Bitcoin (BTC-USD) is having a week over 13% higher, despite Genesis filing for bankruptcy, due to losses resulting from the collapse of FTX and Three Arrows Capital.
In a weekly report, Markus Thielen, the head of research at Matrixport, a provider of crypto services, stated that the market appears to have already taken into account the bankruptcy of Genesis. He said, “The filing of bankruptcy by Genesis eliminates a negative factor from the market, and crypto investors can now concentrate on the fundamentals.”
Bitcoin rose at 8% on Saturday to $23K, its highest score in more than four months now, according to CoinMarketCap.
FTX Updates
- FTX Token (FTT-USD) experienced a significant increase in value following statements by new FTX CEO John Ray that he is considering the possibility of restoring the bankrupt company. Customers suggested the move would recover more value than liquidating assets.
- The new leadership team at FTX has identified approximately $5.5 billion in assets that can be sold as part of their efforts to recover lost assets and repay creditors.
- Oki Matsumoto, CEO of financial services provider Monex Group, has expressed interest in acquiring FTX Japan.
- According to the latest reports, Genesis owes its top 50 creditors a total of over $3.5 billion, one of which, the New Finance Income Fund from VanEck, is connected to two pension funds in Fairfax County.
- Coinbase (COIN) announced it will suspend its operations in Japan due to the unstable market conditions, shortly after announcing a second round of layoffs.
Other Crypto Regulations Updates
- The Securities and Exchange Commission (SEC) has filed charges against Avraham Eisenberg for manipulating the price of the MNGO token, accusing him of stealing approximately $116 million in cryptocurrency from Mango Markets exchange.
- The Department of Justice (DoJ) has filed charges against Anatoly Legkodymov, the founder of Bitzlato exchange, for operating an illegal money-transmitting business that is believed to have processed over $700 million in illicit funds.
- Binance was named among the top three counterparties that received and sent funds to Bitzlato.
Bitcoin’s Price Plummets Below $16,000 After Binance Backs Out of FTX Deal
Bitcoin Price
On Friday, Bitcoin (BTC-USD) saw a 7.5% increase to reach $22.69K, and ether (ETH-USD) also rose by 6.8% to hit $1.65K.
Bitcoin (BTC-USD) established a new high level at $23K while writing these words!
The scarcity of Bitcoin might result in higher demand. Despite the negative news and decrease in Bitcoin’s price, experts predict the maintenance of a bullish outlook for Bitcoin’s long-term value proposition.
Several crypto-related coins also saw gains on Friday, including Soluna (SLNH) +20.9%, Cipher Mining (CIFR) +16%, Hut 8 Mining (HUT) +15.7%, Coinbase (COIN) +11.6%, and Marathon Digital (MARA) +10%.
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