• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Crypto Biz: Crypto broker goes bankrupt, Bitcoin miner capitulates and China VC funding soars

Jon Hartney by Jon Hartney
July 8, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

As the search for an elusive Bitcoin bottom continues, at least one United States miner was forced to liquidate a portion of its holdings in June.

Those of us anxiously awaiting a summer relief rally for Bitcoin (BTC) may have to wait a little while longer. The bear market is still cleansing us of our excess — and revealing the most toxic players in our industry. I’ve talked to you about Terra, Celsius, Three Arrows Capital, BlockFi — what about Voyager Digital? The crypto broker filed for Chapter 11 bankruptcy this week, putting hundreds of thousands of creditors on high alert. 

This week’s Crypto Biz newsletter dissects Voyager’s bankruptcy proceedings and offers some potentially good news regarding Celsius. We also look at the latest high-profile miner to force-sell their Bitcoin and chronicle new capital raises for one of China’s most prominent venture firms.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Celsius pays down 143M in DAI loans since July 1

Celsius appears to be inching closer to repaying its outstanding debt to Maker protocol after the crypto lender posted $142.8 million worth of Dai (DAI) stablecoins over a four-day period. Celsius paid back another $34.4 million in DAI on July 5, effectively boosting its collateralization ratio and significantly lowering its liquidation price to below $3,000 worth of Bitcoin (BTC). In other words, Bitcoin’s price would now need to fall below $3,000 for Celsius to default on its loan. Although some observers took the news as cautious optimism that Celsius is headed in the right direction, the firm hasn’t issued any new updates in weeks and user withdrawals are still frozen as of June 13.

Voyager Digital files for Chapter 11 bankruptcy, proposes recovery plan

Another one bites the dust: Crypto broker Voyager Digital filed for Chapter 11 bankruptcy in the Southern District Court of New York mere days after the firm halted all trading activity. Voyager’s bankruptcy filing stated that the firm owed more than 100,000 creditors anywhere from $1 billion and $10 billion in assets. If you’re a Voyager account holder, there may be a silver lining: The company is filing for bankruptcy as part of a “reorganization” plan that should eventually pave the way for clients to reaccess their accounts. Crypto market contagion is a real thing — and it may not be over just yet.

As part of this process, the proposed Plan of Reorganization would resume account access and return value to customers. Under this Plan, which is subject to change given ongoing discussions with other parties, and requires Court approval:

— Stephen Ehrlich (@Ehrls15) July 6, 2022

Core Scientific sold $167M worth of Bitcoin holdings in June

Miner capitulation is upon us. Earlier this week, United States crypto mining operation Core Scientific revealed that it was forced to sell more than 7,000 BTC in June to pay for ongoing business expenses. The digital gold was offloaded at an average price of $23,000, some 67% lower than Bitcoin’s all-time high from last November. The good news is miner selling is often seen as a reliable indicator of the bottom. But, fewer investors are prepared to call the bottom as the Federal Reserve plots several more aggressive interest rate hikes this year.

JUNE 2022 HIGHLIGHTS:
-1,106 #Bitcoin self-mined,
-10.3 EH/s self-mined
-+180,000 ASIC servers in operation
-7.6 EH/s co-location (hosting)
-Daily self-mining increased by 14% from June 1 (34.8) to June 30 (39.8)https://t.co/KeypwtMEfr

— Core Scientific (@Core_Scientific) July 5, 2022

Crypto investor Sequoia Capital China reportedly raises $9 billion

In the depths of crypto winter, at least one venture capital firm continues to grow its war chest. Sequoia Capital China, the Chinese affiliate of crypto-focused venture firm Sequoia Capital, is reportedly raising $9 billion for four startup funds. Although details remain sparse, it was reported that 50% of the raise was oversubscribed. It remains to be seen how the funds will be deployed, but given that Sequoia China has already backed blockchain plays such as Babel Finance and DeBank, we can expect blockchain and crypto startups to be well represented.

Don’t miss it! What’s the current state of the crypto market?

