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<ul class="summary-list"><li>Crypto lender <keyword id="12161809" type="UNKNOWN" weightage="60" keywordseo="voyager-digital" source="Orion">Voyager Digital</keyword> filed for Chapter 11 <keyword id="11976192" type="UNKNOWN" weightage="60" keywordseo="bankruptcy" source="Orion">bankruptcy</keyword> protection on Tuesday. </li><li>Voyager said it has been hurt by "prolonged volatility and contagion" in the crypto <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.</li></ul><a href="https://markets.businessinsider.com/stocks/vygvf-stock">Voyager Digital</a> filed for bankruptcy protection on Tuesday as the crypto platform navigates through a meltdown in prices in the digital-asset market and its exposure to a hedge fund that failed to repay a multimillion-dollar loan. "This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers," CEO Stephen Ehrlich said in a <a href="https://www.prnewswire.com/news-releases/voyager-digital-commences-financial-restructuring-process-to-maximize-value-for-all-stakeholders-301581177.html">press statement</a>. In <a href="https://cases.stretto.com/public/x193/11753/PLEADINGS/1175307062280000000036.pdf">Chapter 11 filing</a> with the bankruptcy court in the Southern District of New York, Voyager Digital listed Alameda Research Ltd. and Alameda Research Ventures among its creditors. Alameda, founded by crypto billionaire and FTX brokerage boss <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-crypto-billionaire-trade-bitcoin-digital-asset-payment-2021-7">Sam Bankman-Fried</a>, last month extended a loan to aid Voyager. Voyager's filing followed its <a href="https://markets.businessinsider.com/news/currencies/voyager-digital-crypto-bitcoin-daily-withdrawal-limit-10000-loan-3ac-2022-6">warning in June</a> that cryptocurrency hedge fund <keyword id="14273678" type="UNKNOWN" weightage="60" keywordseo="three-arrows" source="Orion">Three Arrows</keyword> Capital, or 3AC, hadn't repaid a loan of 15,250<a href="https://markets.businessinsider.com/currencies/btc-usd"> bitcoin</a> and $350 million of the<a href="https://markets.businessinsider.com/currencies/usdc-usd"> USDC stablecoin</a>, amounting to more than $660 million. Three Arrows last week filed for Chapter 15 bankruptcy, crippled in part by its own exposure to the collapse of cryptocurrency luna. <a href="https://markets.businessinsider.com/stocks/vygvf-stock"></a>Meanwhile, the so-called "crypto winter" in the cryptocurrency market has pulled the market's valuation to roughly $905 billion after hitting an all-time high above $3 trillion in November. <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> on Wednesday traded around $20,000, sliding from its all-time high above $68,000 in November. The "prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital on a loan from the company's subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now," said Ehrlich. Voyager said it has more than $110 million of cash and owned crypto assets on hand that will provide liquidity to support day-to-day operations during the Chapter 11 process.<a href="https://markets.businessinsider.com/news/currencies/bitcoin-backed-loans-crypto-crash-liquidity-crisis-bankruptcy-collapse-3ac-2022-7">Crypto lenders Vauld and Celsius Network</a> have also been hit by the crypto-market crisis, forcing each to recently suspend withdrawals. Celsius has paid down $183 million of its debt to decentralized exchange Maker, <a href="https://www.coindesk.com/markets/2022/07/05/celsius-repays-183m-on-defi-exchange-maker-gets-back-collateral-blockchain-data-shows/">according to CoinDesk</a>, citing blockchain data. <div type="image" title="Voyager Digital CEO Steve Ehrlich" height="683" width="1367" msid="92707836" hostid="261" sizebytes="33676"></div>

Crypto firm Voyager Digital files for bankruptcy amid large loan loss and contagion in the digital asset market

