Nexo hires Citibank to advise on acquisitions during market turmoil

Crypto lending platform Nexo, says that its strong balance sheet means it can ride to the rescue to provide liquidity during the current market turmoil by acquiring the assets of struggling crypto firms.  In a blog post, Nexo announced that it is currently receiving advice from banking giant Citigroup on how best to acquire the assets of insolvent crypto firms so that investors can regain access to blocked funds. Last week Antoni Trenchev, co-founder and managing partner at Nexo, told Bloomberg that the current crypto crash reminds him of the…

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Voyager’s 60% share price plunge leads sea of red for crypto stocks

A 60% plunge in Voyager Digital’s share price since it disclosed its Three Arrows Capital (3AC) exposure has been accompanied by further falls in crypto industry stocks. According to data from TradingView, Voyager Digital plunged as much as 60% during regular trading hours on Wednesday before closing at $0.5998 to mark a drop of 50.84% for the day. The sharp drop followed Voyager Digital disclosing that the potentially insolvent Three Arrows Capital (3AC) owes the company 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC), worth around roughly $660 million…

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A ‘very ambitious’ $100M Metaverse R&D hub is being built in Melbourne

Thailand based metaverse startup Translucia Global Innovation has partnered with the Australian software development firm Two Bulls and set aside an initial budget of $100 million to build a Metaverse Research and Development Center (MRDC) in Melbourne. Translucia is a subsidiary of art and entertainment company T&B Media Global which in October 2021 launched its “Translucia Metaverse” project, with a first stage investment of $283 million for the virtual world. Now, T&B are partnering with Two Bulls to build the MRDC to bring the project to life with a slated…

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What Could Trigger Sharp Decline

Ethereum is struggling below the $1,100 zone against the US Dollar. ETH could gain bearish momentum if it breaks the $1,030 support zone. Ethereum is facing resistance near the $1,100 and $1,120 levels. The price is now trading below $1,150 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline heavily if there is a clear move below the $1,030 and $1,000 levels. Ethereum Price Faces Hurdles…

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Binance U.S. makes BTC trading fee-free as competitors feel the heat

Crypto exchange Binance.US has removed trading fees for Bitcoin (BTC) spot market trades, following in the footsteps of Robinhood which pioneered no-commission crypto trading in 2018.  Brian Shroder, CEO of Binance.US said the move makes the company the first U.S. crypto exchange to eliminate spot trading fees for Bitcoin for all users and without trading volume requirements. He added that they would also not be earning a spread on trades. “We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto,…

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Bitcoin Could Restart Increase If The Bulls Clear This Resistance

Bitcoin is consolidating above the $20,000 zone against the US Dollar. BTC must clear the $20,800 resistance to restart increase in the near term. Bitcoin corrected gains and tested the $19,800 support zone. The price is now above the $20,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $20,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $20,550 and $20,800 resistance levels. Bitcoin Price Faces…

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China warns Bitcoin is heading to zero but BoE looks on the bright side

The Chinese government has capitalized on the violent downturn in the crypto market by warning crypto investors that Bitcoin prices are “heading to zero.”  The South China Morning Post reported on June 22 that Chinese national news media agency Economic Daily had issued the warning about the largest cryptocurrency by market cap to further dissuade citizens from adopting the use of crypto. The Economic Daily report says the west is to blame for creating a highly-leveraged market that is “full of manipulation and pseudo-technology concepts” which it said was an…

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