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Voyager Digital: bankruptcy leaves a trail of destruction

 


A few weeks ago, many market observers did not expect Voyager Digital to go bankrupt without a hitch. Because Alameda Research quickly jumped to Voyager's side and provided a generous credit line.


This prompted celebrations for Sam Bankman-Fried, billionaire CEO of FTX, as it looked like he might be able to at least partially salvage the collapsing industry. However, Bankman-Fried is also the owner of Alameda Research. A company with which he participates in projects and companies and actively invests in cryptocurrencies. Alameda also has a stake in Voyager.


Now that Voyager has to drop its pants, a very different picture emerges. Because Alameda owes Voyager Digital a whopping 377 million US dollars and is therefore not only a shareholder, but also the second largest debtor. Three Arrows Capital is the undisputed number one. The hedge fund went bankrupt and is responsible for much of the market chaos. However, it is not known whether Alameda's debts will be offset in any way against the credit line granted to Voyager in June.


Can the market recover from this?

The fact that the contagion effects are becoming less and less threatening is a good sign. After all, a easing of the domino effect is a basic prerequisite for bottoming out in the current poor situation. Because the Fed is primarily responsible for a bearish sentiment, the bankruptcies are only aggravating.


A more complicated question will be finding a reason to let the market go higher again. There was obviously so much leverage at work that the jumps in prices last year cannot be explained by “ mass adoption ” or groundbreaking inventions. Conversely, this means that it could now become more difficult to pump capital into the market again.


The crypto market has weathered very different difficulties before, but each has taken a few years to digest the aftermath. It would not be surprising if history repeats itself in this respect. Perhaps it is also good if cryptocurrencies and blockchain technologies are not evaluated solely through speculative elements, but can be measured by their usefulness.

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