<ul class="summary-list"><li>Shark Tank investor Mark Cuban will be deposed for his promotion of the now-defunct crypto lender Voyager.</li><li>Cuban had promoted the company as being "as close to risk-free as you're gonna get."</li></ul>Shark Tank investor Mark Cuban will be deposed next month in connection to his promotion of Voyager, the crypto lender described as a "Ponzi scheme" in a class action lawsuit.The <a href="https://www.businessinsider.com/mark-cuban-crypto-trading-bankrupt-voyager-digital-lawsuit-ponzi-report-2022-8">lawsuit</a>, which was originally filed in August, aims to hold Cuban and Voyager CEO Steve Ehrlich responsible for over $5 billion in lost customer funds. Cuban requested to split his deposition in court over two hearings, though that request was <a href="https://assets.law360news.com/1563000/1563561/https-ecf-flsd-uscourts-gov-doc1-051125442809.pdf">denied yesterday</a>, according to court documents, with orders for Cuban to deliver his testimony in one session on February 2.Voyager investors have claimed that Cuban and Ehrlich roped in naive customers to the platform, as Cuban, an <a href="https://markets.businessinsider.com/news/currencies/crypto-crash-mark-cuban-ftx-bankman-fried-arrest-bitcoin-bubble-2022-12">avid cryptocurrency investor</a>, touted the crypto exchange on numerous occasions to his followers. Cuban previously stated that he was a customer of Voyager himself, and claimed it was "as close to risk-free as you're gonna get in the crypto universe." Cuban's basketball team, the Dallas Mavericks, also entered a five-year partnership with the now-bankrupt crypto exchange. At one point, the the team ran a promotion wherein <a href="https://markets.businessinsider.com/news/currencies/mark-cuban-dallas-mavericks-free-bitcoin-100-voyager-digital-app-2021-10">Mavericks fans would receive $100 worth of Bitcoin</a> if they deposited $100 into Voyager."The Deceptive Voyager Platform … was an unregulated and unsustainable fraud, similar to other Ponzi schemes," the <a href="https://www.courthousenews.com/wp-content/uploads/2022/08/robertson-cuban-complaint-usdc-florida.pdf">class action</a> complaint reads. "Defendants Mark Cuban and Stephen Ehrlich were key players who personally reached out to investors, individually and through the Dallas Mavericks, to induce them to invest in the Deceptive Voyager Platform." <a href="https://markets.businessinsider.com/news/currencies/crypto-voyager-digital-bankruptcy-protection-filing-bitcoin-loan-prices-trading-2022-7">Voyager declared bankruptcy</a> last summer and was part of a <a href="https://markets.businessinsider.com/news/currencies/crypto-markets-recap-terrausd-meltdown-ftx-collapse-sam-bankman-fried-2022-12">chain of bankruptcies</a> among crypto firms stemming from the collapse of Terra-Luna, which sparked a massive sell-off in digital assets. The firm is going through Chapter 11 bankruptcy proceedings. <a href="https://markets.businessinsider.com/news/currencies/binance-sec-voyager-digital-exchange-cryptocurrencies-bankruptcy-filing-markets-objection-2023-1">Binance.US has made a $1 billion bid</a> to buy the assets of the defunct firm, though the deal is being scrutinized by the Securities and Exchange Commission, which raised a limited objection to the transaction.

Mark Cuban to be deposed over his promotion of Voyager crypto 'Ponzi scheme' in class action lawsuit

<ul class="summary-list"><li>The <keyword id="218068" type="General" weightage="60" keywordseo="dallas-mavericks" source="Orion">Dallas Mavericks</keyword> said they'd give $100 in bitcoin to people who download the Voyager app.</li><li>The offer expires on Saturday at 11:59 p.m. CT, the <keyword id="6361805" type="General" weightage="60" keywordseo="nba" source="Orion">NBA</keyword> team's digital content manager tweeted.</li><li>The Mavericks entered into a five-year partnership with Voyager Digital on Wednesday.</li></ul><keyword id="219358" type="General" weightage="60" keywordseo="mark-cuban" source="Orion">Mark Cuban</keyword>'s Dallas Mavericks said on Wednesday that they would give away bitcoin to people who download the <a href="https://markets.businessinsider.com/stocks/vygvf-stock">Voyager Digital</a> app this week.Until October 30, Saturday, at 11:59 p.m. CT, every person who downloads the app, enters a promo code, deposits $100, and makes a trade will get $100 worth of bitcoin, Bobby Karalla, the NBA team's digital content manager, <a href="https://twitter.com/bobbykaralla/status/1453470594369003521">tweeted</a>.The cryptocurrency platform on Wednesday <a href="https://www.prnewswire.com/news-releases/voyager-digital-becomes-the-official-cryptocurrency-brokerage-partner-of-the-dallas-mavericks-301410015.html">announced a five-year partnership</a> with the basketball team.The deal includes the right to name the Mavs Gaming Hub, the official gaming and event venue for the Mavs' <keyword id="8375620" type="General" weightage="60" keywordseo="nba-2k-league" source="Orion">NBA 2K League</keyword> team.The platform teamed up with the Mavs because of their leadership in the NBA and Cuban's deep understanding of digital assets, Voyager CEO and cofounder Steve Ehrlich said in a statement.Cuban has been <a href="https://markets.businessinsider.com/news/currencies/mark-cuban-crypto-internet-stock-bubble-robinhood-bitcoin-stablecoin-regulation-2021-10">outspoken</a> about his crypto beliefs, recently <a href="https://markets.businessinsider.com/news/currencies/mark-cuban-invest-in-dogecoin-for-fun-ethereum-for-returns-2021-10">touting</a> dogecoin as a fun investment and <a href="https://markets.businessinsider.com/news/currencies/mark-cuban-crypto-internet-stock-bubble-robinhood-bitcoin-stablecoin-regulation-2021-10">likening</a> the crypto boom to the dot-com bubble.Voyager Digital, founded in 2018, allows its over 2 million verified users to trade over 60 currencies. The platform joins the growing number of crypto firms looking to tap into the sports industry.Earlier this month, <a href="https://markets.businessinsider.com/stocks/coin-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">Coinbase</a> signed a <a href="https://markets.businessinsider.com/news/currencies/coinbase-nba-wnba-usa-basketball-75-season-cryptocurrency-sports-ftx-2021-10">multiyear partnership</a> with the NBA. FTX earlier this year signed a <a href="https://account.miamiherald.com/paywall/subscriber-only?resume=250027209" target="_blank" rel="noopener">$135 million deal</a> for the naming rights to the Miami Heat's stadium and partnered with MLB in <a href="https://markets.businessinsider.com/news/currencies/ftx-mlb-first-cryptocurrency-exchange-sponsor-baseball-major-league-bitcoin-2021-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">June</a> to become the first crypto-exchange sponsor in professional sports.

