- Genesis is struggling to lift cash for the lending unit.
- The chapter of Genesis might set off a panic sell-off from BTC holders.
- BTC is presently buying and selling at $15,744.83 after a 1.64% drop in worth.
Arthur Hayes, the co-founder of BitMEX, took to Twitter on November 21 to share his issues in regards to the crypto lending agency Genesis, and the implication this may have on cryptocurrencies, particularly Bitcoin (BTC).
In his submit, Hayes added a snippet from Bloomberg stating that Genesis is struggling to lift cash for the lending unit. The corporate then continued to warn its buyers that in the event that they fail of their try to lift funds, they may haven’t any alternative however to file for chapter.
Genesis has been in a liquidity crunch as the corporate is likely one of the many victims of the FTX meltdown. The lending platform has spent the previous few days looking for at the very least $1 billion in recent capital.
Hayes concluded his Tweet along with his prediction that BTC might fall to $10k due to this. That is in all probability on account of the truth that the entire crypto market continues to be recovering from the FTX drama, and a shock just like the chapter of Genesis might set off a panic sell-off from BTC holders in an try to save lots of their funding.
Information from CoinMarketCap signifies that BTC is presently buying and selling at $15,744.83 after a 1.64% drop in worth over the past 24 hours. The crypto market chief was in a position to attain a excessive of $16,246.61 and a low of $15,599.05 over the identical time interval. BTC can also be nonetheless within the pink by greater than 6% over the past seven days.
BTC’s 24-hour buying and selling quantity presently stands at $33,275,537,893 after a greater than 13% enhance over the past day.
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