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Bitcoin price climbed close to its daily peak as US markets began to struggle because it had valid reasons. It has been falling for about 2 hours and again has valid reasons. In the short term, the decline may deepen a bit more, but it is difficult to say for sure how much good news will balance this recent negative development.
Bitcoin May Fall Further
According to a recent Bloomberg report, the bankrupt crypto lender Genesis is now starting to pay its creditors. The 2021 altcoin surge was largely driven by names like 3AC and SBF. They borrowed from Genesis to make leveraged large trades and invested in high-risk crypto companies, which caused prices to rise.
However, as the bull market ended and declines accelerated, profits turned into losses. Then, Genesis’s indebted customers went bankrupt. As a result, Genesis couldn’t pay companies like Gemini, from which it had raised money to lend. Eventually, it went bankrupt.
Today, it moved $1.5 billion worth of crypto on the network and according to the Bloomberg report, it has started paying creditors. So, a mini Mt. Gox story began even before the large Mt. Gox returns were fully completed. Therefore, a decline may occur in the coming hours despite the many positive developments we have reported in the last few hours.