Mark Cuban's Dallas Mavericks say they'll give $100 in bitcoin to people who download the Voyager Digital app this week

<ul class="summary-list"><li>As investors head into the fourth quarter, <keyword id="11961769" type="UNKNOWN" weightage="60" keywordseo="altcoins" source="Orion">altcoins</keyword> to watch include Avalanche, Boost and Polygon.</li><li>Investors will sharpen their focus on real-world applications offered by blockchain networks. </li><li>The overall <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> market cap is again approaching the $2 trillion mark. </li></ul>Growth around non-fungible tokens and decentralized finance helped prices for some altcoins soar during the third quarter, and investors are looking for the next breakout as the fourth quarter begins.The global cryptocurrency market is again approaching the $2 trillion mark, as prices for Cardano's ada, solana and other altcoins have taken off, with cardano ada now the third most-traded crypto.Now in the months ahead, investors will sharpen their focus on the benefits and shortfalls emerging from recent speed and efficiency upgrades on the blockchain networks of key altcoins, Ed Moya, senior currency analyst at Oanda, told Insider. "Everyone has been focused on which altcoins are going to address that scalability concern that you have with ethereum and bitcoin," he said. "People have to understand which businesses are going to be the leaders in NFTs or smart contracts," and other operations, he said. "I think that's where the market is and education takes some time. The industry is ripe for consolidation." Here are six altcoins (in alphabetical order) experts tell Insider they'll be watching during the fourth quarter and beyond:1) Avalanche (AVAX) Market Capitalization: $14.5 billion Year-to-date performance: Up 1954% at $65.94The blockchain <a href="https://www.businessinsider.com/altcoins-to-watch-in-the-avalanche-ecosystem-crypto-traders-analysts-2021-10">developed by Ava Labs</a> is a smart contracts platform for decentralized applications and its AVAX token began trading on Coinbase Pro this past week.Avalanche "is way faster than ethereum and it wants to be even faster, which is great because I think that's very important when it comes to finance and DeFi projects and applications," Tally Greenberg, head of business development at Allnodes, told Insider."It's a promising technology that basically does more for less," she said, adding that it uses a proof-of-stake system that's more energy-efficient than a proof-of-work one based on mining, she said. Steve Ehrlich, founder and CEO of cryptocurrency-asset broker Voyager Digital, told Insider he sees Avalanche as a viable alternative to ethereum. "As soon as they start adding some projects and art on their NFT network, you'll start to see a lot more consumers buying and selling NFTs," on Avalanche, he said.Ehrlich said Avalanche, as well as solana and cardano, are cheaper alternatives to ethereum, which has high fees for conducting transactions.2) <keyword id="12229631" type="UNKNOWN" weightage="60" keywordseo="boost-coin" source="Orion">Boost Coin</keyword> Fully diluted market capitalization: $53 million Year-to-date performance: Up 293% to $0.0505Launched in August, <a href="https://boostco.in/faq/">Boost Coin</a> fuels the Boost ecosystem that's centered on decentralized finance tools. Boost Swap, a decentralized exchange, is the first tool, with the company behind it saying it's similar to crypto exchanges Uniswap, SushiSwap, and PancakeSwap.Decentralized exchanges, or DEXs, offer a peer-to-peer platform where <a href="https://markets.businessinsider.com/news/currencies/china-crypto-ban-uniswap-sushiswap-dxdy-decentralized-exchanges-tokens-ether-2021-9">parties use smart contracts to execute their trades</a> and don't rely on intermediaries such as clearing houses."There's a lot of value in the exchanges market," Dr. Don Basile, CEO of Monsoon Blockchain, told Insider, highlighted in part by this year's trading debut of <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase</a>, now a $48 billion centralized crypto exchange.Boost's approach to connect buyers and sellers without a centralized entity is a "potentially disruptive idea," he said.Boost can be acquired by exchanging ethereum for it using Uniswap or Boost Swap. But Basile said it's too early to say whether its price is undervalued or overvalued as the coin is just a few weeks old.Meanwhile, Basile is also the founder of <a href="https://bitcoinlatinum.com/" target="_blank" rel="noopener noreferrer">Bitcoin Latinum</a>, which is expected to begin trading around the week of October 21. The energy-efficient cryptocurrency is aimed at delivering faster transaction speeds and lower costs to high-growth <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> such as media and gaming.