Bitcoin (BTC) price affected by Genesis bankruptcy announcement
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Answer Bitcoin (BTC) price affected by Genesis bankruptcy announcement
The impact of the crypto winter continues as companies specialized in providing cryptocurrency services continue to collapse and declare bankruptcy.
Genesis Global Holdco LLC is the parent company of:
Genesis Global Capital LLC and Genesis Asia Pacific Pte.
Genesis, Inc., has filed for Chapter 11 bankruptcy in the New York federal district court, marking the collapse of yet another crypto brokerage firm.
The price of Bitcoin, the largest cryptocurrency in the world, fell from about $21,000 after the news of bankruptcy was announced.
The Genesis filing comes after months of turbulent market conditions that have severely affected the crypto industry as a whole, resulting in huge losses for many lending firms.Read:Officially … Binance launches the option to trade Ethereum futures contracts
Earlier this week, Bloomberg reported that the cryptocurrency brokerage firm, a subsidiary of DCG, was on the verge of bankruptcy because it was restricted in providing cash.
According to the report, the company was negotiating with various creditor groups before filing for bankruptcy.
As part of the bankruptcy process, the company has submitted a roadmap for eventual exit which will include a restructuring plan aimed at providing adequate financing while fulfilling its obligations to clients.
This has been supported by an independent board of directors with the appointment of Islam Dirar as interim CEO in August 2022.
Genesis also secured $150 million in cash to provide liquidity while restructuring its operations and moving forward with payments to creditors.
In statements on the matter by related parties, such as Mr. Islam and independent director Paul Aronzon, there seemed to be an air of optimism even though there is a lot of hard work to be done so far.
Aronzon stated that it is possible to come up with the best solution for customers and other stakeholders.Read:Sending more than 200,000 bitcoins to exchanges…Did they sell “MicroStrategy”?
Will the impact of Genesis’ bankruptcy be less harmful than that of FTX? Or will things get worse?
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