Genesis,Greyscale,Bitcoin,Crypto and default
So 2-3 days of being in the green. The positive thing is that like other times we are not seeing so many crypto Twitter accounts calling the bottom that means that we are almost there 😂😂 What I believe the this rise is?
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Fomc minutes showed that we will probably see a 50 rates hike in December so the narrative is that the rate hikes pace is slowing down and we will get back to the printer era false of course power will start raising if he so much as sense a pump in traditional markets.
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It’s probably a dead cat bounce or like running on fumes. Little to none spot buying , and not clear liquidation levels to get us higher so probably more down since the rumours of more and bigger defaults
Genesis recently warned that if they couldn’t find funding up to 1 billion they will go bankrupt and halted redemptions . Who is genesis?
Genesis launched the first OTC bitcoin trading desk in 2013. Since then, we've grown to facilitate hundreds of billions in annual transactions. 2021 market activity
$116.5B Spot Volume Traded $130.6B Loan Originations $53.8B Derivatives Traded
You can see that they are big but it’s going even deeper.
Genesis is Owen by the digital currency group.
Digital Currency Group (DCG) is a venture capital company focusing on the digital currency market. The company has five subsidiaries which are CoinDesk, Foundry, Genesis, Grayscale Investments, and Luno.
Coindesk probably the biggest crypto news website
Greyscale has more that 50 billion dollars under management and 643,572 Bitcoin making it the biggest Bitcoin fund in the world. So can you imagine if a domino falls ? I believe that will eventually find the funding it needs but until then fud will be the dominant feeling and that will drag the price down.
https://en.m.wikipedia.org/wiki/Grayscale_Investments
https://en.m.wikipedia.org/wiki/Digital_Currency_Group
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