Veröffentlicht am

Here is why SAND is up by more than 13% in the last 24 hours

The cryptocurrency market has performed positively for the third consecutive day this week.

The cryptocurrency market is performing positively after adding 1% to its value in the last 24 hours. The total market cap remains above $900 billion as Bitcoin and the others perform well.

Bitcoin has maintained its price above $20k after adding more than 1% to its value. In the last seven days, BTC is up by less than 1%. 

Ether continues to eye the $1,200 resistance level after going up by less than 1% in the last 24 hours.

However, SAND, the native token of The Sandbox metaverse, is the best performer amongst the top 40 cryptocurrencies by market cap. SAND has added more than 13% to its value in the last 24 hours and currently trades above $1.2 per coin.

SAND’s ongoing rally can be attributed to the launch of The Sandbox Bug Bounty program a few hours ago. 

According to the team, the bounty program is designed to get the community involved and reward users for reporting bugs on The Sandbox’s smart contracts already in production.

Key levels to watch

The SAND/USD 4-hour chart is positive as The Sandbox has been performing well in recent days. The technical indicators show that SAND is outperforming the broader cryptocurrency market at the moment.

The MACD line crossed into the positive zone earlier this week and has remained there as SAND has been rallying. 

Meanwhile, the 14-day relative strength index of 71 shows that SAND could soon enter the overbought region if the momentum continues. 

If the rally continues, SAND could surge past the $1.38 resistance level before the end of the day. An extended bullish performance could see SAND attempt to reach the $1.5 resistance point for the first time this month. However, it would need the support of the broader market to make such a move. 

The post Here is why SAND is up by more than 13% in the last 24 hours appeared first on CoinJournal.

Veröffentlicht am

Cryptocurrency broker Voyager Digital files for Chapter 11 bankruptcy

The bear market is in full swing and some cryptocurrency companies are starting to feel the heat.

Cryptocurrency broker Voyager Digital Ltd. has filed for Chapter 11 bankruptcy. This latest development comes as the bear market begins affecting the activities of various cryptocurrency firms. 

The firm filed for bankruptcy in the U.S. Bankruptcy Court of the Southern District of New York. Per the filing, Voyager controls assets worth between $1 billion and $10 billion.

Furthermore, the firm has around 100,000 creditors at the time of filing the bankruptcy. 

This latest development comes just a week after Voyager issued a notice of default to crypto hedge fund Three Arrows Capital (3AC). 3AC had borrowed 15,250 bitcoins and  $350 million in stablecoin USDC from Voyager, bringing the total sum to $675 million. 

Voyager CEO Stephen Ehrlich commented that;

“While I strongly believe in this future, the prolonged volatility and contagion in the crypto markets over the past few months and the default of Three Arrows Capital require us to take deliberate and decisive action now. The chapter 11 process provides an efficient and equitable mechanism to maximize recovery.”

3AC’s troubles began a few weeks ago when the cryptocurrency market recorded huge losses following the $60 billion collapse of algorithmic stablecoin TerraUSD (UST) and its sister cryptocurrency Luna.

The cryptocurrency hedge fund held about $200 million in LUNA and also suffered losses with its $40 million investment in staked ether (stETH). Despite having over $3 billion in assets under management, the losses that followed UST’s crash severely affected 3AC. 

Following Three Arrows’ failure to meet margin calls, Voyager obtained credit lines from the investment branch of Alameda Research. The firm obtained two lines of credit from Alameda Ventures, $200 million in cash and USD Coin and 15,000 bitcoins.

Voyager joins a list of cryptocurrency firms currently struggling to stay afloat. BlockFi and Celsius are some of the leading crypto lenders in the ecosystem and have struggled to continue operations as the bear market bites harder.

The post Cryptocurrency broker Voyager Digital files for Chapter 11 bankruptcy appeared first on CoinJournal.