Is the bear market affecting your psyche? How much longer until we hit bottom, or have we already? In this week’s Market Report, I sat down with fellow analysts Jordan Finneseth, Yashu Gola and Benton Yaun to discuss the current state of the crypto market and why July is going to be a pivotal month for risk assets. You can watch the full replay below.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$23,392.000.28%
  • ethereumEthereum(ETH)$1,667.920.73%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.05%
  • binancecoinBNB(BNB)$332.711.45%
  • usd-coinUSD Coin(USDC)$1.000.07%
  • rippleXRP(XRP)$0.4109850.27%
  • Binance USDBinance USD(BUSD)$1.00-0.01%
  • cardanoCardano(ADA)$0.400579-0.07%
  • dogecoinDogecoin(DOGE)$0.0955332.16%
  • matic-networkPolygon(MATIC)$1.241.37%
  • OKBOKB(OKB)$44.226.50%
  • SolanaSolana(SOL)$24.40-0.39%
  • Shiba InuShiba Inu(SHIB)$0.0000158.29%
  • Lido Staked EtherLido Staked Ether(STETH)$1,662.370.67%
  • polkadotPolkadot(DOT)$6.87-0.02%
  • litecoinLitecoin(LTC)$98.61-0.38%
  • AvalancheAvalanche(AVAX)$20.98-0.84%
  • tronTRON(TRX)$0.0647292.01%
  • UniswapUniswap(UNI)$7.252.21%
  • daiDai(DAI)$1.000.15%
  • cosmosCosmos Hub(ATOM)$14.69-0.72%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,386.000.17%
  • chainlinkChainlink(LINK)$7.220.31%
  • ToncoinToncoin(TON)$2.33-0.07%
  • ethereum-classicEthereum Classic(ETC)$23.801.92%
  • leo-tokenLEO Token(LEO)$3.501.47%
  • moneroMonero(XMR)$173.250.07%
  • AptosAptos(APT)$16.630.88%
  • bitcoin-cashBitcoin Cash(BCH)$137.650.57%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • stellarStellar(XLM)$0.0930510.07%
  • ApeCoinApeCoin(APE)$5.89-0.76%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.523.02%
  • CronosCronos(CRO)$0.0835151.62%
  • filecoinFilecoin(FIL)$5.52-1.29%
  • QuantQuant(QNT)$142.86-0.82%
  • algorandAlgorand(ALGO)$0.267838-0.09%
  • HederaHedera(HBAR)$0.0733533.52%
  • Lido DAOLido DAO(LDO)$2.19-3.64%
  • vechainVeChain(VET)$0.0249331.15%
  • FantomFantom(FTM)$0.61-2.47%
  • Internet ComputerInternet Computer(ICP)$5.921.93%
  • decentralandDecentraland(MANA)$0.780.09%
  • The SandboxThe Sandbox(SAND)$0.772.11%
  • Axie InfinityAxie Infinity(AXS)$11.623.00%
  • AaveAave(AAVE)$88.75-1.05%
  • eosEOS(EOS)$1.110.93%
  • FlowFlow(FLOW)$1.160.15%
  • MultiversXMultiversX(EGLD)$46.792.27%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000193-1.01%
  • theta-tokenTheta Network(THETA)$1.143.13%
  • tezosTezos(XTZ)$1.193.78%
  • FraxFrax(FRAX)$1.000.02%
  • The GraphThe Graph(GRT)$0.11210913.28%
  • true-usdTrueUSD(TUSD)$1.000.06%
  • huobi-tokenHuobi(HT)$5.843.88%
  • paxos-standardPax Dollar(USDP)$1.000.63%
  • kucoin-sharesKuCoin(KCS)$8.821.17%
  • havvenSynthetix Network(SNX)$2.715.26%
  • bitcoin-cash-svBitcoin SV(BSV)$43.51-0.09%
  • Curve DAOCurve DAO(CRV)$1.09-0.98%
  • ChilizChiliz(CHZ)$0.1455070.10%
  • PancakeSwapPancakeSwap(CAKE)$4.576.03%
  • Rocket PoolRocket Pool(RPL)$40.390.35%
  • eCasheCash(XEC)$0.0000390.98%
  • Frax ShareFrax Share(FXS)$10.26-4.50%
  • ImmutableXImmutableX(IMX)$0.91-2.32%
  • BitTorrentBitTorrent(BTT)$0.0000011.39%
  • USDDUSDD(USDD)$0.99-0.13%
  • Trust WalletTrust Wallet(TWT)$1.691.92%
  • iotaIOTA(MIOTA)$0.2492794.16%
  • BitDAOBitDAO(BIT)$0.581.15%
  • Mina ProtocolMina Protocol(MINA)$0.82-2.73%
  • dashDash(DASH)$60.89-1.41%
  • KlaytnKlaytn(KLAY)$0.2140541.72%
  • GateGate(GT)$4.50-0.44%
  • OptimismOptimism(OP)$2.99-0.30%
  • makerMaker(MKR)$706.961.27%
  • neoNEO(NEO)$8.82-0.14%
  • cUSDCcUSDC(CUSDC)$0.022730-0.06%
  • ArweaveArweave(AR)$11.94-1.89%
  • zcashZcash(ZEC)$46.29-0.34%
  • GMXGMX(GMX)$70.25-4.68%
  • OKCOKC(OKT)$32.577.45%
  • RadixRadix(XRD)$0.057348-3.05%
  • gemini-dollarGemini Dollar(GUSD)$1.010.53%
  • cDAIcDAI(CDAI)$0.0221790.08%
  • THORChainTHORChain(RUNE)$1.87-0.45%
  • OsmosisOsmosis(OSMO)$1.05-4.11%
  • Tokenize XchangeTokenize Xchange(TKX)$6.821.00%
  • RenderRender(RNDR)$1.819.39%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.10-0.39%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.00000052.50%
  • loopringLoopring(LRC)$0.401223-1.67%
  • PAX GoldPAX Gold(PAXG)$1,864.670.16%
  • zilliqaZilliqa(ZIL)$0.030320-0.93%
  • enjincoinEnjin Coin(ENJ)$0.4868313.65%
  • Convex FinanceConvex Finance(CVX)$6.53-0.90%
  • 1inch1inch(1INCH)$0.619.75%