The bid represents the fair market value of Voyager’s cryptocurrency portfolio, which has a current market value of around $1.002 billion, and an additional consideration of $20 million in incremental value.
“The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities,” Voyager said in the statement.
Binance CEO Changpeng “CZ” Zhao had said last month that his exchange’s U.S. wing would be making a fresh bid for Voyager Digital. CoinDesk had earlier reported that Binance was preparing a bid for the bankrupt crypto lender’s assets.
Binance.US will make a good faith deposit of $10 million and will reimburse Voyager for certain expenses up to $15 million. Voyager will also seek the approval of the bankruptcy court at a hearing on Jan. 5, 2023.
Voyager had agreed to sell its assets to the now-defunct crypto exchange FTX, with FTX beating out rivals Wave Financial and Binance for the assets.
Token Roundup
Bitcoin (BTC): Thelargest cryptocurrency by market value slid 0.8% over the past 24 hours, trading around $16,610. Equity markets also kicked off the new week with losses as traders felt the continuing nervousness over the Federal Reserve’s hawkish message last week on tighter monetary policy until it is “sufficiently restrictive” to bring inflation down. The tech-heavy Nasdaq Composite closed down 1.49%. The S&P 500 slid 0.90% and the Dow Jones Industrial Average was down 0.49%.
Ether (ETH): The second-largest cryptocurrency followed BTC’s trajectory, also dropping around 0.5% to $1,170.
Filecoin (FIL) and Storj (STORJ): FIL is down 28% over the past five days, with STORJ down 20%. Data from Coinglass points to record liquidations on long positions for storage protocols’ tokens: Nearly $5.7 million long FIL positions were liquidated on Dec. 16, according to Coinglass, while $365,000 in STORJ long positions were also liquidated.
Market Analysis: The Dollar Still Rules Over BTC
(TradingView)
Outside of a “black swan” event specific to a centralized crypto entity, BTC’s price remains largely tethered to the U.S. Federal Reserve’s monetary policy decisions.
Now that the Sam Bankman-Fried news is beginning to subside, Fed Chair Jerome Powell is reemerging as crypto’s primary antagonist, even if unintentionally so.
The takeaway is that crypto assets prices will largely be driven by inflation figures, the size of the Federal Reserve’s balance sheet and market interpretations of Fed officials’ statements.
For a newer asset class with the ability to function outside of traditional finance, old-school markets and economics continue to impact its progression.
Listen 🎧: Today’s “CoinDesk Markets Daily” podcast discusses the latest market movements and a look at how to use blockchain tech to avoid the next FTX implosion.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
