The scale of Voyager’s sell-off, as revealed by Lookonchain, has sparked discussions regarding the reasons behind this massive divestment. It’s crucial to highlight that Voyager has now fully liquidated its SHIB holdings, as confirmed by the same report. This development has led to speculations about its potential influence on SHIB’s future price movements.

Market Reactions and Broader Implications Post Voyager’s extensive sell-off, the market is keenly observing its impact on SHIB’s value. Despite the selling pressure, SHIB has showcased resilience with a notable 5.9% surge over the last week, currently priced at $0.00000998, as per CoinGecko data. However, a temporary 2.4% decline in the past day might be a reflection of broader market dynamics, influenced by seemingly unrelated events.

Recent news about potential downgrades in the banking sector might have inadvertently affected SHIB’s short-term performance. It’s essential to recognize that external events can create waves of uncertainty in financial markets, influencing various assets, including cryptocurrencies like SHIB. These transient sentiments, though temporary, can lead to short-lived market corrections.

Prospects of a Bullish Trend for Shiba Inu With Voyager’s exit and the consequent reduction in institutional selling pressure, SHIB might be gearing up for a renewed bullish momentum. The cryptocurrency’s recent performance, combined with the alleviation of selling pressure from Voyager, paints a promising picture for its future.

While the recent dip is evident, SHIB’s trajectory remains optimistic, buoyed by its past week’s rally and the reduced supply overhang from Voyager’s exit. The interplay of various factors, from market sentiment to global economic events, will shape SHIB’s forthcoming performance.

The post Shiba Inu’s Potential Uptrend: Is The Selling Pressure Easing? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The offer is equal to the fair market value of Voyager’s cryptocurrency portfolio, which has a current market value of about one billion and two hundred million dollars, in addition to an extra consideration of twenty million dollars in added value.

Voyager said in the statement that the objective of the Binance.US offer is to “return crypto to clients in kind,” in line with court-approved payments and the platform’s capabilities. The previous month Binance CEO Changpeng “CZ” Zhao made a  statement indicating that the exchange’s US affiliate would be submitting a new offer for Voyager Digital.

Voyager will be reimbursed for certain expenditures up to the maximum amount of $15 million, and Binance.US will pay a good faith deposit of $10 million. During the hearing that will take place on January 5, 2023, Voyager will further seek the permission of the bankruptcy court.

Voyager, which filed for bankruptcy earlier this year, had reached an agreement to sell its assets to FTX, a cryptocurrency exchange that has since gone out of business. In the competition for the assets, FTX prevailed over competitors Wave Financial and Binance.

Following Binance’s victory in the offer, the value of Voyager Digital’s native token, VGX, jumped by more than 32 percent. At the time this article was written, the current price of VGX on the market was around 38 cents US. Binance’s BNB coin, which is now trading at $250, increased by more than 1% in response to the announcement.

The post Binance. US Buys Voyager for $1.02B appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Bankman-Fried tweeted that the company’s offer is based on “fair market pricing, no discounts” in response to BnkToTheFuture creator Simon Dixon’s claim that FTX was seeking financing at a $32Billion value to purchase Celsius for “cents on the dollar.” The founder of FTX replied that their purpose isn’t to earn funds purchasing assets for pennies on the dollar; rather, they aim to make the consumers whole again.

On September 27th, rumors began circulating that FTX had submitted the highest offer to acquire Voyager Digital in a transaction valued at $1.4 billion. However, the platform did indicate that users will be allowed to trade and keep cryptocurrencies following the end of the company’s chapter 11 litigation on the FTX US, which is the sole piece of information provided about the future of Voyager clients and their bitcoin holdings. However, it appears that Celsius’ depositors are in an even more precarious position at this time, with the consensus being that the company may look to auction off its billions of dollars’ worth of assets.

Alternatively, the company may propose a plan to repay customers in Celsius (CEL) tokens. An independent investigation of Celsius’s finances is underway, and the results of this investigation will have a significant bearing on the course of the bankruptcy proceedings. Celsius has received pushback from many authorities for its proposed sale of stablecoin holdings, and the DOJ has raised concerns about the company’s request to allow withdrawals for some consumers before the examiner report is finalized.

The post Explaining FTX Strategy for a Celsius Bid appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The committee asked Coinbase, FTX, Binance.US, Kraken, and KuCoin what they are doing to safeguard customers from scams and halt cryptocurrency-related fraud in a series of letters addressed Tuesday morning to the Treasury, the FTC, the CFTC, and the SEC.

How Do Crypto Scammers Work

Scammers have profited as a result of frequent reports of growing prices and unexpected wealth. This has attracted both experienced and novice investors to cryptocurrencies. Because there is no central authority that can flag suspicious transactions, transactions made with cryptocurrencies cannot be reversed, and most people are unaware of how they operate, fraudsters prefer to use this for their dirty games.

The letters want responses from the government and bitcoin exchanges by September 12 with suggestions for safeguarding users. The committee said that these answers could help make laws.

The letters want records from the exchanges that go back to January 1, 2009 that demonstrate what companies have done to combat cryptocurrency fraud and scams, “detect, investigate, or flag possible fake digital assets or accounts,” and discuss the adoption of stronger regulations.

The committee claims that although some exchanges assess cryptocurrencies before listing them, others do not (in a letter to Sam Bankman-Fried, CEO and creator of FTX).

37% of the money made by crypto scams last year came from “rug pulls.” This is when people announce a token on an exchange, make a big deal out of it, and then disappear.

Since Voyager Digital and Celsius filed for bankruptcy, worries regarding the security of cryptocurrency assets kept on centralized systems have increased. Retail traders preferred these two systems because they consistently provided returns in the double digits. The demise of these two platforms raises the issue of who really has ownership of bitcoin assets when a company holding them fails. Customers do not have an assurance that their money would be returned since they are not federally insured bank depositors in the bankruptcy proceedings for Voyager and Celsius.

Investor-crypto exchange rules might alter. According to Coinbase, its clients would be considered “general unsecured creditors” in the case of bankruptcy.

The post Congress Investigates Top Exchanges for $1 Billion in Crypto Fraud appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Cardano has recently launched the “Mary” protocol update. This upgrade introduced multi-asset support to the network with the native tokens on Cardano ADA. Cardano is the fifth largest cryptocurrency on CoinMarketCap.com. Its price is up by 2.3% in the past 24 hours, with a 24-hour trading volume of over $5.34 billion. It is trading at around $0.026 at the time of writing.

In the meantime, Bitcoin has seen a gain of over 10% in the past 7 days and once more crossed the market cap of $1 trillion, per CoinMarketCap.com data. Finance Magnates suggests that Tuesday’s Bitcoin gains of 5% could be related to the movement of over 18,500 coins in one hour by crypto whales. BTC has lost about 0.5% in the past 24 hours. It is trading at around $54,000 at the time of writing.

The post U.S. retail investors show their interest in Cardano (ADA) and Bitcoin (BTC) in a survey appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.