Altcoins

Polkadot (DOT) and Kusama (KSM) Leading Cardano (ADA) in This Metric, Says Crypto Analytics Firm Santiment

Polkadot (DOT) and Kusama (KSM) are leading the crypto market in the past month in terms of development activity, according to the analytics firm Santiment. Santiment notes that over the past month, both Ethereum (ETH) challenger Polkadot and its canary test network Kusama have had more non-spam GitHub submissions compared to the third most-active project […]

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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.

Crypto News Ethereum

Ethereum Merge Fails To Move ETH Price, $2,000 Remains Elusive

The price of Ethereum continues to struggle below $1,600 despite the Merge being successful. As pointed out previously, the Ethereum Merge had looked to be a “buy the rumor, sell the news” event, which seems to be playing out, but the lack of highly fluctuating prices suggests that even the expected sell-offs seemed not to have happened. Instead, it looks to be that momentum is currently muted, making it impossible for the price to swing either way. Merge Is Priced In During the rallies that led up to the Ethereum Merge, there were debates on whether the upgrade had been finally priced into the value of the digital asset. At one point, ETH had rode the wave up to $2,000 but quickly lost its footing. Given this, it was a matter of what would be best for the digital asset. Related Reading: Bitcoin ETF Inflows Returns After Abysmal Phase Now, after the Merge has been completed, it seems more settled that the price had already been priced in. For market analyst Julius Baer, he says that the best-case scenario would have been for the Merge to end up being a non-event. If this is true, then the current resistance to any sort of significant movement on the part of the digital asset is a good thing.  Merge fails to move ETH price | Source: ETHUSD on TradingView.com However, it is concerning that such a highly anticipated event seemed to have no bearing whatsoever on the price movement of the digital asset. But the market decline that followed the release of the CPI data earlier in the week has likely led to fatigue in the market.  Can Ethereum Rebound From Here? Before the Merge, the price target from Ethereum had been $2,000, given the upward momentum that was recorded during that time. However, the dip in price has put the digital asset in an especially difficult position. With the price dropping to the $1,590 territory, the cryptocurrency is unable to properly clear important technical levels like the 50-day moving average. Additionally, the 100-day moving average looks worse. This spells the likelihood of more bearish movement over the next week. Related Reading: Bitcoin Must Hold This Level Or Risk Falling To $10,000 The sell-offs have also not eased over the last couple of weeks. Ethereum had recorded massive exchange inflows leading up to the Merge, bringing the 7-day inflow volume to $11.52 billion. This large inflow volume, coupled with the decline below the 50-day moving average, has caused the 50-day MACD to skew heavily towards the selling pressure. The next major support level for the digital asset now lies at $1,500. However, a failure to properly hold this level will likely see Ethereum test the $1,300 territory once more.  Featured image from CNBC, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…