A group of Paraguayan lawmakers is spearheading a bill that seeks to enact a temporary ban on cryptocurrency mining operations in Paraguay for 180 days or until the industry’s activities are properly regulated. The bill alleges that 28% of the energy losses of the National Power Administration (ANDE) correspond, in part, to illegal bitcoin mining […]
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Binance US Pulls the Plug: Voyager Purchase Deal Falls Through
According to the now-defunct crypto lender Voyager, Binance US sent a letter to the company “terminating the asset purchase agreement.” While the announcement was “disappointing” for Voyager, the firm maintained that its customers would still be receiving their cash and crypto through a “direct distribution” via the Voyager platform.
Voyager’s Asset Purchase Agreement With Binance US Scrapped
Towards the end of 2022, Binance disclosed that its US subsidiary had entered into a billion-dollar agreement with Voyager Digital Ltd. to acquire its assets. Despite objections from the US Securities and Exchange Commission (SEC), the purchase was allowed to proceed after receiving court approval. However, on April 25, 2023, Voyager revealed that the deal was no longer moving forward.
“Today we received a letter from Binance US terminating the asset purchase agreement. While this development is disappointing, our Chapter 11 plan allows for direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform,” Voyager announced via Twitter.
https://t.co/AZwoBOgsqS has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager.
While our hope throughout this process was to help Voyager's customers access their crypto in kind, the hostile and uncertain regulatory climate…
— Binance.US
(@BinanceUS) April 25, 2023
Nine months prior, the TSX-listed Voyager Digital halted withdrawals on July 1, 2022, and filed for bankruptcy six days later. The firm cited “prolonged volatility and contagion in the crypto markets” as the reasons behind its failure. Before Binance stepped in to offer assistance, FTX was supposed to have helped Voyager, but Sam Bankman-Fried’s FTX empire had collapsed.
The official Twitter account of Voyager’s Committee of Unsecured Creditors also expressed disappointment upon learning of the termination of the deal with Binance. “Around 2 hours ago, Binance US purported to terminate the asset purchase agreement with Voyager,” the account tweeted. “The Committee is incredibly disappointed with this decision and is investigating potential claims against Binance US.”
What are your thoughts on Binance US’s decision to terminate the Voyager deal? Share your thoughts about this subject in the comments section below.
Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming?
Outflows have been the order of the day since the price of cryptocurrencies such as Bitcoin had begun to crash. The same sentiment had spread through individual as well as institutional investors, leading to massive sell-offs in the space. Despite the price of bitcoin recovering in recent times, it seems that the sellers are not done just yet as outflows had ramped up over the last week.
3 Million Leaves Bitcoin
Bitcoin had been seeing a reversal trend with inflows coming in for the prior week. However, this has only been short-lived as outflows have continued to rock the digital asset. For the last week, CoinShares reports that bitcoin had led the outflow trend and the net outflows had come out to 3 million for the digital asset. It is one of the largest outflows ever recorded for the digital asset and has wiped out the majority of inflows on a year-to-date basis.
Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO
This comes as bitcoin’s price had continued to fluctuate around ,000 over the last week. It was expected that the low prices would trigger more inflows into the market for the past week but the opposite has been the case. The total assets under management (AuM) for bitcoin now sits at .5 billion, the lowest it has been in more than a year.
BTC recovres above ,000 | Source: BTCUSD on TradingView.com
Its short-bitcoin counterpart had gone a different path this week where inflows had been the order of the day. The million that flowed into it is said to be a result of the first US-based short investment product which launched last week. Given that the older short-bitcoin investment products had recorded outflows for the same time frame, all fingers point towards the launch.
Ethereum also saw inflows, a first in three months. It came out to a total of million flowing into the altcoin after suffering 11 weeks of outflows.
North American Outflows Grow Worse
The outflows have been localized to one specific region and that is the North American corner of the market. CoinShares notes that the majority of the outflows had come from Canadian exchanges. Specifically, one provider. Most of the outflows had been seen on 17th June but did not show up until last week. It shows that these sell-offs had been a trigger for bitcoin’s decline to ,700.
Related Reading | Crypto Liquidations Settle As Bitcoin Recovers Above ,000
Digital asset investment product outflows were just as large with 3 million flowing out of the market, a new record for the space. However, given the lag that led to the trades from the Canadian exchanges updating late, it is important to know that these outflows were not from last week alone. When these outflows are removed and marked to their correct time frames, it shows that inflows of million had been recorded by other providers.
