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Voyager Token (VGX) gains 926% as mergers and acquisitions bring new users

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Voyager Token (VGX), also known as BQX at some exchanges, is the native token of Voyager cryptocurrency exchange. 

The exchange separates itself from its competitors by claiming to be a commission-free crypto broker platform and its smart order router also allows clients to trade at multiple exchanges.

Since the turn of the year, VGX has gained 620% and on Jan. 15 the token reached a new all-time high at $1.48.

Voyager (BQX) token price at Binance. Source: TradingView

In addition to having a fiat gateway, the platform also offers market data, interactive charts,crypto research and up to 9% interest on stablecoins, along with staking returns for Bitcoin and other cryptocurrencies if users leave them in their exchange wallets.

Token activity sees exponential growth

On-chain data shows that activity started to pick up just a few weeks ago, with the number of daily active addresses surpassing 1,500 while transfers quickly reached $60 million.

VGX daily transfers and unique addresses. Source: etherscan.io

The Invest Voyager app allows traders to earn interest with no lock-ups and users staking a certain quantity of VGX token unlocks higher yields. Furthermore, the platform is owned by a listed company in Canada, Voyager Digital Ltd. (CSE:VYGR), a $600 million market capitalization fully-regulated entity.

The Canada TSX exchange listing deal also hides an interesting story. By acquiring a defunct shell company, Voyager was able to manage a reverse merger in Feb. 2019. More interestingly, not a single USD has been paid for the deal, which involved shares of the new company.

In Oct. 2019, Voyager announced a partnership with Celsius Network to manage a portion of its clients’ assets. Thus, the broker was able to diversify its staking offering.

Another notable milestone was Circle Invest acquisition completed in Feb. 2020, converting more than 40,000 accounts. Circle Invest was previously involved with the USD Coin (USD) stablecoin, besides Poloniex exchange, although both projects had already been divested. It is worth noting that the deal did not involve cash, being settled in Voyager Digital shares.

These developments explain the current uptick in user accounts and token activity and similar to Coinbase, Voyager’s fiat on-ramp and regulated status could make the exchange a top choice for future crypto investors located in the United States.

VGX price growth follows new acquisitions and European expansion

Currently, Voyager exchanges is available to every U.S. state except New York, as the company waits for its BitLicense approval. In October 2020, Voyager Digital acquired France-based LGO, a fully licensed European digital asset exchange focused on institutional investors.

LGO CEO Hugo Renaudin explained that the French company would discontinue its dedicated institutional exchange, while LGO would operate under the Voyager brand, although focusing mostly on retail.

The overall traded volume on Voyager’s platform reached $120 million in Nov. 2020, while its asset under management surpassed $485 million on Jan. 15. To date, more than 200,000 users have downloaded the iOS and Android applications and further expansion into Europe should increase the platform’s user base.

Voyager (VGX) Twitter user activity vs. price (USD). Source: TheTie

Data from TheTIE, an alternative social analytics platform, shows that the recent price spike was preceded by increased social network activity. Apart from a few users complaining of KYC-related withdrawal issues, the general sentiment around Voyager and VGX are positive.

Offering up to 9.5% annualized interest returns on stablecoins and being a fully-licensed broker offering altcoin trading and staking to U.S. citizens seem to be the primary drivers behind the platform’s momentum.

As for the economics behind the VGX token, the possibility of a debit card with cashback rewards, withdrawal fee discount, and interest booster on staking might be needed to drive its valuation further.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/voyager-token-vgx-gains-926-as-mergers-and-acquisitions-bring-new-users

Blockchain

Coinbase Decentralization Claim Draws Fury From its Customers

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In a blog post on Feb. 25 titled “Coinbase is a decentralized company, with no headquarters”, CEO Brian Armstrong stated that the firm has moved to a ‘remote first environment’.

No HQ = Decentralized?

He added that 52% of their employees have joined the company in a ‘post-office world’ and 95% of them have the option to work from home. Originally based in San Francisco, many company employees have dispersed across the globe since the beginning of 2020.

“It has helped us attract top talent. One of the best parts about being a decentralized company is that we can hire more of the best people.”

This does not make the company decentralized in crypto terms, as the respondents to the tweet pointed out.

Despite being one of the largest fiat to crypto onramps in the world, Coinbase has garnered a reputation for terrible customer service, higher than industry average fees, and questionable reliability when markets are volatile.

Coinbase Customers Lash Out

The barrage of comments came thick and fast and took aim at everything from customer support to the now predictable service outages during large crypto asset price movements.

“Also you have zero customer support (automated copy paste emails do not count), I guess you can call that decentralised too.”

Another Coinbase customer claimed that he had lost almost a thousand dollars in trading fees with just an $8,000 investment.

Someone else questioned the suspension of XRP stating that the company is still very centralized in the United States. Another disgruntled user stated;

“Coinbase [has come] a long way since 2011 in [the] crypto world. Unfortunately, [its] reputation [has become] tarnished due to unacceptable level of customer service and ignoring your most valuable asset – [the] customer.”

The majority of the complaints were regarding unanswered email and customer support inquiries though there were plenty of mentions of the frequent service outages;

“No headquarters. No customer service. No service at all when the market moves… Good for you coinbase.”

One respondent pointed out it was just a ploy to use a popular word at the moment just like the last bull run when companies added blockchain to their names.

At the time of writing, around 12 hours after the blog post was published, there were too many replies to read, and the vast majority of them were negative. It appears that Coinbase, which still has a number of whale investors, has also decentralized itself from its customers.

