Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Voyager Digital issues Notice of Default to Three Arrows Capital

Voyager Digital issued a default notice to Three Arrows Capital (3AC), a crypto hedge, fund today.

This is after 3AC failed to meet the deadline that Voyager had announced last week for their loan repayment. 3AC currently owes Voyager 15,250 BTC worth around $325 million and $350 million in Circle’s USDC stablecoin.

In last week’s announcement, Voyager disclosed that the crypto hedge fund, 3AC, owes them over $650 million, and up to now they have not repaid any digital assets to them.

Voyager Digital recovery plan

Today’s announcement confirmed that Voyager Digital is planning to recover its digital assets from 3AC and according to the latest reports, the platform is in consultations with the company advisors to assess legal remedies.

Meanwhile, rumors continued to spread that 3AC faced liquidation after the crypto market started to trade sideways with the largest crypto, Bitcoin, dropping below $2000. Bitcoin bloodbath placed many hedge funds and crypto lenders platforms in a compromising situation with the likes of Babel and Celsius suspending their redemptions and withdrawals as a result of liquidity pressure.

After Zhu Su, 3AC co-founder tweeted on June 15 that the company was working with appropriate parties on finding the solutions, he has not spoken a word over the ongoing issue since then.

Voyager Digital withdrawals remain active

Currently, Voyage Digital withdrawals are still active due to the 15,000 BTC and $200 million cash revolving credit line from Sam Bankman-Fried’s Alameda Research, so far, the platform has used about $75 million on the loan.

They said:

‘’We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands.’’

According to the updates, Voyager will continue to access the credit line.

The post Voyager Digital issues Notice of Default to Three Arrows Capital appeared first on CoinJournal.

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MIR Price Prediction as the Mirror Protocol Rebounds

The Mirror Protocol price has crawled back in the past few days as investors cheer the strong performance of the UST stablecoin. MIR price is trading at $0.2210, which is about 50% above the lowest level in May this year. The rebound brings its total market cap to more than $34 million. 

What is Mirror Protocol?

Mirror Protocol is a blockchain derivative project that was among the biggest players in Terra’s ecosystem. Unlike Anchor Protocol, Mirror has a platform that enables people to buy and sell a variety of derivatives. 

For example, users can buy and sell derivatives like stocks and commodities. The network uses oracles to ensure that data on stocks and other assets is highly accurate. Instead of trading using fiat currencies, the network adopted UST, the algorithmic stablecoin that collapsed last month.

Therefore, the collapse of Terra UST stablecoin led to its collapse as the prices of its assets became unstable. It has not recovered since then.

Mirror Protocol has made headlines in the past few weeks. For example, a report published in May claimed that Mirror was a scam that was set up to scam retail investors. The claim alleged that the platform was created by Do Kwon and his associates to route funds from investors.

Meanwhile, Mirror was recently hacked. It is reported that the hackers stole over $22 million of assets in the network. This was the second hack after the network lost $90 million in October.

The MIR price is rising after the strong performance of UST. The stablecoin is trading at $0.020, meaning that it has risen by over 85% in the past 24 hours. Similarly, the Luna Classic price has risen by 31% in the same period. Still, they remain substantially below their all-time high.

MIR price prediction

The hourly chart shows that the MIR price has made a strong recovery in the past few days. The coin has moved above the important support shown in black. It has moved above the 25-period and 50-period moving averages while the MACD has continued rising.

Therefore, despite the recent jump, there is a likelihood that the coin is still bearish. If this happens, the next key support level to watch will be at $0.20. A move above the key resistance level at $0.25 will invalidate the bearish view.

The post MIR Price Prediction as the Mirror Protocol Rebounds appeared first on CoinJournal.

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Highlights June 27: Terra Classic USD is pumping, Dogecoin adds 11%

The crypto market as a whole is mixed with most top 100 coins relatively flat at the time of writing. 

Top cryptos

The crypto market was mostly flat this morning, with the majority of top 10 cryptos registering small losses. Bitcoin was down less than 1% at time of writing, trading above $21,000. 

Ethereum was around 1% lower%, XRP registered minor losses, and Cardano remained flat. Closing out the top 10 was Dogecoin, which was up around 11%.

Dogecoin’s gains are likely due to Elon Musk’s unwavering support. Despite accusations that Dogecoin was a pyramid scheme and the lawsuit against him, Musk has stated repeatedly he would always support it. 

Cryptos outside the top 10 were mixed. Tron added 8% to its value, perhaps finally getting back on track. Uniswap was up around 6%. 

Top movers

Most coins outside the top 20 were mixed. Notable standouts include Ethereum Classic, up 6%, and Stacks, up 20% ahead of an upcoming NFT launch. Terra Classic USD, the former UST, added 195% to its value and is currently trading for $0.03.  

