocurrency broker asked the bankruptcy court to allow it to conduct other financial actions. 

Some of these actions include liquidating assets from customer accounts with negative balances, “sweep cash” held in third-party platforms and exchanges, conducting “ordinary course reconciliation” of the customer accounts, continuing cryptocurrency staking and “granting related relief.”

The bankruptcy court has scheduled a hearing for August 4 at 11:00 a.m. Eastern Time. 

Voyager Digital was one of the leading cryptocurrency brokerage platforms prior to its bankruptcy. The bear market has affected the performance of numerous cryptocurrency companies, including the likes of Celsius and Babel Finance.

The total cryptocurrency market cap stands below $1 trillion, down from the all-time high of $3 trillion recorded in November 2021. 

The post Voyager Digital asks the bankruptcy court to honour withdrawal requests appeared first on CoinJournal.

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COTI to become a multi-token layer after the hard fork

The hard fork testnet will take place on August 2nd, and the mainnet launch will be a month later.

The COTI team has announced in a Medium post that it is gearing up for its biggest upgrade yet. The network will undergo a hard fork testnet in three weeks, with the mainnet launch scheduled for a month after that.

According to the COTI team, the hard fork will transition COTI from a single currency infrastructure to a multi-token layer. The team added that during this hard fork, COTI is launching MultiDAG 2.0. With this change, also comes a new token standard: CMD (COTI MultiDAG).

COTI said it has been working hard to make its solution fit the enterprises’ needs, and the launch of MultiDAG 2.0 will enable it to do so. 

The MultiDAG 2.0 protocol will permit branded enterprise tokens to be generated and minted in seconds on top of COTI’s Trustchain. The tokens will come with Trustchain features like scalability, high throughput, lower costs, and seamless payment applications.

According to its roadmap, COTI said after MultiDAG 2.0 goes through its Testnet, and Mainnet trial periods, MultiDAG 2.0 will be officially initiated by creating a hard fork transaction that will be attached to DAG and confirmed by network consensus. 

The change will be followed by the launch of a new token standard: CMD (COTI MultiDAG).

Once this happens, new tokens can be generated, transferred, and burned on the Trustchain as long as the utilized Full Node supports MultiDAG 2.0 protocol, the team added. 

While commenting on this latest development, Shahaf Bar-Geffen, COTI’s CEO, said: 

“CMD, the New Token Standard for COTI, represents the MultiDAG 2.0 launch and is the most significant milestone for COTI. By Supporting the issuance of tokens on top of our protocol, we are accomplishing our vision in becoming the enterprise layer 1. Years of hard work have culminated in this game-changing event, and I can’t wait to see more enterprises using COTI’s technology”.

Ahead of the hard fork, COTI nodes are required to update their nodes in the next 15 days, until August 2nd. The hard fork MultiDAG 2.0 testnet deployment will be on August 2nd, while the hard fork MultiDAG 2.0 mainnet deployment will happen approximately one month later.

The post COTI to become a multi-token layer after the hard fork appeared first on CoinJournal.

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Top altcoins to watch as chain analysis points to a Bitcoin bottom

Terra Classic and ApeCoin have the hype factor to them if Bitcoin rebounds.

Key points:

  • Glassnode has indicated that Bitcoin chain analysis shows the bottom is in, or it’s very close. 

  • Bitcoin tends to uplift the whole market with it whenever it rallies. This means high potential altcoins could be at the bottom as well. 

  • In this environment, Terra Classic and ApeCoin could be among the top cryptocurrencies to buy now. 

Bitcoin is the number one cryptocurrency market mover, and the market tends to follow where it goes. In essence, the latest news about Bitcoin could be a good reason for investors to start shopping for undervalued altcoins to buy now.

According to a Bitcoin analysis by Glassnode, Bitcoin has either hit bottom or is very close to it. The Glassnode data shows that long-term investors are not selling their cryptocurrencies despite an average loss of 33%. This indicates that whales expect BTC to make a rebound off $20k, or pretty soon. That’s regardless of whether there is another shakedown or not. 

What this means for altcoins

From the perspective of the altcoins, this is good news. That’s because altcoins are trading at massive lows, and if Bitcoin were to make a rebound, investors chasing a high ROI would take advantage of the super-low alt prices.

In this environment, a couple of altcoins stand out as high potential buys in the short to medium term. Among them are as below:

Terra Classic (LUNC)

Terra Classic (LUNC) stands out as one of the top cryptocurrencies to buy if Bitcoin rebounds and uplifts the entire market. That’s because, after the debacle that saw it almost go to zero, LUNC has attracted a lot of speculators, and many expect it to significantly rebound off its current prices. 