<a href="https://markets.businessinsider.com/currencies/ada-usd">3) Cardano ada</a> Market Capitalization: $69.3 billion Year-to-date performance: Up 1092% at $2.16Cardano's profile and that of its ada token, have boomed in recent months. The network last month ran its alonzo upgrade that brought <a href="https://markets.businessinsider.com/news/currencies/cardano-ada-alonzo-upgrade-defi-smart-contracts-charles-hoskinson-2021-9">smart contract capability to its network</a>, a move that could bolster its competitiveness with ethereum."A lot of our customers hold a lot of cardano on our platform so we see quite an increase of people being interested," in the network, Ehrlich said. And after recently being introduced to "some pretty cool" art built on Cardano, he thinks the network will make some headway soon in the NFT space. Moya sees a lot of investors mixed on Cardano ada after its price climbed to $3. But he added, "There are still a lot of institutional players that are eyeing it as interesting altcoin to hold."4) Crypto.com Coin CRO Market Capitalization: $4.2 billion Year-to-date performance: Up 183% at $0.16531<a href="https://crypto.com/price/crypto-com-coin">Crypto.com</a> is a cryptocurrency exchange and consumer financial services company whose Coin serves as the token for Crypto.com's Chain, a decentralized open-source blockchain launched in March. CRO is used for staking, payments, and settlements, said Greenberg, who thinks CRO is undervalued."It's in use on a daily basis," in part through Crypto.com's prepaid Visa card and Crypto.com, she said, adding that its Chain network has a sustainability goal of becoming carbon negative by next year. <a href="https://markets.businessinsider.com/currencies/doge-usd">5) Dogecoin</a> Market Capitalization: $27.3 billion Year-to-date performance: Up 4307% at $0.2064Oanda's Moya put the hugely popular meme coin on his watch list to see if it eventually crashes, which he thinks would actually be a positive sign."There are too many coins that don't have the financing, that don't have the infrastructure in place to be a legitimate investment," he said. "It's hard to go from a meme coin to a legitimate coin." Tesla boss Elon Musk in August backed billionaire investor Mark Cuban's claim that dogecoin is the <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-backs-mark-cubans-claim-that-dogecoin-is-the-best-cryptocurrency-as-a-medium-of-exchange/articleshow/85349880.cms">strongest cryptocurrency as a medium of exchange</a>. Cuban's NBA team, the Dallas Mavericks, <a href="https://twitter.com/mcuban/status/1426029215292530692?s=20">accepts dogecoin as a payment vehicle</a>. 6) Polygon (previously MATIC) Market Capitalization: $7.6 billion Year-to-date performance: Down 27% at $1.236<a href="https://polygon.technology/">Polygon</a> is designed to scale ethereum chains and develop the blockchain's infrastructure. It's <a href="https://markets.businessinsider.com/news/currencies/mark-cuban-invests-polygon-ethereum-crypto-platform-2021-5">caught the eye of Mark Cuban</a> who earlier this year added the platform to his investment portfolio.Polygon, originally called Matic, created the Matic token that's used on transactions on the network. Matic is also among the roughly 40 altcoins on the watch list for Allnodes' Greenberg. She sees Matic as undervalued as it has low network fees and just enough volatility to benefit trading."For those who are looking for a less aggressive investment strategy, there's a staking opportunity. So it's a well-round blockchain and cryptocurrency."Polygon uses the proof-of-stake system of <a href="https://markets.businessinsider.com/news/currencies/proof-of-stake-exchange-coins-outperformed-crypto-market-goldman-sachs-2021-8">securing a cryptocurrency's network</a> under which users put forward or "stake" some of their coins to gain the right to verify transactions and, in exchange, earn more coins. Greenberg said users recently could make an annual return of 13.65% on their investments, "which is huge."

