Binance US has won the second bidding process to acquire the assets of the bankrupt cryptocurrency exchange Voyager Digital for $1bn, potentially providing a resolution for the platform’s 1.7 million users. The exchange reportedly had billions of dollars worth of cryptocurrency as of the end of 2021. Meanwhile, a whale wallet containing Bitcoin has been moving significant amounts of the cryptocurrency out, suggesting turbulence for Bitcoin may be ahead. The wider crypto market is up 0.5%, with Bitcoin sitting at $16,760 and Ethereum at $1,200.
Crypto Update: Acquisitions and Investments
What’s going on everyone and welcome back to the channel and welcome back to another crazy day here in the world of crypto. We are getting nearer to Christmas and I don’t want to waste too much of your time so I want to bring you a quick video update to tell you exactly what is going on in the market.
There is some worrying data that I have found regarding Bitcoin Wales. We are going through some not so worrying information about Voyager. So, if you are a user or were a user of Voyager, you may have some good news in the pipeline.
Acquisition of Bankrupt Crypto Exchange Voyager’s Assets for One Billion
Finance us to acquire bankrupt crypto exchange voyages assets for one billion Voyager digital announced at binance.us had won the second bidding process after ftx’s bankruptcy filing. Paving the way for potential resolution for the platform’s 1.7 million users. So, if you are one of those users, I’m sorry you’ve been through all of this but there may be some light at the end of the tunnel.
The company did have billions of dollars worth of crypto at the end of 2021, with a broader market downturn and a series of bad bets, including the three arrows capital and Alameda research chipped away at the firm’s available capital. Why are these exchanges platforms using customer funds to make risky bets? This is just so annoying to read.
The Crypto Industry is Going Through Growing Pains
We did have this article from Forbes, the crypto industry is going through Growing Pains, maturing into a robust ecosystem. And I must say, things like this, as much as it’s painful and horrible if you have money locked in it, I lost a lot of money in all of this time that we’ve been in, but hopefully what happens is we actually grow the ecosystem and we have more framework in place so these things aren’t allowed and cannot happen again.
So, hopefully, this has a good end to the story. We can’t actually see from this article exactly what Binance plans to do with the customer funds, but hopefully something good, hopefully people are made whole, and yeah, we can move on from this as a more robust ecosystem.
Price Action and Bitcoin Movement
Now Bitcoin, right now sitting at sixteen thousand seven hundred and sixty. We had this dip down here on the four-hour chart down to all the way sixteen thousand two forty-five. Of course, that would have liquidated if you were trading long here, probably got your position closed if you were trading with a stop loss. But we have had this bounce here now and we are making some moves upwards. It’s really hard to tell what’s going to happen right now, of course, we are right on this level of resistance as well. So, if you are planning to trade this short term, of course, you can still get ten thousand dollars worth of a deposit bonus on Bitget right now if you follow that link down there.
Bitcoin Whale Wallet Movement
Talking about Bitcoin, we have this Whale Wallet that we’ve been watching, and a lot of the time they plan their sales very, very well, and I’ve got some worrying information here. Now, we don’t know for sure if these are sales or them just moving Bitcoin out of the wallet. There’s no way to really know this. The thing is, we have probably the biggest sell I’ve ever seen this wallet do right ever. Look at this in the history, the bigger sell they got. Three thousand, three thousand, three thousand, three thousand, just under two thousand Bitcoin, all done within a few hours just yesterday.
It does seem that they expect there to be some bad turbulence coming forward for Bitcoin, some not so good turbulence. We can see they were adding a lot here, and they’ve basically got rid of all of that and more right now so they are planning for Bitcoin to potentially be going downwards so please keep that into consideration, quite worrying of course.
Overall Market Condition
With that said, the overall market not looking too terrible today, up 0.5 and 800 billion dollar market cap. We got Bitcoin still under 17,000, Ethereum clinging onto that 1200 mark, and all of the old coins basically being sideways over the last few weeks. This is the time we just need to relax.
There’s no point in ever chasing any pump that we see right now because the macro is horrible. So what I’m doing is I’m simply dollar cost averaging. I’m researching, I’m building my skills in this space, and I’m going to continue to bring you updates on the market so we can make informed decisions. If you like that sort of thing, smash the like button, hit the subscribe and hopefully, I’ll see you guys in the next one. Peace.