The official Twitter profile of Voyager has just announced that Binance.US has terminated the long-awaited agreement to purchase the assets of the bankrupt Voyager after the transaction was previously approved by the US government. Binance was supposed to take over the customers of the bankrupt company while compensating them for the loss of assets. The reason for the sudden pivot and termination of the contract by the American subsidiary of the largest cryptocurrency exchange in the world has not been made public.
The acquisition by Binance.US of the assets of the bankrupt company Voyager Digital has been a complex and controversial issue in the cryptocurrency space. Under the proposed transaction, Binance.US would pay off approximately $20 million in assets to existing Voyager customers while taking over existing customers of the bankrupt. The vision of the Binance knight on a white horse appealed to many market participants, who saw it as a bullish signal for the entire market and the role of the biggest players as providers of last resort liquidity for failing institutions.
However, concerns have been raised about potential violations of US securities laws. This caused the US government to initially put the deal on hold until it investigated and received appropriate clarifications. Eventually, the transaction was given the green light only for Binance to abruptly pull out.
Technical Market Outlook:
The ETH/USD pair has bounced from the lows seen at the level of $1,802 after the five wave impulsive decline had been terminated. The market is currently trading just below the short-term trend line resistance and breakout above this line is needed to continue the bounce towards one of the Fibonacci retracement levels. The momentum is neutral on the H4 time frame chart after a bounce from the extremely oversold levels, so there is a chance to continue the upwards movement towards 38% Fibonacci retracement seen at $1,931.
Weekly Pivot Points:
WR3 – $1,939
WR2 – $1,901
WR1 – $1,878
Weekly Pivot – $1,861
WS1 – $1,839
WS2 – $1,824
WS3 – $1,786
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
The official Twitter profile of Voyager has just announced that Binance.US has terminated the long-awaited agreement to purchase the assets of the bankrupt Voyager after the transaction was previously approved by the US government. Binance was supposed to take over the customers of the bankrupt company while compensating them for the loss of assets. The reason for the sudden pivot and termination of the contract by the American subsidiary of the largest cryptocurrency exchange in the world has not been made public.
The acquisition by Binance.US of the assets of the bankrupt company Voyager Digital has been a complex and controversial issue in the cryptocurrency space. Under the proposed transaction, Binance.US would pay off approximately $20 million in assets to existing Voyager customers while taking over existing customers of the bankrupt. The vision of the Binance knight on a white horse appealed to many market participants, who saw it as a bullish signal for the entire market and the role of the biggest players as providers of last resort liquidity for failing institutions.
However, concerns have been raised about potential violations of US securities laws. This caused the US government to initially put the deal on hold until it investigated and received appropriate clarifications. Eventually, the transaction was given the green light only for Binance to abruptly pull out.
Technical Market Outlook:
The ETH/USD pair has bounced from the lows seen at the level of $1,802 after the five wave impulsive decline had been terminated. The market is currently trading just below the short-term trend line resistance and breakout above this line is needed to continue the bounce towards one of the Fibonacci retracement levels. The momentum is neutral on the H4 time frame chart after a bounce from the extremely oversold levels, so there is a chance to continue the upwards movement towards 38% Fibonacci retracement seen at $1,931.
Weekly Pivot Points:
WR3 – $1,939
WR2 – $1,901
WR1 – $1,878
Weekly Pivot – $1,861
WS1 – $1,839
WS2 – $1,824
WS3 – $1,786
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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