Digital Currency Group (DGC), parent company of Grayscale and Genesis, triggered double-digit drops on Dec. 18 due to the possibility of selling Flow and 16 altcoins in its portfolio.
Digital Currency Group drives down the price of altcoins in its portfolio, fueling speculation
Altcoins in the portfolio of the largest investment companies in the crypto money industry have been under sale for the last 24 hours. It’s been a month since one of DCG’s companies, Genesis Global Capital, suspended withdrawals. Rich Rosenblum, head of the crypto lending firm, said:
DCG and Genesis have highly competent teams. Normally neither pays 15%-30% of the slip to quickly exit long-held positions over the weekend, so observers naturally consider it to be some sort of imperative event.
Especially Filecoin and Flow suffered a serious decline.
“By far the most traded portfolio in the last 24 hours,” Rosenblum said of Filecoin. “It may be because there is a highly developed borrowing market for FIL. This resulted in more sales when the -15% intraday threshold was exceeded. To mine FIL, you need to stake. Miners often borrow FILs using leverage from their other assets.”
On November 18, some altcoins in the Digital Currency Group (DGC) portfolio fell over the weekend amid bankruptcy risks. As can be seen from the list below, Filecoin (FIL) suffered the biggest loss with 20%. However, the Flow (FLOW) price is also down by double digits. Reverse Rights (RSR) had lost around 20% at one point Saturday. Other altcoins and bearish faces are as follows:
Digital Currency Group owns these 18 altcoins
cryptocoin.com We have mentioned that DGC can use part of its portfolio to avoid the risk of bankruptcy. Data provided by Messari shows that the company currently owns 18 cryptocurrencies:
- Hedera Hashgraph (HBAR)
- Filecoin (FIL)
- Flow (FLOW)
- Zcash (ZEC)
- Decentraland (MANA)
- Bitcoin (BTC)
- Ethereum (ETH)
- Reserve Rights (RSR)
- Horizon (ZEN)
- Ocean Protocol (OCEAN)
- Civic (CVC)
- API3 (API3)
- Handshake (HNS)
- Ethereum Classic (ETC)
- The Graph (GRT)
- Stacks (STX)
- Basic Attention Token (BAT)
- Livepeer (LVP)
Experts confirm think Flow and Filecoin originated from DGC
Meanwhile, Ran Neuner, CEO of Onchain Capital, predicted in a tweet that DCG may be selling Genesis as it tries to repay a $1.5 billion loan, or may be heading towards bankruptcy as it depletes its liquid assets. Bitvavo crypto exchange wrote on a company blog Friday that DCG is “having liquidity problems” and is “suspending refunds.”
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