DCG Plans to Sell Genesis Trading and Lending Unit

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Today’s Cryptocurrency Headline

The DCG creditor agreement revealed that DCG plans to sell its subsidiary Genesis’ crypto trading business as well as its lending arm as part of the bankruptcy process. Earlier on Monday, DCG and Genesis had reached an agreement with major creditors on a restructuring plan. The major deal includes closing Genesis’ loan book and selling the bankrupt Genesis entity, according to people familiar with the matter. The term sheet also involves refinancing the outstanding loans where DCG borrowed $500 million in cash and about $100 million worth of bitcoin (BTC) from Genesis.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, digital asset investment products saw inflows totaling US$76m last week. Bitcoin is down 0.08% over the last 24 hours and fell to an intraday low of $22,634.00. The largest cryptocurrency has pulled back to the support zone between $22,800 and the 20-day 20-day exponential moving average ($22,485), and the relative strength index dropped below the overbought zone, suggesting the market is cooling down. If the price rebounds from here, the bulls will try to push the BTC/USDT pair above $24,263 and challenge the $25,000 price level. If the price turns down and breaks below the 20-day EMA, the BTC/USDT pair could find support around the 50-day exponential moving average ($20,722).

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