Voyager Digital (VYGVF), the crypto trading platform with 1.6M verified users and 61 digital coins available, has just released its 24-hour and weekly trading data. Below are insights around the data and the news this past week about bitcoin steadying out from CEO & co-founder Steve Ehrlich.
Crypto Crackdowns In China
Commentary from Steve Ehrlich, CEO & co-founder of Voyager Digital:
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Bitcoin appears to be less sensitive to the news in the past week, with the price holding relatively steady in the $34k-35k range despite the continued crypto crackdowns in China that shut down over half of the world's Bitcoin mines. The price seemed to take the biggest hit from negative sentiment during the May sell-off, and is now steadying out, possibly poised for positive price momentum.
In response to the recent mining drop-off, the Bitcoin mining code was automatically adjusted to be 28% easier to compute, incentivizing miners to continue producing blocks. There has never been such a steep drop in algorithmic difficulty, and it could be an effective way to get miners to re-enter the space now that there currently are less machines (due to the crackdowns) which means increased profit for miners.
Bitcoin remains in our top weekly net buys, taking the #2 spot after SHIB.
SHIB, ADA, DOT, STMX, and BTC are among our top net buys in the past 24 hours. Last week, Bitcoin did not make the top net buys for the day, so we're seeing its comeback this week (in the #5 spot as of Wednesday morning). Bitcoin has been trading sideways in the past day, which may signal some hesitancy from investors, but ultimately, we're seeing users on our app taking the relatively lower price point as an opportunity to increase their holdings.
Weekly Comment | Bitcoin Steadying Out
Top net buys for this week (6/30-7/7)
Biggest rank gains (by net buys week-over-week, 6/23-6/30 vs. 6/30-7/7)
Top net buys for today
Biggest rank gains (by net buys 24hrs)