Compass Point analyst Chris Allen on Tuesday has downgraded cryptocurrency trading platform Voyager Digital (OTCQX:VYGVF) to Neutral from Buy given broader headwinds in the decentralized space. Specifically, Allen pointed to prospects for increased regulatory scrutiny for crypto-focused firms, "particularly for those companies that offer lending products," he wrote in a note. As a result, the analyst has lowered 2023 EPS estimate to C$0.39 ($0.30) from C$0.53. He also cut his price target to C$8 from C$14, representing a 3.5x enterprise value/revenue multiple in 2022. Meanwhile, shares of VYGVF are rising in afternoon trading, as bitcoin (BTC-USD +2.9%) manages to hold modest gains over $30K. Earlier this week, (May 16) Voyager Digital Q3 earnings reflected user growth, but transaction revenue slid.
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Dropbox Hit With Massive Data Breach, Here’s What Happened
The cloud storage platform, Dropbox confirmed there was a massive data breach by hackers who gained access and compromised sensitive customer information. The breach enabled the hackers to gain unauthorized access to a service account that was part of the product’s back-end. What Happened and What Was Compromised? According to a data breach notification published The post Dropbox Hit With Massive Data Breach, Here’s What Happened appeared first on CoinGape .
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Crypto VC Investment Plunged 13% in April as Assets Record Outflows
Crypto VC investments plummeted in April after previous upticks with the wider market sentiment. Statistics from RootData show a decline in the number of crypto VC projects in the first month of the second quarter despite previous bullish projections. According to the source, April saw a 13.4% decking in VC numbers with funds moving to The post Crypto VC Investment Plunged 13% in April as Assets Record Outflows appeared first on CoinGape .
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Is Friend Tech Eyeing A Rebirth? Leaked V2 Smart Contract Hints
One crypto enthusiast revealed that he has found a possible V2 smart contract from Friend Tech, a social tokenization platform built on Base. The Friend Tech Rebrand Plans @Cbb0fe on X claimed not to be certain about what he had found but he provided a quick summary of his findings. There might be an airdrop The post Is Friend Tech Eyeing A Rebirth? Leaked V2 Smart Contract Hints appeared first on CoinGape .
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MoonPay Expands To US In New Alliance With PayPal
With the new partnership deal between MoonPay and Paypal, United States residents can now buy and sell over 100 different cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) using Paypal transfers via wallet, bank transfers, or debit cards. The MoonPay and PayPal Alliance In the past, PayPal users could buy digital assets like Bitcoin, Ethereum, Litecoin, The post MoonPay Expands To US In New Alliance With PayPal appeared first on CoinGape .
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AI and Its Impact on the Reasons We Learn Languages
AI is placing humanized knowledge in a setting where languages are receiving increasing attention and, hence, active study. In countries such as Korea, where multilingual abilities have been regarded as both cultural identity and occupational ability, this could now become a challenge for linguists. AI technologies now provide the opportunity for real-time translation of audio
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Solana Price Analysis: Will SOL Rally To $200 In May?
A bullish wave has traversed the crypto market on Thursday, spreading hope among investors whose holdings have been battered in this week’s sell-off. The Solana price analysis signals continuing gains into the weekend, underscoring a 10% surge in its value maintained for 24 hours. SOL hovered at $136 during US business hours, contributing to the The post Solana Price Analysis: Will SOL Rally To $200 In May? appeared first on CoinGape .
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Tether Implements Chainalysis Surveillance to Tackle Illicit Crypto Activities
Tether, the issuer of the stablecoin USDT, has entered into a partnership with blockchain data platform Chainalysis. This partnership is meant to strengthen the surveillance of transactions with Tether tokens, with special emphasis on the detection and diminishing of dangers that are related to illegal activities and sanctions violations. This action is part of Tether’s The post Tether Implements Chainalysis Surveillance to Tackle Illicit Crypto Activities appeared first on CoinGape .
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J.P. Morgan cautious on crypto with retreat by retail investors, dearth of upside drivers
Retail investors selling off cryptocurrencies alongside other headwinds is keeping J.P. Morgan cautious toward the market. Bitcoin ( BTC-USD ) finished sharply lower in April, sinking 15% for the first monthly loss since August 2023. It traded close to $59,000 on Thursday, much lower than its all-time high above $73,000 in March. “The past two weeks saw significant selling/profit taking with perhaps retail investors playing a bigger role than institutional investors,” strategists led by Nikolaos Panigirtzoglou wrote in a Thursday note. Spot bitcoin ETFs logged outflows in April and retail investors appeared to have sold both crypto and equity assets during last month’s trade, the firm said. Panigirtzoglou also said the market is facing a trio of headwinds consisting of elevated positioning, high bitcoin prices compared with gold as well as estimated bitcoin production costs, and subdued crypto funding by venture capitalists. “In all, with a lack of positive catalysts, with the retail impulse dissipating and with the three headwinds mentioned … still in place, we maintain a cautious stance on crypto markets over the near term,” Panigirtzoglou said. In terms of institutional investors, J.P. Morgan said it’s mostly momentum traders such as Commodity Trading Advisors or other quantitative funds taking profit on previous extreme long positions in bitcoin as well as in gold. Some bitcoin ETFs to watch are Grayscale Bitcoin Trust ( GBTC ), BlackRock’s iShares Bitcoin Trust ( IBIT ) and Grayscale Bitcoin Trust ( GBTC ). More on Bitcoin USD Bitcoin: Future Results, Not Past Performance (Technical Analysis) We Are Raising Our Bitcoin Targets To $106K - $190K Bitcoin: Smart Money Is Taking Profits, Why Shouldn't You? Bitcoins ETFs had the largest outflows since August Bitcoin starts May with a downward spiral, sliding to below $60K mark
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