Home / Forex News /Unredacted Financial Documents Show Blockfi's $1.2 Billion Connection With FTX, Alameda Research 

Unredacted Financial Documents Show Blockfi's $1.2 Billion Connection With FTX, Alameda Research 

25 Jan 2023

Dogecoin slipped to a five-day low on Wednesday, as the meme coin fell for a second straight session. The move saw prices drop by over 5%, edging closer towards a key price floor in the process. Polygon also extended recent declines, hitting its weakest point since January 19.

Dogecoin (DOGE) dropped to a five-day low on Wednesday, as the global cryptocurrency market cap fell by as much as 3% today.

Following a low of $0.08919, DOGE/USD fell to an intraday low of $0.08245 earlier today.

The move saw dogecoin hit its lowest point since January 20, which is the last time prices were trading at a floor of $0.080.

As can be seen from the chart, the decline took place as the 14-day relative strength index (RSI) collided with a support level of its own at 55.00.

In addition to this, the 10-day (red) moving average has now shifted its direction, and appears to be on course for a downward trend.

Should this take place, and result in a crossover with the 25-day (blue) moving average, then DOGE will likely be trading below $0.080.

Polygon (MATIC) was also in the red on hump day, with the token moving lower for a third consecutive day.

MATIC/USD fell below the $1.00 mark in today’s session, as prices slipped to a low of $0.938 earlier in the day.

Similar to dogecoin, today’s decline has pushed polygon to its weakest point since last Thursday, when prices were trading at a floor of $0.940.

Looking at the chart, price strength also edged lower, with the relative strength index (RSI) falling below a floor of 58.00.

As of writing, the index is now tracking at 55.96, with a floor of 53.00 the next possible target for bears.

Bulls have so far rejected this advance, with MATIC rebounding from earlier lows, currently sitting at $0.9588, at the time of writing.

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Tags in this story
Analysis, Doge, dogecoin, matic, Polygon

What is behind today’s bearish momentum in crypto markets? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons, viewimage / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Dogecoin slipped to a five-day low on Wednesday, as the meme coin fell for a second straight session. The move saw prices drop by over 5%, edging closer towards a key price floor in the process. Polygon also extended recent declines, hitting its weakest point since January 19.

Dogecoin (DOGE) dropped to a five-day low on Wednesday, as the global cryptocurrency market cap fell by as much as 3% today.

Following a low of $0.08919, DOGE/USD fell to an intraday low of $0.08245 earlier today.

The move saw dogecoin hit its lowest point since January 20, which is the last time prices were trading at a floor of $0.080.

As can be seen from the chart, the decline took place as the 14-day relative strength index (RSI) collided with a support level of its own at 55.00.

In addition to this, the 10-day (red) moving average has now shifted its direction, and appears to be on course for a downward trend.

Should this take place, and result in a crossover with the 25-day (blue) moving average, then DOGE will likely be trading below $0.080.

Polygon (MATIC) was also in the red on hump day, with the token moving lower for a third consecutive day.

MATIC/USD fell below the $1.00 mark in today’s session, as prices slipped to a low of $0.938 earlier in the day.

Similar to dogecoin, today’s decline has pushed polygon to its weakest point since last Thursday, when prices were trading at a floor of $0.940.

Looking at the chart, price strength also edged lower, with the relative strength index (RSI) falling below a floor of 58.00.

As of writing, the index is now tracking at 55.96, with a floor of 53.00 the next possible target for bears.

Bulls have so far rejected this advance, with MATIC rebounding from earlier lows, currently sitting at $0.9588, at the time of writing.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Doge, dogecoin, matic, Polygon

What is behind today’s bearish momentum in crypto markets? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons, viewimage / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

Unredacted documents mistakenly sent to the bankruptcy court indicate that the now-defunct crypto lender Blockfi had more than $1.2 billion tied up with FTX and Alameda Research. The accidentally revealed documentation shows that Blockfi’s exposure to the bankrupt crypto firm FTX was more than what the company had previously disclosed.

It seems that Blockfi had a lot more money tied up with FTX and Alameda Research than what was originally suggested by the firm. A CNBC report indicates that unredacted documents were mistakenly sent to the bankruptcy court, revealing that Blockfi had $415.9 million connected to FTX, and roughly $831.3 million in loans to Alameda Research.

The latest Blockfi filing shows that $1.2 billion is allegedly tied up with both FTX and Alameda, both of which have filed for Chapter 11 bankruptcy protection. When Blockfi’s bankruptcy case started in New Jersey, lawyers originally quoted the loans to Alameda as being around $671 million, and another $355 million was said to be locked on the FTX exchange. Blockfi paused withdrawals on Nov. 10, 2022, one day before FTX filed for bankruptcy.

Two days before the pause, Blockfi co-founder Flori Marquez told the crypto community that “Blockfi is an independent business entity” amid the FTX drama. She further noted that Blockfi had a “$400 million line of credit from [FTX US] (not FTX.com) and will remain an independent entity until at least July 2023.” Less than a month later, Blockfi filed for Chapter 11 bankruptcy protection in the state of New Jersey.

CNBC further reports that Blockfi has 125 staff members still on Blockfi’s payroll and a total of $11.9 million will be collected on an annualized basis. Furthermore, five top Blockfi executives are still earning $822,000 for the year, according to a presentation designed by M3 Partners. CNBC’s MacKenzie Sigalos reached out to Blockfi, but the company “did not respond to a request for comment.”

What do you think is the impact of this Blockfi revelation? Let us know your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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