Bitcoin straddles the support line, Ethereum trades flat and Voyager files for bankruptcy

Bitcoin continued to straddle the US$20,000 support line as Wednesday’s trade kicked into gear, fluctuating between a high of US$20,300 and a low of US$19,820 in the opening hours.

Ethereum’s price followed a similar trend, having touched US$1,143 as the day commenced before dropping to US$1,128 soon after.

The total market capitalisation across all cryptocurrencies is currently US$903.48bln, marking a 1.18% decrease against the day, although trading volumes have enjoyed a 16.34% uptick.

In the altcoin space, decentralised finance (DeFi) tokens posted healthy figures.

Convex Finance and stablecoin exchange Curve were up 15.4% and 8.78% respectively, although competitor Compound Finance was the day’s biggest loser, having shed 6.1% against the day.

Other big losers were less surprising; still reeling from its US$625mln March hack, play-to-earn (P2E) game Axie Infinity was down 5.77%, while former top-three stablecoin Terra Classic USD fell a further 4.85%.

Bitcoin offshoot eCash was looking strong, with its XEC payment token enjoying a 6.46% upshot.

In the news, the Italian government went bullish on blockchain, announcing a US$46mln subsidy programme extended to public and private research firms starting from September 2022.

Toronto-based crypto lender Voyager Digital (CSE:VYGR, OTCQX:VYGVF) officially filed for a Chapter 11 bankruptcy in New York, following a large-scale loan default by defunct hedge fund Three Arrows Capital.

Voyager’s chief executive officer Stephen Ehrlich said: “This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers.”

Fellow beleaguered crypto lender Celsius looks set to pay off the remainder of its US$200mln MakerDAO loan, although user withdrawals have yet to recommence at this point in time.