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Voyager token jumps 24%. Here is the reason and potential price action next

Voyager token rose by double-digits on Thursday Reports of acquisition by Binance.US boosted the token The token faces a correction at key resistance Voyager (VGX/USD) was at the centre of retail interest on Thursday, witnessing a surge in trading volumes. The cryptocurrency of the embattled crypto firm Voyager Digital was strongly mentioned on social trading […]

The post Voyager token jumps 24%. Here is the reason and potential price action next appeared first on CoinJournal.

  • Voyager token rose by double-digits on Thursday

  • Reports of acquisition by Binance.US boosted the token

  • The token faces a correction at key resistance

Voyager (VGX/USD) was at the centre of retail interest on Thursday, witnessing a surge in trading volumes. The cryptocurrency of the embattled crypto firm Voyager Digital was strongly mentioned on social trading platforms. Positive cryptocurrency news was boosting the token of the bankrupt crypto lender.

On Thursday, reports emerged that Binance.US was buying the embattled crypto firm. Voyager filed for bankruptcy protection in July in a liquidity crisis after a sustained crypto winter. Binance CEO Changpeng Zhao confirmed the purchase reports on Thursday. CZ said Binance.US would bid again for Voyager after the deal with collapsed FTX didn’t go through. 

Binance.US is not the only entity to eye the assets of Voyager. On November 22, Kaj Labs said it would launch a second offer to acquire the assets of the embattled firm. Kaj Labs says it still sees value in the assets of Voyager and will negotiate in good faith with the firm. However, the entry of Biannce.US to the bidding war has attracted attention.

VGX traded at an intraday high of $0.53, from the lows of $0.35. As of press time, the cryptocurrency was trading at $0.44 after a brief correction. The next price action and developments would determine whether we see a sustained bullish surge for VGX.

VGX correcting at resistance after intra-day gains

VGX/USD Chart by TradingView

On the daily chart, VGX has initiated a short-term bullish trend since bottoming at $0.2. Following the intra-day gains, the cryptocurrency rose above resistance at $0.44. However, the price has retreated and could close below the resistance.

The RSI has moved above the neutral zone. There are no bought conditions, nonetheless, suggesting that a higher price is possible.

Should you buy VGX now?

The closure of the daily candlestick above $0.44 could ignite bull interest in VGX. However, this cryptocurrency is being driven by speculations. 

Thus, short corrections can occur if the projected buyout of the embattled firm fails to occur. Buying VGX now could be premature, and it’s good to wait until further developments.

Where to buy VGX

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy VGX with Binance today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy VGX with Swapzone today

The post Voyager token jumps 24%. Here is the reason and potential price action next appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

Binance re-enters the Japanese market with purchase of SEBC exchange

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan. KEY TAKEAWAYS SEBC is a Japan Financial Services Agency (JFSA) regulated entity. By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange. At the time of the Binance acquisition, […]

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan.

KEY TAKEAWAYS

  • SEBC is a Japan Financial Services Agency (JFSA) regulated entity.
  • By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange.
  • At the time of the Binance acquisition, the Tokyo-based exchange supported 11 trading pairs; mainly cryptocurrency-Japanese Yuan pairs.

Despite the tense situation in the crypto market following the collapse of FTX which seems to be taking other crypto entities like BlockFi down with it, Binance seems to be spreading its wing further and further. The SEBC acquisition comes weeks after Binance pulled out of its planned FTX rescue plan citing issues with FTX’s financial book.

Expanding into Japan

In the past few years, Binance has been expanding its business across various countries as it stamps its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.

The acquisition of Sakura Exchange BitCoin marks the exchange’s first entry into East Asia. Most importantly, SEBC is already a regulated entity which means Binance will be able to offer regulated services in Japan, which is a major economy in East Asia.

In a press release announcing the acquisition of the Japanese exchange, the general manager of Binance Japan, Takeshi Chino, said:

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.” 

At the time of the acquisition, SEBC offered customer consultation services and crypto brokerage services supporting 11 crypto-Japanese Yuan trading pairs. The trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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