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Today’s Cryptocurrency Headline

Cryptocurrency lender Genesis owes creditors more than $3 billion, prompting its parent company Digital Currency Group to explore selling assets from its large venture capital portfolio to raise funds. Genesis’ debts include $900 million owed to Gemini Divall cBitlients, €280 m , and money owed to clients of crypto savings firm Donut. Genesis has hired investment bank Moelis to help explore options, but talks over external funding have so far failed to materialize. 

BingX’s Bitcoin Chart

Source: TradingView & BingX

US inflation rose by 6.5% year-on-year in December, in line with economist forecasts. Annualized core CPI was up 5.7%, also in line with forecasts. Bitcoin is up 3.05% over the last 24 hours and rose to an intraday high of $19,117.04. The largest cryptocurrency rose above the $19,000 price level for the first time since 08 Nov as the latest US CPI report in line with forecasts. The 50-day exponential moving average ($17,284) has turned up and the relative strRength index ( ) is above the overbought territory, indicating that bulls are in control. If the price sustains above the current price level, the BTC/USDT pair could rise to $20,000.

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