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Today’s Cryptocurrency Headline
Genesis’ interim CEO, Derar Islim, said in a letter to clients on Wednesday that it could take weeks, not days, to resolve the freeze on withdrawals in the company’s lending unit. The lending arm of Genesis in November was forced to suspend redemptions following the collapse of crypto exchange FTX. Genesis has since been trying to raise capital and/or reach an agreement with creditors. The brokerage also hired investment bank Moelis & Company to explore other options. In the letter, Islim also said Genesis was committed to being “as transparent as possible” with clients and was consulting with experienced advisors and working closely with its parent company, DCG. Genesis’ other businesses, including trading and custody services, remain fully operational.
BingX’s Bitcoin Chart
Bitcoin is down 1.30% over the last 24 hours and fell to an intraday low of $16,666.66. The largest cryptocurrency drops below the 20-day EMA today, suggesting the bears remain active. If the price stays below the 20-day EMA for another few days, that could mean the bulls lose the short-term advantage and the price could remain stuck between $15,476 and $17,000 for a few more days.
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