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Source: https://cryptopotato.com/coinbase-decentralization-claim-draws-fury-from-its-customers/

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What Bitcoin price levels will invalidate the short-term bearish scenario?

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The price of Bitcoin (BTC) is continuing to range between $48,000 and $51,000, unable to break out of the $51,600 resistance level.

If Bitcoin struggles to surpass the $51,600 resistance area in the near term, technical analysts say the probability of a correction rises.

BTC/USDT 4-hour price chart (Binance). Source: TradingView

$51,600 is the key level to watch

According to Josh Olszewicz, a cryptocurrency trader and technical analyst, the $51,600 level is currently acting as a strong resistance level.

For Bitcoin to retest the all-time high at $58,000 and initiate a potential rally towards $62,000, it needs to cleanly move past $51,600, he explained. 

Hence, a rally beyond $51,600 is the clear invalidation point for any short-term bearish scenario for Bitcoin.

The failure to break out in the near term could result in a bearish test of lower support areas, found at around $42,000. He said:

“If 4h breaks down, be prepared for some uber bearish calls to start popping at 36.7k meanwhile, I’ll be bidding the daily Kijun at 42k. Alternatively, if $BTC breaks above 4h Cloud at 51.6k, I like ATH retest at 58k, R3 yearly pivot test at 62k, macro PF diag test at 70k, R4 yearly pivot test at 80K. Seasonality suggests we go neutral/sideways through March and then reach for those higher targets in Q2.”

The $42,000 support area is a key level because it marks the top of the previous rally. On Jan. 8, the price of Bitcoin peaked at $42,085 on Binance, seeing a steep correction afterwards.

Bitcoin dropping to $42,000 to retest the previous top as a support area would not be necessarily bearish beyond the short term, however. 

Whale clusters show similar levels of support

Moreover, analysts at Whalemap noted large inflows to whale wallets at $48,500 and $46,500, which they say should provide BTC with some support. 

“The current situation looks similar to the one we had at 29K,” they explained. What’s more, the $46,532 level may now be “the new $29,000,” which held as support during the previous correction in January before the rally continued. They added: 

The $55,400 is an important level to keep an eye on as well. Getting back above it will be a good sign

Whale cluster levels. Source: Twitter/@whale_map

The most compelling argument for a short-term Bitcoin drop

Bitcoin tends to seek liquidity after a prolonged consolidation, which means it can drop down to fill buy orders at lower support areas that can ultimately fuel a new rally.

A pseudonymous trader known as “Salsa Tekila” echoed this sentiment. He said that there is a big support area at $41,000, followed by resistance at $54,000. He wrote:

“My current take on $BTC mid term: 1) Support around $41K. 2) Resistance around $54K. Depending on context, I might trigger swings around those two vicinities. Likely just scalp until then, unless major events come to fruition.”

Bitcoin tested the $44,800 support level in the past 72 hours, but it was not enough to propel BTC above $51,600.

This trend could cause the price of Bitcoin to drop back to the $44,800 level or to a lower support level, at $42,000.

The ideal scenario would be for Bitcoin to hold onto the $44,800 support area if it drops again, stabilize it as a macro support level, and move back up.

Source: https://cointelegraph.com/news/what-bitcoin-price-levels-will-invalidate-the-short-term-bear-scenario

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Nvidia supply shortage won’t stop $50M Q1 crypto miner sales, says CFO

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Nvidia’s ongoing supply problems won’t stop the company from selling $50 million worth of its new CMP chip range in the first quarter of 2021, the company’s chief financial officer Colette Kress forecasted on Feb. 24.

Nvidia failed to meet demand from its core gaming customer base in 2020, and the trend looks set to continue into 2021. Added demand from a horde of cryptocurrency enthusiasts keen to direct Nvidia’s new RTX 30 series GPU to Ether (ETH) mining initially appeared to pile pressure on the company.

But the firm’s CFO expects the recently announced Cryptocurrency Mining Processor product line to hit $50 million in sales in the first quarter of the year. The CMP range is designed specifically for Ether mining, and its introduction was part of an attempt to allocate more units of its RTX 30 range to gamers.

Despite supply problems, Nvidia hit record revenues of $5 billion in the last quarter of 2020, while its stock price soared to all-time highs. This is a near-exact repeat of the market conditions present in 2018, when increased demand amid supply shortages pushed the stock price to the highest level in its history up to that time.

On Wednesday, United States President Joe Biden signed an executive order to address the shortage of semiconductors and microchips. A critical review will investigate the country’s failing supply lines, which have been shown to rely too much on Chinese manufacturing, highlighted by the COVID-19 pandemic.

The chip shortage boosted the value of the PHLX Semiconductor Index, which tracks the value of chip-related stocks, with the index gaining 70% in the past 12 months.

JPMorgan analyst Harlan Sur expects the pump to continue, even though the supply shortage won’t be corrected for some time. 

Sur recently told MarketWatch, “We believe semi companies are shipping 10% to 30% BELOW current demand levels and it will take at least 3-4 quarters for supply to catch up with demand and then another 1-2 quarters for inventories at customers/distribution channels to be replenished back to normal levels.” 

Sur said the previous quarter was the first in which every chip maker JPMorgan tracked actually exceeded forecasted earnings.

Source: https://cointelegraph.com/news/nvidia-supply-shortage-won-t-stop-50m-q1-crypto-miner-sales-says-cfo

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