Voyager Digital: What you need to know ahead of scheduled auction
The price of VGX, the native token of the failed crypto brokerage firm, Voyager Digital, went up by over 60% in the last week, data from CoinMarketCap revealed.
In a recent announcement, the brokerage firm confirmed that an auction for its assets had been scheduled to take place on 13 September as part of its restructuring procedure. This was initially scheduled to hold on 29 September following a bidding process that was due on 6 September.
In a filing on 4 August, Voyager confirmed that 88 entities had shown interest in purchasing the assets of its failed business. Leading exchanges, Binance and FTX, have been rumored to be at the forefront of the assets acquisition efforts.
Ahead of the final auction, investors looking to ape in on this token should be aware that VGX traded flat for most of August, wherein its price, saw no growth for the first 25 days. However, before the end of the trading month, the price per VGX rallied by over 90% in less than ten days.
Source: CoinMarketCap
Following a significantly bearish run for many cryptocurrency assets in August, the past few weeks have been marked by a bullish retracement for most of them.
In the last week alone, a handful of cryptocurrency assets posted double-digit gains, according to data from CoinMarketCap.
Not left out, the price per VGX rallied by 67% in the last seven days, causing it to exchange hands at $0.9001. However, before this is taken as an indication of a sustainable rally, it is pertinent to reiterate that the rally could be short-termed.
A bearish correction might ensue following the auction scheduled to hold in less than 24 hours.
On the daily chart, the asset’s Money Flow Index (MFI) was positioned at the overbought position of 84, a position usually
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