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Today’s Cryptocurrency Headline

Creditors of Genesis are negotiating the terms of potential bankruptcy protection, according to sources close to the matter. Creditors such as Gemini will agree to a forbearance period between one and two years under a pre-packaged bankruptcy plan in exchange change for cash payments and e DCG. According to previous news, Gemini set up an ad-hoc committee at the end of last year to discuss a solution with other creditors after Genesis stopped withdrawal funds. The committee of creditors has been in private talks with Genesis for the past few weeks , hoping to finalize a Chapter 11 bankruptcy protection plan before filing for bankruptcy.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The United States producer price index (PPI) fell 0.5% last month, the Labor Department said on Wednesday. Bitcoin is down 2.78% over the last 24 hours and fell to an intraday high of $20,407.15. Bitcoin rose above the overhead resistance of $21,486 on Jan. 17 and Jan. 18, but the bulls could not sustain the higher levels, suggesting sellers remain active. The relative strength index remains in the overbought territory, but it is starting to trend down, suggesting the market is cooling down. The BTC/ USDT pair could start a pullback that could reach $20,000, and then it could challenge the $25,000 price level.

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