VGX Token

A US federal judge temporarily halted the proposed $1.3 billion sale of bankrupt cryptocurrency firm Voyager Digital to Binance.US on March 27. The ruling gives the US Securities and Exchange Commission (SEC) more time to investigate the deal&#39;s legality in court.The decision comes after Voyager Digital declared bankruptcy in February, attempting to sell its assets to Binance.US, the American subsidiary of major cryptocurrency exchange Binance. The proposed transaction was intended to give Binance.US a stronger foothold in the US market while also making Voyager&#39;s customers whole.In early March, bankruptcy judge Michael Wiles of the Southern District of New York granted Binance.US permission to proceed with the proposed sale. The United States Attorney&#39;s Office for the Southern District of New York and the Office of the United States Trustee, however, filed an immediate appeal challenging the bankruptcy court&#39;s approval of the sale.While VGX reached a high of $0.60 in the first 30 days of the year, this was merely due to the market&#39;s overall rally. The token was trading at $0.3292 at the time of publication, but its value has since dropped by 45%. VGX&#39;s daily active addresses on a 30-day moving average were 2.63 in the previous month, according to Santiment data.Several days in the last month, the altcoin registered no new trading addresses, indicating that only a few people thought it was a viable investment option. Furthermore, an examination of the alt&#39;s supply distribution revealed a stagnation in demand from the various cohorts of investors holding the alt. In most cases, a lack of interest from existing investors indicates a lack of confidence in the altcoin, which may further depress its value.On a daily basis, the lack of new demand has caused VGX&#39;s Chaikin Money Flow (CMF) to remain negative since September 2022. This was spotted at -0.22 at the time of publication.A negative CMF over an extended period indicates that selling pressure has been greater than buying pressure, which could result in a significant drop in the asset&#39;s price. A persistently negative CMF may also indicate that the bears are in control of the market and that a trend reversal is unlikely to occur soon.As of this writing, the token&#39;s Aroon Up Line was 35.71% in a downtrend. This demonstrated that VGX&#39;s most recent high was achieved a long time ago.

Voyager’s deal with Binance on ice: investors adrift as VGX yields melt away

ItsBitcoinWorld

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