AVAX on THIN ICEBankrupt exchange Voyager Digital to shut shop after failed deals, details inside
According to Voyager Digital’s lawyers, the crypto lender will self-liquidate its assets after failing to reach an agreement on a sale to either FTX US or Binance.US.
The announcement, shared in a court filing on 5 May, comes just ten days after Binance.US abruptly backed out of a $1 billion deal to buy Voyager Digital’s assets when the US government intervened to prohibit part of it.
Prior to the agreement with Binance.US, the crypto lender made a similar offer to FTX. When FTX went bankrupt alongside Voyager in November, the first contract was cancelled.
Voyager stated in a filing that a number of digital assets on the platform that cannot be removed will be liquidated and returned to its users. These assets include major cryptocurrencies such as Algorand , Celo and Avalanche .
Avalanche’s latest collaboration with Chinese company Alibaba could change the game for AVAX in the cryptocurrency market. At press time, the excitement of the partnership was reflected on the AVAX charts.
Avalanche managed to secure a major partnership that could make it a stronger contender in the metaverse.
AVAX sees low demand despite the hype around a new partnership and supports retest.
Avalanche could be about to spice things up in the metaverse thanks to a major development that might be a game-changer. The development in question is a partnership with Chinese tech giant Alibaba.
According to Avalanche’s official announcement, the two secured a partnership through which Avalanche will be the conduit for Alibaba’s metaverse pursuits.
The partnership will focus on Alibaba’s Cloudverse, the cloud computing segment of the Chinese company which already has millions of customers. Avalanche will provide the decentralized technology to support this metaverse endeavor.
Today, @alibaba_cloud announced that they are entering the metaverse--on Avalanche!
With Cloudverse, Alibaba Cloud's millions of clients can easily deploy custom metaverses and unlock new dimensions for consumers.
#Avalanche will provide all blockchain elements for Cloudverse
Today, @alibaba_cloud announced that they are entering the metaverse--on Avalanche!
With Cloudverse, Alibaba Cloud's millions of clients can easily deploy custom metaverses and unlock new dimensions for consumers.
#Avalanche will provide all blockchain elements for Cloudverse
One of the ways to tell if the excitement has been converted into strong demand is to evaluate on-chain volumes. AVAX on-chain volume experienced a slight upside in the last 24 hours, although likely not strong enough to support enough bullish excitement.
Despite the lack of strong demand within the first 24 hours after the announcement, there was one key factor that may still support a strong bounce. AVAX’s price action had been trading within a tight range after finding support near the $16.50 price range. More importantly, the price was recently pushed into an ascending support line.
The same support level may act as a bounce-off zone if AVAX can secure enough bullish demand in the next few days. Its MFI already pivoted after previously registering outflows. Weak bullish demand or a surge in sell pressure may also manifest in the market sentiment shifts in favor of the bears.
