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Zipmex Files For Bankruptcy After Halting Withdrawals Last Week

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Zipmex Files For Bankruptcy After Halting Withdrawals Last Week
  • Applications for moratoriums were filed in Singapore on July 22 by the firm.
  • On July 20, Zipmex temporarily halted all trading and withdrawals on its exchange.

According to a corporate update released on Wednesday, Zipmex, a cryptocurrency exchange located in Thailand, has filed for bankruptcy protection against creditors’ legal action. Applications for moratoriums were filed in Singapore on July 22 by the business that stopped customer withdrawals last week. Among these companies are Zipmex Asia Pte Ltd, Zipmex Pte Ltd, Zipmex Company Limited, and Zipmex Exchange Indonesia.

Yet Another Firm Files For Bankruptcy

For a period of 30 days or until a Singapore court rules on the petitions, the move will automatically offer Zipmex protection from the continuation or initiation of litigation by claimants.

Zipmex noted in a statement that:

“This helps protect Zipmex against third party actions, claims, and proceedings while it is active[…] without having to worry about defending potential claims or adverse actions while we are doing so.”

On July 20, Zipmex temporarily halted all trading and withdrawals on its exchange but has subsequently restored some of those activities. There will be no further downtime for the business’s trading wallet or NFT platform, according to a statement issued by the company only a day earlier. Withdrawals from Zipmex’s Z wallets, the primary wallets where customers’ money is kept, are still pending.

The company’s problems stem from the crypto outbreak that followed Terra and crypto hedge fund Three Arrows Capital’s bankruptcy, as well as poor crypto prices in a widening bear market. Terra and Three Arrows Capital also collapsed. A number of crypto trading platforms, including CoinFLEX, Voyager Digital, Babel Finance and Celsius, have stopped users from withdrawing their funds.

When Zipmex first halted withdrawals, it claimed to have run into financial difficulties with “key business partners,” but it subsequently disclosed that it had $48 million in exposure to Babel Finance and $5 million in exposure to Celsius instead.

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TA- Alien Worlds (TLM) Set For A Major Rally As Market Looks Promising

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Ta- Alien Worlds (Tlm) Set For A Major Rally As Market Looks Promising

The price of Alien Worlds (TLM) has struggled to break out of a range recently with few bullish signs against Tether (USDT). 

Alien worlds could be set for a major rally after narrowly holding above key support as other crypto assets continue to trend higher.

Alien Worlds (TLM) Price Analysis On The Weekly Chart

Weekly Chart Analysis For TLM Price | Source: TLMUSDT On Tradingview.com

From the chart, the price of TLM saw a weekly low of $0.02, which bounced from that area and rallied to a price of $0.0313.

The price has struggled to build more momentum as it faces resistance at $0.031.

If the price of TLM on the weekly chart continues with this structure, it could quickly revisit  $0.02 acting as a good support area for buy bids.

Weekly resistance for the price of TLM – $0.0313.

Weekly support for the price of TLM – $0.02.

Price Analysis Of Alien Worlds On The Daily (1D) Chart

1660596725 742 Ta Alien Worlds Tlm Set For A Major Rally As
Daily Chart Analysis For TLM Price | Source: TLMUSDT On Tradingview.com

The price of TLM found strong support at $0.021, with what seems to be an area of interest on the daily chart.

TLM bounced from its support and has rallied as it faces resistance at $0.032. The price of TLM has continued to range in a channel, breaking out of this channel could send the price of TLM to $0.04 where it will face a major resistance before trending higher in price.

At the point of writing, the price of TLM is at $0.032, above the 50 Exponential Moving Average (EMA) which corresponds to $0.03. TLM holding above the 50 EMA on a high timeframe is good for market recovery and for price to trend higher.

TLM needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of TLM to $0.022

The Relative Strength Index (RSI) for the price of TLM on the daily chart is above 50, indicating healthy buy bids for TLM.

Daily (1D) resistance for TLM price – $0.032, 0.04.

Daily (1D) support for TLM price – $0.022.

Price Analysis OF TLM On The Four-Hourly (4H) Chart

1660596725 6 Ta Alien Worlds Tlm Set For A Major Rally As
Four-Hourly Chart Analysis For TLM Price | Source: TLMUSDT On Tradingview.com

The price of TLM is having a hard time breaking out the ranging channel, where it faces resistance at $0.032. 

On the low timeframe, the price of TLM has remained strong above the 50 and 200 EMA which corresponds to the prices of $0.032 and $0.03 acting as support for TLM prices. 

If TLM fails to hold these supports due to a sell-off we could see the price of TLM in the region of $0.25.

Four-Hourly (4H) resistance for TLM price – $0.4.

Four-Hourly (4H) support for TLM price – $0.032, $0.03.

Featured image from BeInCrypto, Charts from TradingView.com 
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Singapore High Court Grants Zipmex 3 Months of Protection

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Singapore High Court Grants Zipmex 3 Months Of Protection