July 30 BTCUSD BingX Chart Analysis and Today's Headline
BingX’s Bitcoin Chart
Bitcoin price is almost flat over the last 24 hours. The largest cryptocurrency has been trading above the 20-day exponential moving (EMA) ($22,365) average and the 50-day moving average (MA) ($21,469), and the relative strength index (RSI) is in the positive territory, indicating that bulls are in control, suggesting bulls are in control. If the bulls push the BTC/USDT pair above the overhead resistance at $24,000, the pair could rally to $28,000. Conversely, if the price turns down from the current level, the BTC/USDT pair could find support around the 20-day EMA ($22,365).
Today’s Cryptocurrency Headline
Babel Finance Lost Over 280M In Proprietary Trading
Crypto lending platform Babel Finance has suffered significant losses due to proprietary trading with client funds, losing 8,000 BTC and 56,000 ETH in June, worth more than $280 million, according to a restructuring proposal document. As a result of these losses, Babel's lending and trading departments were unable to meet margin calls from counterparties. Babel Finance is looking to raise hundreds of millions of dollars in debt and equity investments. First, it seeks to convert $150 million of its largest creditors' debt into convertible bonds. Additionally, it hopes to raise $250 million to $300 million in convertible bonds and then secure a revolving credit of $200 million from creditors "for business restoration." The plan, if successful, would turn Babel's largest creditors into shareholders.
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not 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 the article.
Bitcoin price is almost flat over the last 24 hours. The largest cryptocurrency has been trading above the 20-day exponential moving (EMA) ($22,365) average and the 50-day moving average (MA) ($21,469), and the relative strength index (RSI) is in the positive territory, indicating that bulls are in control, suggesting bulls are in control. If the bulls push the BTC/USDT pair above the overhead resistance at $24,000, the pair could rally to $28,000. Conversely, if the price turns down from the current level, the BTC/USDT pair could find support around the 20-day EMA ($22,365).
Today’s Cryptocurrency Headline
Babel Finance Lost Over 280M In Proprietary Trading
Crypto lending platform Babel Finance has suffered significant losses due to proprietary trading with client funds, losing 8,000 BTC and 56,000 ETH in June, worth more than $280 million, according to a restructuring proposal document. As a result of these losses, Babel's lending and trading departments were unable to meet margin calls from counterparties. Babel Finance is looking to raise hundreds of millions of dollars in debt and equity investments. First, it seeks to convert $150 million of its largest creditors' debt into convertible bonds. Additionally, it hopes to raise $250 million to $300 million in convertible bonds and then secure a revolving credit of $200 million from creditors "for business restoration." The plan, if successful, would turn Babel's largest creditors into shareholders.
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not 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 the article.
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