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Genesis Trading’s Lending Unit Halts Customer Withdrawals

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Today’s Cryptocurrency Headline

The lending arm of crypto investment bank Genesis Global Trading is temporarily suspending redemptions and new loan originations,  interim CEO Derar Islim told customers on a call Wednesday. Genesis is looking at solutions for the lending unit, including finding new sources of liquidity and intends to detail its plans to clients next week. In addition, Derar Islim said that Genesis’s trading and custody business operates independently and will not be affected.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin is down 1.64% over the last 24 hours and fell to an intraday low of $16,363.63. The largest cryptocurrency attempted to recover after a few days of decline but the recovery ended quickly, suggesting that investors continue to maintain a risk-off stance. The relative strength index (RSI) is in the negative territory and the Crypto Fear and Greed Index is in extreme fear territory, suggesting the market sentiment is weak. 

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