The last time record outflows were seen was at the start of the year when 8 million had left the market in a single week in January. The outflows recorded for last week have surpassed this by more than 100%, although the ratio to the assets under management remains low compared to the bear market outflows of 2018 where outflows had reached as high as 1.6% of total AuM.
Featured image from MARCA, chart from TradingView.com
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Tron (TRX) Surges On Massive Partnership Plug, China’s Latest Crypto Rankings
The news has all been China this weekend and its native crypto assets have been on fire. From bully to hero, Beijing has boosted crypto markets by 25% in just two days. Bitcoin led the rally but a slew of Chinese crypto coins are surging today, and Tron is one of them.
China Crypto Rankings Released
The latest round of Chinese crypto rankings has just been released and it is no surprise that home grown projects are leading the pack. In this, the fourteenth listings update from the CCID Blockchain Research Institute, EOS has remained on the top while Ethereum has dropped a spot.
News out of #China continues…
The Ministry of Industry and Information Technology's CCID has released v14 of #crypto project rankings.
Notable moves (vs. v13):#Ethereum
1#TRON
1#Lisk
7#Qtum
10#Ontology
7#Cosmos
12#GXChain
≥30 (
) pic.twitter.com/PIPQftIRPk
— Nugget's News (@NuggetsNewsAU) October 28, 2019
The rankings are reportedly derived from technology, application and creativity but there is little else to offer further explanation of what these actually mean.
Tron has moved up a place to second and its price is also on the move today. TRX is one of the market’s top performing altcoins today with a pump of almost 30% to reach .021. In BTC terms the Ethereum rivaling token has made 22% in a climb to 220 satoshis.
The move has enabled TRX to regain a top ten spot by flipping Stellar as its market capitalization closes in on .4 billion. Its daily volume has also surged and is now almost billion. Crypto trader and analyst Luke Martin observed the breakout.
Technical breakout for $TRX today.
Look forward to seeing @justinsuntron craft up some announcements to take this thing higher towards the 280-300 sat area. pic.twitter.com/jdYxW0XU2s
— Luke Martin (@VentureCoinist) October 28, 2019
Sun has already made one of his magic partnership announcements at the weekend when he tweeted this:
#TRON will partner with a hundred billion USD megacorporation next week. It will not only benefit $TRX but all TRC10&20 tokens including $BTT & $WIN etc. It will broadly distribute #TRON Dapps and tokens to billions of customers. TBA. Make a guess?
— Justin Sun (@justinsuntron) October 25, 2019
There has been a lot of Tether movement recently as chain swaps have been going on to the TRC-20 standard. Exchanges Huobi Global, Poloniex and Bitfinex are supporting the Tron protocol now and, according to the Tron Foundation, there has been an estimated 0 million Tether issued TRC-20 tokens in circulation.
The circulation amount of #TRC20– #USDT issued by @Tether_to on #TRON network exceeded 300 million.
pic.twitter.com/kM2kSWIKRE
— TRON Foundation (@Tronfoundation) October 23, 2019
Tron is not the only Chinese altcoin performing well today. Bytom is up over 100% in an epic surge and NEO continues to gain as it holds on to . NULS, Ontology and GXChain are also performing well with 40%+ gains at the time of writing and VeChain has made 25%.
Binance has noted the number of altcoins gaining double digits at the moment. Pretty much any token with Chinese connections is cranking right now.
China Cryptography Regulation Readied
More bullish news out of China includes the rubber stamping of new cryptography legislation. According to reports from the official Xinhua news agency China’s cryptography law, which takes effect on January 1, is aimed at ‘facilitating the development of the cryptography business and ensuring the security of cyberspace and information’.
The move comes as Beijing readies itself for its own central bank crypto currency as pressure mounts on Facebook’s Libra plans.
Chinese traders have just proved that they can move markets in a big way which makes anything US regulators attempt relatively insignificant. Over billion in fiat has flowed back into crypto assets over the weekend.
Image from Shutterstock
The post Tron (TRX) Surges On Massive Partnership Plug, China’s Latest Crypto Rankings appeared first on NewsBTC.
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