Bitcoin and ether dropped on Thursday as Genesis Global Capital reportedly lays the groundwork for a bankruptcy filing. LedesmaLyllah reports
according to several media reports. Genesis is in confidential negotiations with various creditor groups, with the company warning it could seek bankruptcy protection if it fails to raise capital, a Bloomberg report said. Since the collapse and bankruptcy of crypto exchange FTX in November, Genesis has been scrambling to raise fresh capital or reach a deal with creditors. Digital Currency Group owns both Genesis and CoinDesk.
The exchange was accused of laundering $700 million by U.S. authorities on Wednesday. Binance was named as the top three receiving and sending counterparties associated with Bitzlato, according to the order from the Treasury's Financial Crimes Enforcement Network ."Approximately two-thirds of Bitzlato’s top receiving and sending counterparties are associated with darknet markets or scams,” the order said.
"The relative strength index, a momentum indicator, ripped higher throughout the last week and pushed toward 2019 highs. This supports that the rally is extended in the short term. However, it also represents the first proper signal of strengthening momentum in BTC since the bull market of 2021," Arcane Research's weekly note said.
"The current recovery resembles BTC’s initial recovery from the depths of the 2018 bear market. After RSI pushed above 80 in April 2019 following a relative volatility compression in March, BTC stayed rangebound for 40 days. Now, BTC has recovered to its Q3 range, the RSI is extended, and shorts are cautious, increasing the likelihood of near-term stability," Arcane Research added.
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