The losers 

Quite a few coins in the top 100 lost 2-3% of their value. Those which lost more were NEAR, Storj, The Graph, and THORChain, each down 6% and Axie Infinity, Elrond, GALA, AAVE, and 1inch Network, each down 5%.

The post Highlights June 27: Terra Classic USD is pumping, Dogecoin adds 11% appeared first on CoinJournal.

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Bitcoin is not going away as a macro asset, says Mike Novogratz

Bitcoin has lost more than 60% of its value in the last seven months, but that hasn’t changed its status as a macro asset.

In a recent interview, Mike Novogratz, the CEO of Galaxy Digital, told the New York Magazine that Bitcoin is not going away as a macro asset.

He made this statement when asked about the ongoing bear market. Novogratz said;

“You have to put things in perspective. If I told you at the beginning of the pandemic you could buy Zoom stock or bitcoin — today, you would have doubled your money on bitcoin, and you’d have made nothing on Zoom. So that’s what I think is hard for people to get their heads around. This has been a complete and total old-school ass-beating. But it’s important not to throw the baby out with the bathwater because we had a speculative mania in lots of asset classes. Bitcoin is not going away as a macro asset. Web3 is not going away.”

Novogratz believes that the metaverse will grow more prominent over the coming years, and more people will spend digital assets within the metaverse. 

When asked if the current market crash is similar to what we saw in 2018 and 2014, Novogratz said each bear market is different. He stated that;

“I’m hoping we saw the worst last weekend. I’d be more confident of that if I knew where inflation was going to be in the next two quarters. But if you had a sell order, you most likely sold — ethereum went down to $890, bitcoin went down to $17,900. And so I think now you’re going to see the triage you see after big crashes, where people are a little less risky or a lot less risky. And so, in all likelihood, we have a big recession coming. And that’s not terrible for crypto, but it’s terrible for the economy. And it’s not good for the stock market.”

The crash of the UST stablecoin a few weeks ago sparked fear of stablecoins within the cryptocurrency ecosystem. However, Novogratz said even the crash of the leading stablecoin Tether wouldn’t be catastrophic to the cryptocurrency market.

Bitcoin is trading above the $21k mark after adding more than 4% to its value over the last seven days.

The post Bitcoin is not going away as a macro asset, says Mike Novogratz appeared first on CoinJournal.

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Two top cryptocurrencies that could make a V-shaped recovery

The cryptocurrency market seems to have found the bottom and is on a rebound. The total cryptocurrency market has jumped by 4% to $964 billion in under 24 hours.

If the current momentum continues, the market could push through the trillion-dollar mark before the end of June. Most altcoins are already making double-digit gains signaling a potential price rally in the short to medium term.

Under these conditions, two low-cost cryptocurrencies look poised for a V-shaped recovery and could potentially be rewarding to investors. The two are ApeCoin (APE) and Shiba Inu (SHIB).

ApeCoin

ApeCoin has dropped considerably since making an all-time high of $26.3 back in April to trade at $4.6. However, buyers seem to be aggressively taking APE up. In just 7-days, ApeCoin has rallied by 38%, and buying volumes are rising.

If the market continues with the current recovery, ApeCoin has what it takes to outperform the market by a considerable margin. It is a new cryptocurrency, but its adoption is growing. Recently, news emerged that Saltwater Brewery was considering accepting ApeCoin for payments. At the same time, the use case for ApeCoin in the Metaverse is growing. For instance, a game called Benji Bananas now accepts ApeCoin for transactions within the game.

With the Otherside Metaverse launch, the odds are that ApeCoin could gain even more use cases going into the future. The Metaverse, coupled with Ape NFT merchandise sales, could see ApeCoin emerge as one of the best cryptocurrencies to buy in 2022. One that could be among the first to retest all-time highs once the bear market is over.

Shiba Inu 

The Shiba Inu hype of 2021 may be gone, but this doesn’t mean that SHIB’s potential as an investment is gone. While Shiba Inu has been bearish since late 2021, SHIB has shown to be responsive to a potential bullish reversal in the broader market. When writing this article, Shiba Inu was up 10% and had recorded gains of 47% in a week. 

One of the critical factors likely to sustain Shiba Inu’s upside is the growing number of products coming up within the Shiba Inu ecosystem. For instance, Shiba Inu has recently launched a DEX.

At the same time, the Shiba Inu now has a Metaverse, which could open a whole load of use cases for the SHIB token. Shiba Inu also has deflationary tokenomics, and close to 50% of the total supply is already gone.

Based on all these factors, if upside momentum goes up across the market, SHIB could emerge as one of the big winners.

Conclusion

Buyers are back in the market, and there is a strong possibility of a V-shaped recovery in the market. If it happens, ApeCoin and Shiba Inu show signs of a potential rally that could beat most major cryptos in gains. The two also have the fundamentals to sustain a rally in the short to medium term.

The post Two top cryptocurrencies that could make a V-shaped recovery appeared first on CoinJournal.