Here are 6 altcoins experts are watching as the 4th quarter kicks off

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> is poised to rise above $56,000 by year's end, a wide majority of survey respondents told <keyword id="12161809" type="UNKNOWN" weightage="60" keywordseo="voyager-digital" source="Orion">Voyager Digital</keyword>. </li><li>The cryptocurrency-asset broker also found that more people are bullish in bitcoin vs. the prior quarter. </li><li>The uptick in bullish <keyword id="12161810" type="UNKNOWN" weightage="60" keywordseo="crypto-sentiment" source="Orion">crypto sentiment</keyword> comes in the face of increased regulatory scrutiny. </li></ul>Crypto investors have grown more optimistic about the price outlook for <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">bitcoin</a> and other digital assets in the last quarter, even in the face of more regulatory scrutiny, a new survey from Voyager Digital shows. According to the cryptocurrency-asset broker's third-quarter sentiment survey results sent to Insider, 8 out of 10 are bullish on bitcoin over the next three months. That's an uptick from the second quarter, when 7 out of 10 respondents held a bullish view on the market. The latest survey also found 8 out of 10 see bitcoin topping $56,000 by the end of 2021, representing a 27% rise from Thursday's price at around $44,000."As our user base continues to grow and digital asset adoption increases, our survey results suggest that a greater number of investors see Bitcoin as a better store of value compared to more traditional asset classes such as stocks, real estate, and government bonds," Steve Ehrlich, Voyager's founder and CEO, said in the survey statement."This is significant when you consider that over a fifth (22%) of respondents have been investing in crypto for over two years," and that it's likely many of them will consider not having exposure to traditional asset classes again, he said. The results also showed 40% expect bitcoin to trade above $71,000 at some point in the fourth quarter, topping the all-time high of $64,863 reached in April. The prior sentiment survey released in June said 38% had expected bitcoin to finish the third quarter between $56,000 and $70,000. Among altcoins, 40% of investors surveyed by Voyager were bullish on <a href="https://markets.businessinsider.com/currencies/ada-usd">Cardano's ada token</a> followed by <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> at 16%.Scrutiny of the crypto market continued during the third quarter as US regulators sought more avenues to oversee the market. The Treasury Department and other agencies are quickly moving to target stablecoins for tighter regulation, <a href="https://www.nytimes.com/2021/09/23/us/politics/cryptocurrency-regulators-rules.html">The New York Times reported Thursday</a>.And Securities and Exchange Commissioner Gary Gensler likened stable coins to "poker chips" in an interview with <a href="https://www.washingtonpost.com/washington-post-live/2021/09/21/path-forward-cryptocurrency-with-gary-gensler-us-securities-exchange-commission-chair/" target="_blank" rel="noopener">the Washington Post</a> this week.He has also called on lawmakers to give the agency authority to legally monitor crypto exchanges. <a href="https://markets.businessinsider.com/news/currencies/sec-gary-gensler-crypto-regulation-exchanges-coinbase-securities-lending-2021-9">Last week, he said those exchanges need to "come in and talk" to the agency</a>, just days after clashing with trading platform <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase</a> over a lending product. Coinbase has since <a href="https://markets.businessinsider.com/news/currencies/coinbase-crypto-lending-program-sec-lend-abandons-usdc-apy-waitlist-2021-9">dropped its plans for Lend</a>. Meanwhile, big-money investors are <a href="https://markets.businessinsider.com/news/currencies/bitcoin-ethereum-crypto-price-futures-solana-cardano-futures-cme-jpmorgan-2021-09" target="_blank" rel="noopener noreferrer">shying away from bitcoin futures</a> and pivoting to ethereum futures as expectations for bitcoin soften, according to JPMorgan analysts. They noted that in September, bitcoin futures on the Chicago Mercantile Exchange have traded below the price of an actual bitcoin.

Bullish sentiment toward crypto assets increases with 8 of 10 people seeing bitcoin bounce above $56,000 by year's end, says Voyager Digital

<ul class="summary-list"><li>Major <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> rose in lockstep with <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> after <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> tweeted that <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> may accept the popular coin as payment.</li><li>Ether, <keyword id="2762594" type="PERSON" weightage="60" keywordseo="tether">tether</keyword>, <keyword id="7428809" type="UNKNOWN" weightage="60" keywordseo="binance-coin">binance coin</keyword>, <keyword id="5294933" type="PERSON" weightage="60" keywordseo="cardano">cardano</keyword>, and <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword>, all edged higher over the last 24 hours.</li><li>An expert said she is unsure whether the most recent pop signals a continuing upward trend, but she does know one thing: "Musk is responsible."</li></ul>Major cryptocurrencies rose on Monday, moving in lockstep with <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bitcoin</a>'s jump after Elon Musk <a href="https://twitter.com/elonmusk/status/1404132183254523905">tweeted</a> that <a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Tesla</a> would accept the cryptocurrency as payment again once mining can be done using cleaner energy.Bitcoin edged higher Monday following the tweet, inching closer to $40,000, its highest level in two week.Here's where the major cryptocurrencies stood in the past 24 hours as of Monday morning ET:<ul><li><a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Ether:</a> up 5.03% to $2,489</li><li><a href="https://markets.businessinsider.com/currencies/bnb-usd">Binance Coin</a>: up 6.4% to $359</li><li><a href="https://markets.businessinsider.com/currencies/ada-usd">Cardano</a>: up 5.1% to $1.52</li><li><a href="https://markets.businessinsider.com/currencies/doge-usd">Dogecoin</a>: up 3.6% to $0.323654</li></ul>Alexandra Clark, sales trader at GlobalBlock, a UK-based digital asset broker, said that Sunday, when the Tesla chief tweeted, was a turning point for bitcoin, whose movements often influence the broader market."A number of analytic tools, including the spent output profit ratio and stock-to-flow, all firmly point to an undervalued bitcoin at current prices, although many analysts are still on the fence when it comes to determining whether the digital asset is ready to continue its uptrend," she said in a note. "What we do know, is that Musk is responsible."The cryptocurrency market has yet to recover from its May crash when it suffered a sharp sell-off, <a href="https://markets.businessinsider.com/currencies/news/crypto-market-value-47-percent-lost-7-days-2021-5-1030447473">wiping out 47% of its entire value</a>. Most coins have been moving sideways as of late, after peaking to their record highs earlier this year. Yet a recent finding from crypto-asset broker Voyager revealed that 81% of respondents in a recent survey are more confident in the future of cryptocurrency following last month's crash. Steve Ehrlich, CEO of Voyager, said this increase was a much higher percentage compared to the last survey conducted in April.But for Pankaj Balani, CEO at Delta Exchange, the surge is temporary. He said that given the market's little appetite to own risk, most traders would be inclined to own bitcoin risk rather altcoins."We have seen altcoins underperform bitcoins in this bounce and we expect the same to continue over the next few months," he said. "Capital has been rotating out of altcoins into bitcoin."Bitcoin market capitalization dominance, which had hit a low of 40% has already bounced to 46%.

