Crypto Markets Recover and Binance Cancels Voyager Deal
Apr 26, 2023
Market Update Crypto markets bounced back sharply today, with $BTC up 5.42% and $ETH up 4.85%. Altcoins such as $ARB and $INJ had huge recoveries, up 15.0% and 28.9% from their lows yesterday. The biggest winner on this bounce has been $RNDR, up 40% from its lows yesterday and putting in new highs for 2023. Crypto's rally comes just after First Republic Bank shares hit record lows after depositors withdrew $100b. Traditional markets are up slightly today, SPX has risen 0.07%, and NDQ is up 1.11%. The US dollar has continued its move lower, falling 0.45%.Binance has backed away from its $1 billion asset purchase deal with bankrupt crypto exchange, Voyager. Voyager disclosed yesterday on Twitter that they received a letter from Binance confirming the termination and also stated that they would move to allow crypto and cash distributions to customers soon via the Voyager platform. This marks the second time a Voyager deal has fallen through - FTX had previously stated they would acquire Voyager, which fell through in November when FTX went insolvent.Alt Layer 1 blockchain, Avalanche, activated its Cortina upgrade on mainnet yesterday. It implements changes to help optimize the network for developers and migrate each Avalanche's chains to a single consensus mechanism. Avalanche curr