Bitcoin
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Bitcoin’s price has surged 20% since this time last week, surpassing $20,000 per bitcoin for the first time since the shocking FTX exchange crash in November.ethereum
Now, with traders and investors rooting for bitcoin’s rise, the cryptocurrency market sees $10 billion crypto giant Digital Currency Group (DCG) face problems with crypto lender Genesis. Ready to start selling assets following devastating regulatory lawsuits.
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Bitcoin’s price surged this week, and Ethereum’s price rose.
DCG’s Genesis reportedly owed more than $3 billion to creditors, freezing customer withdrawals in November in the aftermath of the FTX meltdown to avoid bankruptcy.
The U.S. Securities and Exchange Commission (SEC) this week accused Genesis of offering unregistered securities through a program run by cryptocurrency exchange Gemini.
Genesis and Gemini circumvented “disclosure requirements designed to protect investors,” SEC Chairman Gary Gensler said in a statement. Reached $100 million settlement with Render BlockFi.
DCG also owns crypto media outlets coin deskinvestment manager Grayscale, bitcoin mining business Foundry and cryptocurrency exchange Luno have begun considering selling some of their assets to raise funds, it was reported this week. financial times.
Grayscale, the manager of the world’s largest bitcoin fund, said in recent months that the stock price of Grayscale Bitcoin Trust (GBTC) has increased the underlying value of bitcoin as investors worry about its future. is significantly below
Tron founder and crypto entrepreneur Justin Sun said this week: Reuters He is willing to spend up to $1 billion to purchase some of DCG’s assets, “depending on their assessment of the situation.”
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Bitcoin’s price has surged so far this year, adding $200 billion to the combined crypto market … [+]
Despite DCG’s troubles and the fear swirling around Binance, the world’s largest cryptocurrency exchange, bitcoin and crypto investors are optimistic that this week’s rally has dominated the bitcoin and crypto markets for more than a year. I hope it means the end of winter for the currency.
“The crypto winter is unraveling as there are increasing signs that inflation is starting to cool,” Nigel Green, crypto investor and CEO of financial advisory firm deVere Group, said in an email. commented.
“Of course the cryptocurrency market will never go in a straight line, no market does, but I expect the bears to go into hibernation and the bulls to be ready to run. “We are in a bear market, but there are signs that the bulls are starting to regain control.”
