DANGER again cryptocurrency market enters the radar due to the unstable situation of the Genesis exchange

Hello dear and loyal readers, I take this opportunity to share with all of you a new scenario that is not favorable for the cryptocurrency market, I am referring specifically to what has been happening with the cryptocurrency platform Genesis seeking funds to avoid bankruptcy, a scenario that would certainly further affect the credibility of cryptocurrency exchanges.

What is certain is that the cryptocurrency platform Genesis is trying to obtain an injection of funds for its lending unit and thus avoid a possible bankruptcy following the recent collapse of FTX, another major player in this sector.

Genesis has been trying for days to raise at least $1 billion and is already warning potential investors that it may have to resort to bankruptcy if these efforts do not come to fruition, Bloomberg reported Tuesday citing unnamed sources.

Among others, the firm has been in talks with cryptocurrency exchange Binance, which has reportedly opted not to invest, and investment fund Apollo Global Management.

Last week, Genesis already temporarily suspended loan originations and repayments at its lending unit, Genesis Global Capital, and froze drawdowns due to a lack of liquidity exacerbated by the fall of FTX, by whose crisis it was directly affected.

Meanwhile, executives of companies in the sector have called for more regulation, transparency and governance during an online meeting organized on Tuesday by cryptocurrency exchange platform Bitstamp.

Genesis' difficulties have in turn affected cryptocurrency platform Gemini, which has halted exchanges of its Earn product. In a message via Twitter, the firm has said that it continues to work with Genesis and its parent, Digital Currency Group, to find a solution to these problems and has tried to reassure users, whom it has asked for patience to resolve the situation.

SOURCES CONSULTED

Bloomberg Crypto Brokerage Genesis Is Said to Warn of Bankruptcy Without Funding. Link

OBSERVATION:

The cover image was designed by the author: @lupafilotaxia, incorporating image: Taipeitimes.

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es terrile si cae genesis el mercado facil llegara a 10k si eso sucede

Hola @daddydog

Por su participación en la capitalización de mercado el golpe será muy duro, pero aun así no creo que lleguemos a los 10K, incluso con otro evento como este puede que bajemos a la zona de los 13K.

Saludos cordiales, que estés bien.