Genesis is expecting a bailout from potential investors following the FTX contamination. Binance CEO CZ is reassuring investors that crypto will survive even if Genesis doesn’t. The crypto markets are hanging on a loose thread as investors take time to absorb the pressure after FTX’s collapse.
Genesis watches potential investors after FTX debacle
Genesis Global Capital, a crypto lending platform, suffered heavily from the FTX infection. He is now exploring various ways to prevent an untimely collapse. The Digital Currency Group (DCG) subsidiary has confirmed that it has hired Moelis & Co. to protect investors days after suspending withdrawals.
Derar Islam, acting CEO of Genesis, told investors that they are “starting talks with potential investors and the largest creditors and borrowers, including Gemini and DCG.” The troubled crypto lender hopes to ‘expand talks in the coming days’ by hiring Moelis.
Genesis found itself falling like a dead weight in the air due to its exposure to defunct FTX. Over the past three weeks, the company has struggled to secure investors to raise fresh capital. It is no longer possible to access approximately $175 million in derivatives. Because it is locked in a trading account on FTX.
Meanwhile, there seems to be some hope on the horizon with DCG. That’s because Genesis’ parent company injected another $140 million to bolster its balance sheet. cryptocoin.comDCG CEO Barry Silbert said that while withdrawals and new loan applications have been suspended, other services such as the trading arm and custodian are still operational.
According to Binance CEO, crypto will survive these days
Binance CEO Changpeng Zhao (CZ) said while speaking on Bloomberg TV on Thursday that the exchange should act sooner in relation to the FTX saga that led to the collapse of a $32 billion crypto empire. Now the question is: did CZ know beforehand?
The CEO of the largest exchange by daily trading volume also spoke about the plight of Genesis, saying that his team is in talks to see how a crash can be avoided. CZ also assured that the crypto industry will remain strong even if something undesirable happens in Genesis.
Meanwhile, CZ announced earlier this month that it has created a fund to help struggling businesses impacted by the FTX collapse. Binance will reveal details of its industry recovery fund later on Thursday. Binance will post this information on its blog.
“Crypto hangs on a loose thread as the FTX infection spreads”
Crypto analyst Jhon Isige analyzes Bitcoin to understand the state of the crypto market. On Wednesday, Bitcoin rallied from the $15,484 support to almost $17,000. Cryptocurrencies experienced a relief in the middle of the week with the effect of this. The leading crypto broke out of a double bottom pattern with a target of $12.12% at $18,386.
There is a buy signal coming from the Moving Average Convergence Divergence (MACD) indicator. This confirmed the bullish outlook in Bitcoin price. However, increasing overall load pressure has hindered BTC’s northward movement.
The bulls need to defend the $16,500 support at all costs to get another chance to push the price up to $18,386. Buy orders will have to wait for Bitcoin to print another green candle above the neckline of the pattern. It is possible for Bitcoin to gain momentum if the MACD moves into the positive territory above the average line (0.00). Because this will provide a buy signal.
However, an eight-hour candlestick near the neckline of the double-bottom formation at $16,397 is likely to open the door for more declines. Thus, short positions towards the $15,484 support are likely to turn profitable.
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.