Gate.io Blog Daily Flash | Voyager To Resume Withdrawal After Gaining Access to $270M Cash Deposits, Crypto Market Found Foothold Throughout Weekend After Friday Positive U.S. Jobs Report

Daily Flash | Voyager To Resume Withdrawal After Gaining Access to $270M Cash Deposits, Crypto Market Found Foothold Throughout Weekend After Friday Positive U.S. Jobs Report

01 January 08:00

Today's Headline - Crypto Lender Voyager Digital to Reopen Cash Withdrawals on Aug. 11

After more than a month since suspending operations on its platform, crypto lender Voyager has announced that it is planning to "restore access" to cash deposits on Aug. 11. The announcement comes after a court ruling yesterday allowed Voyager to gain access to $270 million worth of cash deposits that were locked in an account at Metropolitan Commercial Bank.

Starting August 1, clients with U.S. dollars in their Voyager accounts could withdraw up to $100,000 in a 24-hour period. Withdrawn funds will be reflected in the client’s bank accounts in 5–10 business days.

Voyager stated,

“Requests will be processed as quickly as possible but will require some manual review, including fraud reviews and account reconciliation, and timing will depend, in part, upon the individual banks to which customers transfer their cash,”

Chart of the Day - Bitcoin LTH (Long Term Holder) Net Position Change: Glassnode report

Over the last three weeks, the aggregated behaviour of Long-Term Holders has changed from accumulating at a rate of 79k BTC/month, to distributing up to -47k BTC/month. Remarkably, this cohort seized the opportunity of rallying prices and spent 41k BTC, or 0.3% of their supply, over the last 21 days. (Note that net spending is defined as Accumulation plus HODLing minus Distribution).

As of this writing,
Bitcoin (BTC) is changing hands at around $23,254, up 1.14% in the past 24 hours,
while Ether (ETH) is trading at $1,712, or up 1.83% during the same period.
Major altcoins are also rising in correlation to BTC, with Cardano (ADA) up by 3.39%, Solana (SOL) +4.28%, Polkadot (DOT) +3.23%, Avalanche (AVAX) +4.77%, and Cosmos (ATOM) +7.03%.

Notable gainers include:
Oasis Network (ROSE) at $0.105 (+23.90%),
Assemble Protocol (ASM) at $0.0435 (+74.52%),
Flow (FLOW) at $2.91 (+10.89%).

Notable losers include:
Propy (PRO) at $0.810 (-10.00%),
Decred (DCR) at $37.30 (-8.11%),
Lido DAO (LDO) at $2.48 (-4.59%).

Bitcoin (BTC) held above $23,000 throughout the weekend as investors seemed mostly recovered from Friday's surprisingly strong jobs report. The United States Labor market added 528,000 jobs in July, much better than the 258,000 estimate.

The additional jobs countered previous indicators suggesting the economy was slowing enough to allow the U.S. central bank to soon scale back steep interest rate increases that many investors believe will cast the economy into a recession and send riskier assets spiraling.

On Friday, BTC bounced off 20-Day EMA and rose 3% while holding above $23k throughout the weekend. The closest overhead weekly resistance zone sits at $24,300, which BTC buyers struggled to push through from Jul. 28 - 30. The gradually up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate a minor advantage to buyers, for the time being.

Ether (ETH) rose by 8% on Friday following a positive job report and remain above $1,700 throughout the weekend. The up-sloping 20-day EMA and the RSI in the positive zone indicate advantage to buyers, but it is worth noting ETH closely correlates to BTC and BTC to U.S. tech stocks, which implies traders’ reactions are tied to U.S. market performance. If ETH breaks below the 20-Day EMA ($1,601) which is close to the weekly support zone at $1,611, the next closest monthly support sits at $1,440.

Meanwhile, futures have begun to surge as Bitcoin and ether activity heats up, as seen through more Bitcoin and ether open interest — which indicates the value of all outstanding contracts that have yet to settle. Bitcoin open interest for August is already ahead of July at $1.54 billion, compared with $1.47 billion the previous month.

Influencer of the Day - Vitalik Buterin: Crypto "Has to Transform Into Something Useful" by 2032

The Ethereum creator discussed the protocol’s long-term future at a closed press conference ahead of BUIDL Asia and EthSeoul on Aug. 7, focusing on scaling technology, quantum computing, and important hurdles the network faces.

Buterin said that the next decade will be crucial for blockchain technology, arguing that applications will soon need to prove their utility in an open market.

“I think the next 10 years is when crypto has to transform into something that is not based on promises of being useful in the future but is actually useful,” he said. “Because a lot of applications are promising in theory, but they’re just completely not viable because of scaling issues today.”

Buzzes of Yesterday - #CryptoDickbutts NFTs Surged Whopping 690% in Volume, #MoonDAO Sent Youtube to Space

CryptoDickbutts Ethereum NFTs Surge 690% in Daily Sales Volume

Tiffany sells out all 250 'NFTiffs' for about $50,000 each

Coca-Cola has launched an NFT collection on the Polygon network

MoonDAO Sent a Viral YouTuber to Space Literally

Beanstalk Celebrates Anniversary With ‘Safe Replant and Unpause’ Months After $182M Exploit

NEAR Protocol Discloses Wallet Breach That May Have Exposed Private Keys

Core Scientific Sold More Bitcoin Than It Mined for Second Consecutive Month

Morgan Stanley job posting points to wide-ranging crypto plans

Bank of Thailand Plans to Launch Pilot Phase for Retail CBDCs by End of Year

Indian Government Raids Crypto Exchange WazirX and Freezes $8.1M In Funds as Part of AML Investigation

Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice. Gate.io reserves all rights to this article.
Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.

ETH/USDT -2.10%

BTC/USDT -2.23%

NEAR/USDT -6.93%

FLOW/USDT -6.43%

ROSE/USDT -7.21%

VGX/USDT -2.28%

ASM/USDT -9.34%

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