Ether and other major cryptocurrencies follow bitcoin higher after Elon Musk says Tesla may accept it as payment again

<ul class="summary-list"><li><keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> <keyword id="6355928" type="UNKNOWN" weightage="60" keywordseo="arrested">arrested</keyword> more than 1,100 suspects on charges of <keyword id="6355008" type="UNKNOWN" weightage="60" keywordseo="Money-laundering">money laundering</keyword> using cryptocurrency.</li><li>Criminal clients paid up to 5% commission for conversion of dirty money into crypto, it said.</li><li>The country banned financial institutions from offering crypto services about a month ago.</li></ul>Police in China arrested more than 1,100 people suspected of using cryptocurrencies to launder money acquired through telecommunication scams, the country's Ministry of Public Security said on its <a href="https://mp.weixin.qq.com/s/XjO7d4xjn7fXFCTQNf0Hqw">official WeChat account</a>.Its investigators have stamped out over 170 criminal gangs to date in an operation to crack down on telecom fraud, the ministry said Wednesday.The suspected "coin farmers" converted the proceeds of illegal activity into cryptocurrencies on trading platforms and charged their criminal clients commissions of between 1.5% to 5% for the service, the ministry said. "The high illegal income attracts a large number of people to participate, causing serious social harm," it said in its posted statement.Investigators are currently looking into money-laundering activity across 23 provinces and regions in China, including Beijing, Hebei, Shanxi, and Liaoning, according to the ministry.The arrests came about a month after Chinese authorities <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-rally-china-bans-banks-crypto-business-btc-2021-5-1030442848?utm_source=markets&amp;utm_medium=ingestgest">banned the country's financial institutions</a> from involvement in crypto-related payment services. The National Internet Finance Association of China, China Banking Association, and the Payment and Clearing Association of China warned investors that digital assets are not supported by real value.The Payment and Clearing Association of China said Wednesday that crimes involving digital currencies have been escalating as their anonymity facilitates convenient cross-border money laundering, <a href="https://www.reuters.com/world/china/china-arrests-over-1100-suspects-crackdown-crypto-related-money-laundering-2021-06-10/?taid=60c1c0ad2d0a1000013a7a99&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitterurce=twitter">Reuters reported</a>.China's clampdown is reflected in the closure of at least <a href="https://markets.businessinsider.com/currencies/news/china-crypto-crackdown-weibo-bitcoin-influencers-accounts-blocked-2021-6-1030499644">12 crypto-influencer accounts</a> on Weibo this week, with the social-media platform citing violations of "relevant laws and regulations."The country's ban on crypto transactions prompted a sharp sell-off across the digital asset market, sending <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> tumbling <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5-1030445035">as low as $30,000</a> last month. <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> was last trading 21% higher from that level at around $36,490 on Thursday.Some experts in the crypto industry think the move won't hurt prices over the long-term. "China has played this game before where they have banned crypto and brought it back," said Steve Ehrlich, CEO and co-founder of crypto-trading platform Voyager Digital, adding that a focus on its own digital currency may have been the motive behind the ban.Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-software-companies-undervalued-opportunities-investing-jmp-2021-6" target="_blank" rel="noopener noreferrer">An award-winning software analyst of nearly 20 years breaks down why these 4 beaten-down stocks are set to soar in the months ahead - including 1 with 163% upside</a>

China says it arrested over 1,100 suspects and busted 170 criminal gangs in a crypto-related money-laundering crackdown

