These of us anxiously awaiting a summer season reduction rally for Bitcoin (BTC) could have to attend a short time longer. The bear market continues to be cleaning us of our extra — and revealing probably the most poisonous gamers in our trade. I’ve talked to you about Terra(LUNA) — now renamed Terra Basic (LUNC) — Celsius, Three Arrows Capital, BlockFi — what about Voyager Digital? The crypto dealer filed for Chapter 11 chapter this week, placing tons of of hundreds of collectors on excessive alert.

This week’s Crypto Biz e-newsletter dissects Voyager’s chapter proceedings and gives some doubtlessly excellent news concerning Celsius. We additionally have a look at the most recent high-profile miner to force-sell their Bitcoin and chronicle new capital raises for considered one of China’s most distinguished enterprise corporations.

Celsius pays down 143M in DAI loans since July 1

Celsius seems to be inching nearer to repaying its excellent debt to Maker(MKR) protocol after the crypto lender posted $142.8 million value of Dai (DAI) stablecoins over a four-day interval. Celsius paid again one other $34.4 million in DAI on July 5, successfully boosting its collateralization ratio and considerably decreasing its liquidation worth to under $3,000 value of Bitcoin (BTC). In different phrases, Bitcoin’s worth would now have to fall under $3,000 for Celsius to default on its mortgage. Though some observers took the information as cautious optimism that Celsius is headed in the correct course, the agency hasn’t issued any new updates in weeks and person withdrawals are nonetheless frozen as of June 13.

Voyager Digital recordsdata for Chapter 11 chapter, proposes restoration plan

One other one bites the mud: Crypto dealer Voyager Digital filed for Chapter 11 chapter within the Southern District Courtroom of New York mere days after the agency halted all buying and selling exercise. Voyager’s chapter submitting acknowledged that the agency owed greater than 100,000 collectors anyplace from $1 billion and $10 billion in belongings. For those who’re a Voyager account holder, there could also be a silver lining: The corporate is submitting for chapter as a part of a “reorganization” plan that ought to ultimately pave the way in which for shoppers to reaccess their accounts. Crypto market contagion is an actual factor — and it will not be over simply but.

As a part of this course of, the proposed Plan of Reorganization would resume account entry and return worth to clients. Beneath this Plan, which is topic to vary given ongoing discussions with different events, and requires Courtroom approval:

— Stephen Ehrlich (@Ehrls15) July 6, 2022

Core Scientific bought $167M value of Bitcoin holdings in June

Miner capitulation is upon us. Earlier this week, United States crypto mining operation Core Scientific revealed that it was compelled to promote greater than 7,000 BTC in June to pay for ongoing enterprise bills. The digital gold was offloaded at a mean worth of $23,000, some 67% decrease than Bitcoin’s all-time excessive from final November. The excellent news is miner promoting is usually seen as a dependable indicator of the underside. However, fewer traders are ready to name the underside because the Federal Reserve plots a number of extra aggressive rate of interest hikes this yr.

JUNE 2022 HIGHLIGHTS:
-1,106 #Bitcoin self-mined,
-10.3 EH/s self-mined
-+180,000 ASIC servers in operation
-7.6 EH/s co-location (internet hosting)
-Each day self-mining elevated by 14% from June 1 (34.8) to June 30 (39.8)https://t.co/KeypwtMEfr

— Core Scientific (@Core_Scientific) July 5, 2022

Crypto investor Sequoia Capital China reportedly raises $9 billion

Within the depths of crypto winter, no less than one enterprise capital agency continues to develop its warfare chest. Sequoia Capital China, the Chinese language affiliate of crypto-focused enterprise agency Sequoia Capital, is reportedly elevating $9 billion for 4 startup funds. Though particulars stay sparse, it was reported that fifty% of the elevate was oversubscribed. It stays to be seen how the funds will likely be deployed, however on condition that Sequoia China has already backed blockchain performs corresponding to Babel Finance and DeBank, we will anticipate blockchain and crypto startups to be properly represented.

Don’t miss it! What’s the present state of the crypto market?

Is the bear market affecting your psyche? How for much longer till we hit backside, or have we already? On this week’s Market Report, I sat down with fellow analysts Jordan Finneseth, Yashu Gola and Benton Yaun to debate the present state of the crypto market and why July goes to be a pivotal month for threat belongings. You may watch the total replay under.

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