- Voyager’s creditors have summoned the top FTX and Alameda Research officials for a statement on February 23.
- A drop in VGX buying pressure will result in further price declines.
in a new court fileVoyager Digital’s committee of unsecured creditors issued subpoenas to top executives at FTX and Alameda Research.
This comes two weeks after the bankruptcy administrators Issued Similar subpoenas were sent to founder and former CEO Sam Bankman-Fried, former Alameda CEO Carolyn Ellison, FTX co-founder Gary Wang and the exchange’s chief product officer, Ramnik Arora.
Reading Voyager (VGX) Price Prediction 2023-2024
The officers summoned in the last court appearance are expected to appear to testify on February 23. The recently issued series of subpoenas is part of efforts by Voyager creditors to investigate FTX. Attempt To rescue the crypto lender from bankruptcy in July 2022.
VGX holders continue to enjoy the pain
At press time, VGX changed hands at $0.5164. Despite experiencing a 71% increase in value year to date as a result of the general market rally, the token’s value has declined by more than 50% since Voyager filed for bankruptcy in July 2022.
With uncertainty surrounding the exact date when investors and users of the bankrupt crypto lender will recover, VGX has been plagued by negative sentiment since December 1, 2022.
data from on-chain data providers Emotion At press time, it showed a weighted sentiment for the pegged token at -0.152.
Additionally, holders continued to post losses despite the recent rally in the alt price over the past month. According to Sentiment data, VGX’s MVRV ratio has been negative since Voyager’s bankruptcy announcement seven months ago.
The latest price hike didn’t change that. At press time, VGX had an MVRV ratio of -90.88%.
When the MVRV of a crypto asset is less than zero, it implies that the average investor who owns that particular cryptocurrency is losing their investment.
This means that the current market price of the cryptocurrency is less than the average cost at which investors acquired the coins. In other words, the market is bearish and selling pressure is high.
In the short term, wait
sharing a statistically significant positive correlation with Bitcoin (BTC)An assessment of VGX’s performance on the daily chart showed that the decline in the King Coin price influenced the price of altcoins.
A look at the coin’s moving average convergence/divergence (MACD) revealed the start of a new bearish cycle on Feb. 6. Since then, VGX has lost 4% in price. coin market cap.
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A drop in prices is often caused by an initial drop in buying pressure, which happened in the case of VGX. The token’s Chaikin Money Flow (CMF) breached the center line in the downtrend at -0.42 at press time.
When the CMF of an asset is negative, it indicates that there is more selling pressure on the asset, since the money leaving the asset is more than the money coming in.
A continued decrease in buying pressure combined with negative investor sentiment is likely to cause a further decline in the price of VGX.