Bankrupt Voyager Digital Receives Court Approval to Return $270 Million to Customers
Daily Market Wrap
Crypto market cap: 1.01 trillion, up 1.50%
BTC price stands at USD 23,256, up 1.31%
ETH price stands at USD 1,750, up 1.57%
Top gainer: Oasis Network (ROSE), up 23.38%
Top loser: Decred (DCR), down 6.44%
News of the Day
Voyager Digital has received court approval to return $270 million to customers.
Why it matters:
Crypto lender Voyager Digital, which is undergoing bankruptcy proceedings, gained court approval on Thursday to return $270 million to customers
According to a second-day hearing presentation, Voyager’s lawyers said that 88 interested parties have contacted the firm, and it expects to receive more bids until its August 26 deadline
FTX proposed to buy Voyager’s remaining digital assets and loans; Voyager’s bankruptcy lawyers of Voyager say that “it’s a low-ball bid dressed up as a white knight rescue”
Crypto Daily Spotlight
Former BitMEX CEO Arthur Hayes apologized for calling Ethereum (ETH) a “shitcoin.”
Brief introduction: Ethereum is a smart-contract enabled Layer 1 blockchain. Its execution layer, previously known as ETH 1.0, uses Proof-of-Work (PoW) to validate transactions, which contributes to its scalability issues. Recently, the Merge is set to transition Ethereum to its next phase (formerly known as Ethereum 2.0) as the network’s entire blockchain moves to a new system called proof-of-Stake (PoS), which proponents say will make it more efficient, sustainable and scalable.
Why it matters:
Former BitMEX CEO Arthur Hayes shared his bullish outlook for Ethereum and predicted that Ethereum’s (ETH) price could rise to $5,000 if the merge upgrade is successful and the Federal Reserve goes ahead with its pivot
“Readers who have been following my career as an essayist will remember I shat all over the Ethereum pre-sale. I said it was worthless. I was wrong. Please forgive me, o lord!” Hayes tweeted in reference to his 2018 essay, “Ether, A Double Digit Shitcoin”
Hayes further predicted that if the Ethereum Merge fails or is suspended and the Fed pivots its policies, there would not be any adverse effects on the price and maintain its current level of $1,600
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