The speculative wave around Terra Classic is driven by the high number of tokens that investors are willing to burn in a bid to shore up the price. Over the past week, Terra Classic has been one of the best-performing cryptocurrencies in the top 100. It is an indicator that Terra Classic could be hugely rewarding to investors if a whole market rebound comes. 

ApeCoin (APE)

ApeCoin (APE) hit the market with a lot of hype in Q1. Unfortunately, a strong bearish wave across the market saw ApeCoin record a considerable drop from its most recent highs. 

However, one thing is clear, the hype around NFTs is still there. For instance, this week, a cyberpunk NFT sold for $2.6 million. If such high-profile sales gain traction again, The Bored Ape Yacht NFTs, being the most popular, could also see a resurge in demand. The same could also trigger a price renaissance for ApeCoin. 

Add to that the potential for Bitcoin to uplift the entire market, and it’s not hard to see why ApeCoin has a bright future ahead both in the short and medium term.

The post Top altcoins to watch as chain analysis points to a Bitcoin bottom appeared first on CoinJournal.

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Polygon gets a boost after being included in Disney Accelerator Program

With all indicators pointing to a cryptocurrency market bottom, the move by Disney could uplift MATIC. 

Key points: 

  • Polygon has been included in the Disney Accelerator program. 

  • Polygon is also benefitting immensely from Ethereum 2.0 since it will handle most Ethereum-based transactions.

  • Polygon could emerge as a top performer in the next cryptocurrency bull run based on these factors. 

Despite the bear market, big corporations are still betting big on cryptocurrencies. One of those making moves in the cryptocurrency market is Disney. This week, Disney announced adding Polygon (MATIC) to its accelerator program. It signals the company’s big bet on Web 3.0 and other aspects of the cryptocurrency market. 

The Disney Accelerator program usually invests in projects or companies that Disney intends to collaborate with in its various services. In essence, investors believe that Disney wants to collaborate with Polygon in one way or the other. 

What does this mean for Polygon?

Being chosen for the Disney accelerator program is a big deal for Polygon and a reason to keep an eye on this cryptocurrency. That’s because one of the key considerations when investing in a cryptocurrency is adoption. In this case, Polygon has high prospects of getting adopted by one of the largest corporations in the world.

Besides, this move is also a huge publicity boost for Polygon. Many potential cryptocurrency investors didn’t know about Polygon but now know about it. This puts MATIC ahead of many other cryptocurrencies for a rally once bulls retake market control.

MATIC other good news

The Disney-related news is not the only reason to bet big on MATIC, though. This cryptocurrency is also connected to Ethereum, which could soon give it a tremendous value boost.

Once Ethereum 2.0 goes live, it will rely heavily on layer-2 solutions like Polygon to complete transactions. Polygon, the largest of the Ethereum layer-2 solutions, is likely to benefit the most. The upsurge in transactions could positively affect the price of MATIC, especially when you consider its deflationary nature.

The post Polygon gets a boost after being included in Disney Accelerator Program appeared first on CoinJournal.

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Preparing to buy Compound if breakout becomes a success at key resistance

  • The compound token has returned 19% in 24 hours and 21% in one week

  • COMP attracted buyer interest at the $28 bottom price

  • The cryptocurrency has hit resistance with a potential to break above

Compound token COMP/USD has gained 19% in 24 hours. Well, this may not be unique news since most cryptocurrencies started Monday in the green. However, only a handful have returned by double digits. The compound token is one of them.

Compound has been one of the most highly watched cryptocurrencies in the last week. With gains of 21% in a week, COMP has defied a bearish crypto market, and investors are taking notes. Comparatively, the leading cryptocurrency, Bitcoin, has lost 3.86% in the last seven days. Ethereum has less than 0.5% gains.

COMP’s gains in the last one week confirm a lot of buyer interest at the $28 bottom. The cryptocurrency has risen to meet resistance at $55. At press time, the cryptocurrency trades at $56, temporarily breaking past the resistance level. We believe investors should prepare to buy COMP if the current momentum proves long-lasting.

COMP hits resistance but is yet to successfully close past it

Source – TradingView

On the daily chart, COMP has retreated slightly after breaking past the $55 resistance. MACD indicators are bullish, while the moving averages offer support. We will watch the close of the daily candle for a confirmation of a break-out. A breakout and a confirmation candle on the daily chart will make $55 a buy zone for COMP. For now, we will wait to see how price action plays out at the resistance. A failed breakout could see the token retreat back to $45.

Summary

The compound token is gearing for a breakout at the $55 resistance. We should buy if a breakout occurs with a confirmation of the bullish momentum.

The post Preparing to buy Compound if breakout becomes a success at key resistance appeared first on CoinJournal.