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Today’s Cryptocurrency Headline
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.
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).
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