Bitcoin (BTC) and other major cryptocurrencies have skyrocketed this week, adding nearly $200 billion to the total crypto market. Some believe the rally has just begun. But is that really the case? Here are the comments from Forbes analyst Billy Bambrough and various experts…
Will BTC and altcoins continue to rise?
Bitcoin price is up 20 percent since last week, hitting over $20,000 for the first time since the FTX stock market crash in November. Ethereum and other major cryptocurrencies BNB, XRP, Cardano, Dogecoin, Polygon and Solana also rose. Now, as traders and investors applaud Bitcoin’s rally, the crypto market awaits another development. Investors are gearing up for $10 billion crypto giant Digital Currency Group (DCG) to start draining its assets, following problems at crypto lender Genesis and a devastating regulatory lawsuit.
cryptocoin.com As we reported, Genesis, a subsidiary of DCG, froze customer withdrawals in November to avoid bankruptcy following the collapse of FTX and reportedly owes more than $3 billion to its creditors. The U.S. Securities and Exchange Commission (SEC) this week accused Genesis of offering unregistered securities through a program run with crypto exchange Gemini that promises investors high interest on deposits.
SEC chairman Gary Gensler said in a statement that Genesis and Gemini bypassed “disclosure requirements designed to protect investors.” Last year, the SEC reached a $100 million settlement with bankrupt crypto lender BlockFi. DCG, which also owns crypto media outlet Coindesk, investment manager Grayscale, Bitcoin mining company Foundry and crypto exchange Luno, has begun research to sell some of its assets to raise money, the Financial Times reported this week.
The bulls are starting to take control
Grayscale, the manager of the world’s largest Bitcoin fund, is also having a bad time. There has been a huge gap between the Grayscale Bitcoin Trust (GBTC) share price and the underlying BTC price in recent months, as investors worry about the future of the company. The stock is trading well below the price of spot BTC. This week, Tron founder and crypto entrepreneur Justin Sun said he could spend as much as $1 billion to buy some of DCG’s assets “depending on the assessment of the situation.”
Long-suffering Bitcoin and crypto investors are hopeful for this week’s rally, despite the troubles beating DCG and the fears swirling around the world’s largest crypto exchange Binance. He hopes the latest price spike will mark the end of the crypto winter that has gripped Bitcoin and the crypto market for more than a year. “The crypto winter is unraveling amid growing signs that inflation is starting to cool,” said Nigel Green, CEO of crypto investor and financial advisory firm deVere Group. He also used the following statements:
Of course, the crypto market will not go in a straight line – no market ever does – but we expect the bears to hibernate and the bulls to be ready to run. Technically we are still in a bear market, but signs are showing that the bulls are starting to take back control.
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