Mt. Gox returns are completing, German sales are over, and US sales have temporarily stopped. However, the decline has not stopped. BTC price attempted a new high above $65,000 after the latest employment data, but another nightmare began. This was expected, but not so soon.
Why is Crypto Falling?
Bitcoin price is falling due to the bankrupt Genesis carrying $1.5 billion in assets. The largest crypto lender of 2021 had gone bankrupt. The company began selling its assets to pay creditors after the bankruptcy. The company, forced to sell its BTC and ETH assets for these payments, is reigniting concerns about excess supply.
The $1.5 billion sale is not as significant compared to Mt. Gox and US FUD. However, a $521 million sale specifically in ETH could be challenging. If this also triggers sales in the ETF channel, things will get even tougher.
