Crypto News

FTX Wins Auction For Voyager Digital Assets, Valued Over $1B

Voyager Digital has officially completed it’s auction for acquisition, with powerhouse exchange FTX securing the winning bid, according to emerging reports (and confirmed via press release) in recent hours. Reports in recent weeks had stated that the flagship exchange was in the bidding mix with competitors Binance and CrossTower, with all three supposedly in the final running for Voyager’s assets – and each of which were supposedly offering unique packages in the bidding process. With FTX coming out on top, let’s take a look at what sort of implications can lie from this acquisition moving forward. FTX & Acquisitions  FTX has long sought a ‘growth by acquisition’ model with mixed results. The firm is currently in the process of working through an acquisition of CeFi crypto lender BlockFi, which sought to avoid the same fate as competitor Celsius. FTX’s U.S. division is looking to acquire BlockFi, and can now add Voyager Digital to it’s list of new assets to build the FTX rolodex. While the aforementioned Binance and lesser-known exchange CrossTower were reportedly in the mix, it was FTX who came out with the most appetizing bid – despite rumors that Binance’s offer included a large cash sum payment. Rumors had swirled in recent days around the deal’s closing, with commentators suggesting that FTX would shell out $50M in cash in it’s bid, and that the company desired that existing Voyager customers were moved over the FTX platform – where they could claim a pro rata share of the coins the debtors possess from the existing Voyager accounts. It remains to be seen if and how that will play out. According to the press release, FTX’s winning bid is valued at roughly $1.4B. Voyager Digital (VOYG) is traded on OTC market, TSX, and has seen value dilution commensurate with the platform’s downfall. | Source: TSX: VOYG on TradingView.com Related Reading: Why Investing In Terra Classic (LUNC) May Be A Bad Idea Where Things Go From Here The closing of the deal will allow FTX to finalize acquisition of Voyager’s assets, but the timeline around these processes is still murky. Voyager can now still move forward with it’s Chapter 11 filing and look to reconcile debtors and former customers to some degree – but certainly not wholly. Nonetheless, FTX will see all of Voyager’s assets and customer accounts moved under their umbrella. The move is likely seen as a win for FTX, who submitted a bid attempt for Voyager Digital back in July with no traction. Related Reading: Binance Coin Could Be Set For A Litmus Test, Eyes $280 Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice. This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.

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USDT Issuer Tether Announces Launch of Top Stablecoin on Polkadot (DOT) Blockchain

The issuer of the largest stablecoin by market cap is announcing the launch of the dollar-pegged crypto asset on Ethereum (ETH) challenger Polkadot (DOT). In a new company blog post, USDT issuer Tether says the top stablecoin is now available on the Polkadot blockchain as a means of increasing its presence in decentralized ecosystems. According […]

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China Reports GPU Price Fall To All-Time Low Post Ethereum Merge

The successful Ethereum upgrade to proof-of-stake consensus is receiving more backlashes from the market. Therefore, the Ethereum upgrade should produce only positive feedback, but where there are merits, demerits must exist. One of the aftermath challenges the industry faced since the Ethereum upgrade was the drop in GPU prices. Graphic Processing Units (GPUs) in crypto mining increased over the years because they proved very efficient. Related Reading: TA: Ethereum Price Needs To Clear $1,400 For Hopes of a Fresh Rally GPU companies were earning huge profits due to the increased demand from ETH miners. However, it is no longer so, as the price of GPUs has dropped drastically over the past three months. Furthermore, the prices of GPUs dropped further after the upgrade. Is Ethereum Merge Major Cause Of GPU price Crash? South China Morning Post (SCMP) reported that GPU prices in China dropped to the lowest due to the Ethereum merge. ETH mining has reduced. So miners’ demand for GPU went low. Miners’ demands for expensive cards such as GeForce RTX 3080 and RTX 3090 became low and caused a reduction in price to trice the factory prices. Also, due to the China mining ban and COVID lockdown, the demand for costly GPUs fell and worsened during the bear market. A Shanghai trader, Peng, told SCMP that RTX 3080 dropped by over 37% in the last three months. According to Peng, the price of RTX 3080 went from 8000 yuan ($1,140) to less than 5000 yuan (%712). Peng attributed the drop in the price of GPUs to the poor condition of the crypto market. Ethereum mining was one of the highest contributors to the high demand for GPUs in the past years. Traders noticed a slump in GPU prices as the Ethereum merge drew near. SCMP reported that retailers at ‘Buy Now,’ a large electronics market in Shanghai, are experiencing low GPU demand. Retailers Lower GPU Prices Chinese retailers reduced factory-suggested GPU prices by over 33% in a few weeks to sell their equipment. The reason for this is the crypto bear market and GPU correction market. According to data from Baidu, traders are losing the selling price compared to the factory cost of GPUs. Analysts estimated that the average price drop of GPUs per week is about 10%. Some reports show that NVIDIA, a large GPU manufacturer, is reducing the price of their GPU for board partners. This report is still unconfirmed, but it would likely cause further reduction in the coming weeks. Although the crash in GPU prices may adversely affect many businesses, others think it marks the end of two years of nightmare. Many GPU retailers would previously raise the prices as high as possible because of the high demand by miners. Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders Are Making Profit The crash in GPU prices could prove beneficial to AI coders, gamers, and other users because Crypto miners caused an unnecessary increase in GPU prices. Featured Image From Pixabay, Charts From Tradingview

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Element and Fundamental Labs supporting the Era7 World Cup Tournament, building the first EsportsFi Ecosystem on Web3

Element and Fundamental Labs supporting the Era7 World Cup Tournament, building the first EsportsFi Ecosystem on Web3

Era7: Game of Truth, a BNB Chain TOP gamefi project, launched the first NFT TCG World Cup Tournament on September 11. The tournament has attracted continuous attention from partners in multiple fields of the blockchain industry. Fundamental Labs, a globally renowned crypto venture capital firm in the web3.0 field, and Element, the world’s first multi-chain […]

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Crypto Analytics Firm Says XRP Whales Are in Massive Accumulation Mode As the Top Altcoin Outperforms Bitcoin

XRP is outperforming Bitcoin (BTC) as the upward trajectory of the sixth-largest crypto asset continues, according to crypto analytics firm Santiment. The analytics firm says that the XRP/BTC pair has hit a price last reached in September of 2021 as crypto sharks and whales accumulate XRP. Santiment says that the surge in the price of […]

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