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

Crypto Biz: Crypto broker goes bankrupt, Bitcoin miner capitulates and China VC funding increases – Mail Bonus

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Those of us who are eagerly awaiting the Bitcoin (BTC) Summer Relief Meeting may have to wait a little longer. The bear market is still clearing us of our surfers – and exposing the most toxic players in our industry. I’ve talked to you about Terra, Celsius, Three Arrows Capital, BlockFi – What about Voyager Digital? The cryptocurrency broker filed for bankruptcy in Chapter 11 this week, putting hundreds of thousands of creditors in a state of emergency.

This week’s Crypto Biz newsletter outlines Voyager’s bankruptcy and offers some potential good news for Celsius. We also look at the latest prominent miner to force the sale of his Bitcoins and record new capital raising for one of China’s prominent venture capitalists.

Celsius has been repaying 143M in DAI loans since 1 July

Celsius appears to be nearing repayment of its outstanding debt to the Maker Code after the cryptocurrency lender released $ 142.8 million in Dai (DAI) stablecoins over a four-day period. Celsius repaid $ 34.4 million back to DAI on July 5, effectively increasing the collateral ratio and significantly lowering its winding-up price below $ 3,000 worth of Bitcoin (BTC). In other words, the price of Bitcoin would now have to go below $ 3,000 for Celsius to default on its loan. Although some observers have taken the news as a cautious optimism that Celsius is heading in the right direction, the company has not released any new updates for weeks and user audits are still frozen as of June 13th.

Voyager Digital files for Chapter 11 bankruptcy, proposes recovery plan

Another bites the dust: The cryptocurrency broker Voyager Digital filed for bankruptcy in Chapter 11 of the Southern District Court of New York a few days after the company stopped all trading. Voyager’s bankruptcy records show that the company owed more than 100,000 creditors, ranging from $ 1 billion to $ 10 billion in assets. If you are a Voyager account holder, it could be a silver lining: the company is filing for bankruptcy as part of a “restructuring” plan that should eventually pave the way for customers to regain access to their accounts. Infection in the cryptocurrency market is a real thing – and it may not be over yet.

Core Scientific sold $ 167 million in Bitcoin holdings in June

Miners’ surrender is upon us. Earlier this week, Core Scientific revealed in a cryptocurrency study in the United States that it was forced to sell more than 7,000 BTC in June to cover the ongoing transaction costs. The digital gold was delivered at an average price of $ 23,000, about 67% lower than the highest price of Bitcoin since last November. The good news is that the sale of miners is often considered a reliable indicator of the bottom. But fewer investors are willing to call the bottom as the Central Bank plans to make some more aggressive rate hikes this year.

Cryptocurrency investor Sequoia Capital China has reportedly raised $ 9 billion

In deep winter, at least one venture capitalist continues to expand its coffers. Sequoia Capital China, China’s partner with cryptocurrency giant Sequoia Capital, is reportedly raising $ 9 billion for four start-up funds. Although the details are small, it was reported that 50% of the increase was over-subscribed. It remains to be seen how the funds will be distributed, but given that Sequoia China has already supported blockchain plays such as Babel Finance and DeBank, we can expect blockchain and crypto startups to be well represented.

Do not miss it! What is the current state of the cryptocurrency market?

Does the bear market affect your psyche? How much longer until we reach the bottom, or have we already? In this week’s market report, I sat down with other analysts Jordan Finneseth, Yashu Gola and Benton Yaun to discuss the current state of the cryptocurrency market and why July will be a key month for risky assets. You can watch the full rerun below.

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

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