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Galaxy Digital Terminates its Acquisition of BitGo

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Today’s Cryptocurrency Headline

Galaxy Digital announced Monday that it would terminate its deal with cryptocurrency custodian BitGo. It said in a release that it had decided following BitGo’s “failure to deliver, by July 31, 2022, audited financial statements for 2021 that comply with the requirements of our agreement.” The release also said that no termination fee is payable. In May 2021, Galaxy Digital announced the acquisition of BitGo for $1.2 billion.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, digital asset investment products saw minor outflows last week totalling US17m. Bitcoin is down 3.08% over the last 24 hours and fell to an intraday low of $23,776.50. The largest cryptocurrency attempted to sustain above the psychological resistance at $25,000 for the past two days, but the price could not sustain the higher levels. This suggests that bears are active at higher levels. If buyers push the price above the overhead resistance at $25,000, the BTC/USDT pair could pick up momentum and rise to $28,000.

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