Bitcoin Declines as the Crypto Market Again Crashes

The majority of the day was spent trading in the red on cryptocurrency exchanges for the most part.

Given that recent trading volume has been calm at approximately $16,700, it is clear that bitcoin traders have maintained their protective stance from the prior week. This is a drop of 1.4% in the previous twenty-four hours. Approximately $1,200 was the most recent price of ether on the market, a decrease of 3.7%. In the past day, the value of CEL and UNI, two more well-known cryptocurrencies, fell by more than 5%. The FTX FTT coin was trading at $1.66 as of the time of this writing, down about 4%. This is a sharp decline from the year's early near-$36 high.

Derar Islim, the interim CEO of Genesis, revealed on a teleconference with clients that the company is looking into a number of options for the loan sector, one of which is finding a new source of capital. The following week, he promised, Genesis would give clients more details about the plan. According to information on the firm website, Genesis Global Capital catered to institutional clients and had a total of $2.8 billion in outstanding loans as of the end of the third quarter of 2022. Digital Currency Group (DCG), the same business that owns CoinDesk, is the owner of Genesis. Genesis Global Capital, the company's lending division, decided today to completely suspend both loan origination and redemptions.

The financial markets have continued to ignore the mounting problems with cryptocurrency. The tech-heavy Nasdaq had a spike of more than one percentage point, while the S&P 500 and the Dow Jones Industrial Average (DJIA) both saw falls of less than one percent.

The Genesis statement is the latest recent problem associated with FTX's financial bind, which prompted the business to file for Chapter 11 bankruptcy protection last week. The collapse of the terraUSD (UST) stablecoin and the LUNA token that was used as security for it is the most famous of the numerous disasters that the sector has already seen this year.

As per Hoffman, “The assumptions and behaviors applied to the growing technology by Wall Street are what continue to erupt and will continue to explode.”

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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