We’re two weeks ahead in 2023 and the news cycle for cryptocurrencies shows no signs of slowing down. As we enter the new week, some of the key headlines of the month continue to evolve. There is drama around the crypto financial services firm Genesis, which drew the ire of the Securities and Exchange Commission (SEC) last week. Elsewhere, digital asset prices continued to post significant gains over the weekend. Let’s take a look at some of the biggest stories in crypto.
What’s next for Genesis?
Genesis, a subsidiary of the Digital Currency Group, is waging war on several fronts. This battle is with creditors, including crypto exchange Gemini, and US regulators. The Firm stopped its lending unit withdrawals and new loan redemptions in November due to significant financial headwinds. Since then, it has sought new funding to fill a multi-billion dollar gap.
cryptocoin.comAs you follow, there has been an escalating war of words between Digital Currency Group (DCG) and Gemini in recent days over funds locked in Genesis. Gemini and Genesis partnered on the Earn program, which offers interest to users who lend the exchange’s funds. The situation escalated last week when the SEC accused Gemini and Genesis of selling unregistered securities through Earn.
What awaits cryptocurrencies and Bitcoin?
It’s impossible not to notice, the price of Bitcoin is exploding a bit. The largest cryptocurrency by market cap is hovering around $21,000 on major exchanges. Bitcoin started 2023 at around $16,600, according to TradingView data. Incoming reports suggest that activity in the futures market may be responsible for some of the momentum. The market could also benefit from a slightly less chaotic period compared to November when FTX’s collapse peaked.
Meanwhile, cryptocurrencies also benefited from the rise in stocks. Coinbase, for example, gained more than 41% in the last week. Still, the notoriously volatile market for cryptocurrencies means that no future is guaranteed. So, you need to watch the coming days to see where Bitcoin will fly or fall next.
What’s next for Nexo?
Last week, news broke that crypto lender Nexo was the subject of an investigation in Bulgaria. Nexo’s offices in the country have been raided by local police, which is said to be an investigation into allegations of money laundering and tax crimes. Nexo has denied any accusations. “The allegations are ridiculous – we are one of the strictest organizations in terms of KYC/AML,” Antoni Trenchev, Nexo co-founder and managing partner, said last week.
Meanwhile, fears about Nexo’s long-term viability have led to an increase in withdrawals from its platform. The case represents the latest development in a broad review post around crypto lenders. Other lenders in the crypto space, including Celsius and BlockFi, have previously drawn the ire of regulators.
Important data agenda of the week for cryptocurrencies
Monday, January 16
- Martin Luther King Jr., a federal holiday in the United States. US stock markets will be closed for the day.
Tuesday, January 17
- 16:30 CET – Empire State Production Index
Wednesday, January 18
- 13:00 CEST – Eurozone Consumer Price Index (CPI) Annually
- 16:30 CEST – US Producer Price Index (PPI)
- 16:30 CET – US Retail Sales
- 17:15 CET – US Industrial Production
- 18:00 CET – The National Association of Home Builders (NAHB) housing market index
- 22:00 CET – FED Beige Book will be published
Thursday, January 19
Thursday, January 20
- 18:00 CET – USA Existing home sales
- 21:00 CET – Fed’s Christopher Waller to speak at Council on Foreign Relations
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.