The US-based crypto brokerage Voyager Digital is among the firms to face liquidation because of 3AC’s (Three Arrows Capital) demise. The firm’s June 22 press release revealed its 3AC investment exposure comprised 15,250 $BTC ad $350M USDC. The later press release (dated June 27) had Voyager Digital issuing a default notice to Three Arrows Capital, requesting repayment of an already released loan.
Meanwhile, Voyager Digital and its primary subsidiaries filed for bankruptcy (Chapter 11) on July 5 as 3AC failed to accomplish its obligations. Stephen Ehrlich, the CEO, affirmed that Three Arrow Capital’s default catalyzed the decision.
The company’s Voyager Coin, VGX, has recorded a 20% slump since the bankruptcy filing. Let us analyze the token’s performance within the past three days.
The Downside Voyage
VGX traded around $0.2015 per token during this publication. The alternative coin changed hands near $0.25 before the bankruptcy filing. However, the latest developments triggered downside spirals that saw VGX losing 20% within three days.
VGX has dropped more than 2% within the previous 24 hours. Moreover, VGX holders resorted to massive token distribution within the past day due to prevailing suspicion that Voyager account holder will unlikely receive all their tokens back.
While publishing this blog, the coin’s RSI (Relative Strength Index) hovered in a severely oversold region at 23.92. the MFI (Money Flow Index) followed a similar path, standing at 25.14 during this publication. Though bullish retracement usually emerges amidst such lows, it remains unclear whether that’s possible, considering current circumstances.
On-Chain Outlook
Santiment data shows VGX token encountered declines on all fronts within the past few days. It noted a 75% slump in social volume over the past three days. Also, VGX’s social dominance recorded a 14% slump.
Addresses that interacted with the altcoin increased from July 5 to July 7 before falling. The daily (active) address metric stood at two during this publication, reflecting an 85% slump over the previous 24 hours. Also, VGX transaction volume triggered upswings to 13,458 on July 7 but lost a staggering 99% over the last day. Moreover, the past three days had whales gradually surrendering their VGX tokens, with the whale percentage noting a 3% decline.
The post Is VGX Primed for Massive Bearishness Following Voyager Digital’s Bankruptcy? appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/vgx-primed-massive-bearishness-following-voyager-digitals-bankruptcy/
via Bitcoin News
via Bitcoin News Today
No comments:
Post a Comment