Genesis is Going to Bankrupt so Why Bitcoin is Booming | 18 Coins of the Genesis Portfolio
Preparing For a Storm | Ruckus | Coindesk | Flushing | Trigger Points
A year ago, I made investments but received no returns. Many individuals now believe that the market will undoubtedly provide something soon. Many people’s emotional bubbles are bursting to the point where they are worried about missing this bull rally, like they did in 2022 earlier.
The market is in a recovery period right now, and whales have amazingly profited from it. In addition, the US economy is improving. Pumps have been witnessed in cryptocurrency for a variety of reasons.
Crypto is now left with just hope.
As soon as I noticed that the price of bitcoin was repeatedly encountering resistance at the level of $21200, I slowly began to sell my holdings. However, it was moving in a sideways range, so I waited for a bit to see which side of the market was breaking the range and then took action after receiving confirmation. I am pleased to see $21200 breakout, but it has now become an alert level for me. If the $21200 level is broken, the market attitude will shift rapidly.
If the bullish rally continues, the range between 24k and 25k is important. I won’t be sure that the crypto market is in a positive trend until there is a breach of the 25k level. Because our goal is to make money by keeping the fund safe, it doesn’t matter that some coins will become expensive.
Mining
According to data from miners, more coins have been sold than were produced in December. The same thing happened in October and November. Miners will feel a bit refreshed as a result of this recovery, and selling pressure will reduce. Previously, the price was being dumped continually, and miners required money to run the machine, so they had to sell crypto. If the price of bitcoin begins to fall, miners will become more active in selling bitcoin.
Recent Update
Genesis declared bankruptcy just recently. They had $5.1 billion of debt. After the announcement of Genesis, rumors about the re-opening of FTX began to circulate. Sam resigned as CEO, and when the new CEO arrived, he suggested that FTX be restarted. It plans to create a new exchange and has raised $5 million of funding from coinbase and Circle.
Coindesk
Since Digital Currency Group’s business is in poor shape, they intend to sell Coindesk. Charles Hoskinson is attempting to acquire Coindesk, and Binance’s firm is also interested in it. Offers ranging from $200 million to $300 million have started to roll in.
Genesis
Genesis has filed a bankruptcy, and its effects will be seen widely. This $5.1 billion was not contributed by the Genesis Group. Genesis has over 100k creditors and owes $3.5 billion to its top 50 creditors. The number of institutions is enormous since Genesis Group used to borrow money from wealthy people and companies.
Because the court case is ongoing, the atmosphere appears to be peaceful. There will undoubtedly be a commotion outside of the Genesis.
Debt on Genesis’s head:
- $866 million loan from Gemini Exchange
- $151 million loan from Mirana firm of Bit Exchange
- $19 million loan from Cumberland Trading Firm
- $150 million loan from Babel Finance
- $53 million loan from Vaneck Finance
3 Arrow Capital was a hedge fund that invested in startups. 3 arrow Capital received a total loan of $2.4 billion from Genesis. When 3AC was set to dissolve, Genesis grabbed half the money approx $1.2 billion, but the other half they lost. 3AC drowned, but several boats were wrecked as a result of the storm caused by the sinking.
Flushing
A total of $100,000 in creditor funds is now at risk. If the creditor does not get the money within a reasonable period, the bank’s firm may suffer financial damage and be obliged to declare bankruptcy. All of the persons who were linked in this chain will suffer damage. The leverage system seems to be flushing.
Seeing all of these updates, I get the impression that a bull rally has begun in the market, and that it will not be continued. Every time a sight like a burning train is witnessed, the bull rally is affected.
The FOMC meeting is scheduled in February, after which the direction of the crypto market will be determined.
Coins Impact
Many crypto currency foundations have a tragic history; they also gave money to Genesis. In tragedy, the money is useless because it is lying like this, thus it was handed to Genesis. Genesis used to make money by investing in the cryptocurrency market, and profit sharing was done according on the amount of money made. As a result, pressure will be applied to a variety of coins. The Stellar Foundation provided $13 million.
ETC, Fil, HBAR, MANA, FLOW, GRT, ZEC, BAT, STX, OCEAN, RSR, LPT, ZEN. CVC, API3, MNS
If Genesis is not able to pay the creditor, then all the assets will have to be sold, in which it can create a selling pressure on 18 coins.
We won’t leave you
Despite the fact that the entire court procedure will be based on bankruptcy, the creditor has little chance of recovering the money. If you have seen Do Kwon’s condition in the Luna case, when his house was attacked, then you know that creditors won’t let go Genesis Group’s. When a vehicle collided when SBF was at their parents’ house, someone immediately shouted, “We won’t leave you.”
The digital currency group is likewise in serious trouble. Grayscale has purchased so many bitcoins that they are applying for an ETF. Regarding this issue, the sec has not given any consent.
Right now, it appears like these Crypto Firms require bull run more than we do. Everyone is drowning, one by one.
Trigger Points
It has recently been reported that crypto has been expanding and will continue to do so. As a result of this news, many old traders who had left the market are returning. Emotion is being sparked so strongly that the temptation to gain money by trading or spot buying certain coins is increasing right now.
The whales have complete control of the game. Please use stoploss and money management when trading. Genesis’ storm clouds will soon be looming above bitcoin. Everything is possible, so stay cautious.
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Disclaimer
This is not a Financial Advice. This article is meant only for educational purpose. I am just sharing my thoughts and analysis based on my many years of experience.