<ul class="summary-list"><li>87% of respondents in a survey by cryptocurrency-asset broker <keyword id="11445442" type="UNKNOWN" weightage="60" keywordseo="voyager-digital">Voyager Digital</keyword> plan to buy more digital currencies in upcoming months. </li><li>Voyager said the survey indicates crypto buyers will take advantage of the recent market selloff led by <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>. </li><li>Crypto buyers are also bullish on <keyword id="5294933" type="PERSON" weightage="60" keywordseo="cardano">cardano</keyword> and optimistic about a bitcoin ETF this year in the US. </li></ul>The recent selloff that wiped out more than 20% of the cryptocurrency market's valuation appears to have emboldened buyers to invest even more in digital currencies, according to a survey conducted by cryptocurrency-asset broker Voyager Digital.87% of respondents in the company's second-quarter retail investor sentiment survey said they plan to increase their crypto holdings over the next quarter. The survey captured responses from 3,671 participants at the end of May, during which bitcoin led a plunge in prices throughout the market.The survey also showed an average of 7 out of 10 investors holding bullish sentiment for <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> price over the next three months.Threats of bitcoin mining and trading crackdowns in China, taxation efforts on cryptocurrency transactions in the US and <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> decision to stop taking bitcoin as payment for its electric vehicles stoked a 47% slide in bitcoin's price during May, driving it to a low of $30,681.50 from $57,750.18 at the start of the month."It's encouraging that investors remain bullish following the recent market correction," said Steve Ehrlich, Voyager's CEO, in a statement. "The fact that the vast majority of our large sample size of investors are more confident in the future of cryptocurrency shows how people see May's volatility in many crypto-assets as a buying opportunity."Bitcoin's market capitalization has dropped almost 30% to $766.6 billion since the start of May through mid-Monday, losing grip of the $1 trillion market-cap level.The cryptocurrency's market capitalization has been dragged down by roughly 21% from the start of May through midday Monday, standing at $1.74 trillion from $2.21 trillion. But the market cap has recovered somewhat after falling to $1.3 trillion in late May, aided by bitcoin's price rising back above $40,000.The survey showed 39% of respondents predict bitcoin's price will move up to between $56,000 to $70,000 by the end of the third quarter, while 28% foresee the price between $41,000 to $55,000.Bitcoin jumped above $40,000 on Monday <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-elon-musk-tesla-resume-crypto-payments-clean-energy-2021-6-1030518811">after Elon Musk tweeted that Tesla</a> would accept bitcoin payments again once mining can be done using cleaner energy.Looking at so-called altcoins, Voyager said investors are most bullish on <a href="https://markets.businessinsider.com/currencies/ada-usd">cardano</a>, at 55%, followed by <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a> at 11%. Meanwhile, more than nine of 10 investors expect the Securities and Exchange Commission to approve the US's <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-sec-approval-us-launch-volatility-market-gensler-2021-4-1030374430">first bitcoin ETF this year</a>.Voyager said its results were based on a sample set of more than 1.6 million verified users in an anonymous online survey. Respondents were chosen based on a "highly active trader status" on the platform, with those users executing between 50 to 100 trades over a 30-day period.

Nearly 90% of cryptocurrency investors surveyed say they weren't scared away by May's brutal selloff and are planning to buy more

<ul class="summary-list"><li><keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> and ether are the top two <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> by market cap.</li><li>They may be very different, but investors often choose between holding one or the other.</li><li>Insider asked 10 experts which crypto they'd rather hold for the next 10 years and why.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> has long been the dominant <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>, but recently <a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum's</a> native token, ether, has emerged as more than just a clear number two. In 2021, ether has made gains on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">bitcoin</a> in terms of market cap, and investors are taking note. While the two cryptocurrencies are very different in terms of their architecture and use cases, both are top options for <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">cryptocurrency</a> investors long-term. With that in mind, Insider decided to reach out to the experts to see which cryptocurrency they believe offers the most upside over the long haul. We asked crypto industry CEOs, analysts, co-founders, and more which asset they'd rather hold for the next ten years and why. Here's what they had to say. Bitcoin Bulls 1. "We are strong believers in both Bitcoin and <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum" source="Orion">Ethereum</keyword>. That being said, if we absolutely have to choose... we would prefer holding Bitcoin over Ethereum for the next few years. While Ethereum leads in terms of innovation and current use cases, Bitcoin leads in terms of security and proven track record. Most importantly, we believe it's a great store of value and has all the properties of a reserve asset." - Peter Wall, CEO of Argo Blockchain 2. "Bitcoin will be as transformative for money as the Internet was for information. By mid-2028, bitcoin's market cap will overtake gold's market cap, demonstrating that it is the best store-of-value asset for a digital-first world. But it doesn't stop at store-of-value. Bitcoin is both a decentralized monetary settlement network and a digitally scarce asset. Today, Ethereum powers most of the DeFi (decentralized finance) platforms, but in the near future, we'll be able to build DeFi platforms on top of Bitcoin thanks to layer 2 solutions. Eventually, Bitcoin will become both the global standard of value and the monetary settlement layer of the world. For these reasons, I have put most of my liquid assets into Bitcoin, not Ethereum." - Jason Yanowitz, Co-founder of Blockworks 3. "Bitcoin is strengthening its position as a store of value and the narratives around <keyword id="61972" type="ORGANIZATION" weightage="60" keywordseo="BTC" source="Orion">BTC</keyword> as "hedge against potential inflation" and "potential replacement for gold" is becoming more clear. With all the big firms entering the space with multiple financial institutions starting to hold BTC on their balance sheet, there is more upside and price will be driven mostly by increased participation in the ecosystem." - Ken Nakamura, CEO of GMO-Z.com Trust Company 4. "To me, it's a no-brainer. Bitcoin is the name brand everyone knows and has proven its staying power. Ethereum is the New Kid on The Block and challenger. ETH has been sold as having mystical practical applications, but in reality, it's inefficient, struggles to operate at scale, and is not a hedge against inflation." - Jamie Finn, President &amp; Co-founder of Securitize Read more: <a href="https://www.businessinsider.com/bitcoin-ether-prices-will-reach-100k-10k-fundstrat-digital-assets-2021-5" target="_blank">Fundstrat's head of digital assets research walks us through his $100,000 and $10,500 year-end price targets for bitcoin and ether - and shares the 8 tokens he's bullish on</a> <h3>Ethereum Holders</h3>1. "I do believe the potential upside on Ethereum tends to be a bit greater from its utility, functionality, and ecosystem. Voyager's customers, who own both Bitcoin and Ethereum, have shifted their cryptocurrency allocations in the past few months to increase their Ethereum holdings, on which they can earn 5.25% interest APR. We're also seeing our larger investors more comfortable taking on Ethereum's risk and reward profile. The Ethereum blockchain powers the most established ecosystem for decentralized finance, utility tokens, and NFTs, all of which are gaining mainstream traction. Ethereum will also be soon undergoing an upgrade that will accelerate the speed of ETH transactions, reduce transaction fees, and restrict its circulating supply." - Steve Ehrlich, CEO, and founder of crypto-asset broker Voyager Digital 2. "The technological advantage and utility of Ethereum blockchain is far greater than that of Bitcoin, and I think investors are noticing that, as well. There are over $75 billion currently locked in DeFi projects on the Ethereum blockchain, and only 30 days ago, it was $40 billion. For those that believe in the demand of DeFi for services like lending, borrowing, trading, insurance, monetary issuance, they should be paying more attention to the Ethereum blockchain. It's a network that supports smart contracts…they alone carry limitless potential and should be enough for Ethereum to have a competitive advantage over bitcoin and its applications in our everyday lives. I'm in the Ethereum camp." - Tally Greenberg, Head of Business Development at Allnodes 3. "Institutional investor recognition of ETH as a real and valuable asset has been long-awaited and anticipated. I foresee the current trend of Ethereum's price increase gaining more momentum, leading to a shift in capital flowing into Ethereum - as investors become educated on what Ethereum is and how the technology is going to shape the future…Technicals and fundamentals show there is greater long term upside potential for ETH than BTC…Most banks, institutions, and investment funds have mandated investments towards clean, environmentally sustainable industries and technologies. Concerns on how and where the majority of bitcoin is mined today could negatively impact the assets price long term…Ethereum's upcoming network upgrades, EIP1559 and Proof-of-Stake, will make ETH a deflationary asset while providing a reduction in gas fees and reducing the total supply Ethereum. When these two shifts occur, they could push Ethereum over the $1T market cap. Whether Ethereum's network changes ignite a supercycle or not, the asset undoubtedly has 5X more developers, more on-chain activity, and exponentially more active use cases than any other chain." - Megan Kaspar, Managing Director of Magnetic 4. "I think Bitcoin will always have some level of acceptance being the flagship crypto and a perceived store of value within the space. However, the blockchain technology of Ethereum having more applicability and functionality (including recent smart contracts for NFTs) makes it potentially more of an attractive longer-term play. Also, the current price disparity between the two might make Ethereum seem more affordable to the average investor as well." - Ed Egilinsky, Managing Director - Head of Alternative Investments at Direxion <h3>Why not both?</h3>1. "The world can be broadly split into traders and investors. Traders focus on short-term price movements and arbitrage opportunities and rightly are excited by Bitcoin versus Ethereum relative movements right now. Investors focus on what the future will be like, what are the tailwinds driving projects forward, and how value will be captured by some and lost by others. For investors, BOTH Bitcoin and Ethereum need to be in your portfolio right now…Bitcoin has a chance of remaining the leading crypto asset in the world, while Ethereum has a chance of remaining the leading distributed software development platform in the world. Both positions of leadership would capture trillions of dollars of value in ten years' time. So invest in both now." -Matthew Le Merle, Chairman of Blockchain Coinvestors 2. "Bitcoin's market cap as of last week has fallen below 50% of the crypto market for the first time since 2019 and is down over 30% overall since January. In our work with large institutions, we're seeing increased demand for Bitcoin and Ethereum as well as alternative coins. We believe institutional investors and corporate treasuries will hold onto both BTC and ETH assets, as their adoption and the market matures." - Raghu Yarlagadda, CEO of FalconX

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