Connect with us

Blockchain

Genesis investors have been waiting a long time to get their money

Avatar

Published

on

join us cable A channel to stay up to date on breaking news coverage

Back on November 11th, major cryptocurrency exchange FTX filed for bankruptcy, officially revealing its collapse to the rest of the crypto industry. The move had major consequences, creating even greater uncertainty in the market that drove a number of other crypto companies to the brink of collapse themselves. One of them was Genesis encryption company The US-based platform announced a freeze on customer withdrawals on November 16th.

At the time, the company said the move was caused by “unprecedented market turmoil,” which came just five days after the FTX crash. The company has continued to make statements, such as the one filed last week, where it said the move was taken in order to preserve customer assets and avoid filing for bankruptcy.

Now, the company says it expects it will take weeks, rather than days, to come up with a plan moving forward, suggesting its customers should prepare for a long wait before they can get their money back.

Advertisement

Genesis will need some time to resolve the situation

The new message came from Genesis interim CEO Derar Islim. He addressed the company’s customers on Wednesday, December 7, stating that the withdrawal freeze would not be resolved for several weeks.

In the letter, Islim stated that the company is determined to remain as transparent as possible and keep users informed throughout the process. The CEO added that Genesis has been consulting with its owner, Digital Currency Group (DCG), as well as many experienced advisors and experts in an effort to chart the path that will lead to recovery.

Back when the platform originally froze withdrawals, about $175 million was lost inside the platform, according to its letter. Then, the owner, DCG, handed over $140 million, but that wasn’t enough to deal with the liquidity problem Genesis was having. So, the only solution the company can come up with is to freeze withdrawals and request $1 billion in emergency financing.

The application was not granted, and reports that emerged at the time indicated that Genesis would likely follow FTX and file for bankruptcy if it did not receive outside support. The company decided to do everything they could to prevent this from happening and the first step was to hire restructuring lawyers who would help put together a recovery plan.

Historically, platforms freezing withdrawals were a sure sign that exchanges and lenders were on the brink of death. This has been shown in many recent examples, including Voyager, Celsius, BlockFi, and even FTX itself, which have all filed for bankruptcy over the past several months. They all took the same steps that Genesis has done so far.

Advertisement

The platform’s decision to freeze assets also affected Gemini Earn, with Genesis allegedly owed $900 million in customer assets. One positive thing about the situation is that not all Genesis users were affected, including those who were using the company’s custody and trading services.

Related

Dash 2 Tadawul – High Potential Pre-Selling

Advertisement
  • Active pre-sale is live now – dash2trade.com
  • The original code for the crypto signals ecosystem
  • Know Your Customer verified and reviewed

Dash 2 Trading


join us cable A channel to stay up to date on breaking news coverage



Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Blockchain

BNT/USD is trading near the $0.50 resistance

Avatar

Published

on

By

join us cable A channel to stay up to date on breaking news coverage

The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

Advertisement
BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

Related

Dash 2 Tadawul – High Potential Pre-Selling

Advertisement

Dash 2 Trading
  • Active pre-sale is live now – dash2trade.com
  • Featured in Cointelegraph – $10 Million Raised
  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

Dash 2 Trading


join us cable A channel to stay up to date on breaking news coverage

Advertisement

Source link

Continue Reading

Blockchain

DYDX/USD could rise above $1.20

Avatar

Published

on

By

join us cable A channel to stay up to date on breaking news coverage

Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

Advertisement
DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

Related

Dash 2 Tadawul – High Potential Pre-Selling

Advertisement

Dash 2 Trading
  • Active pre-sale is live now – dash2trade.com
  • Featured in Cointelegraph – $10 Million Raised
  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

Dash 2 Trading


join us cable A channel to stay up to date on breaking news coverage

Advertisement

Source link

Continue Reading

Blockchain

SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

Avatar

Published

on

By

Source link

Advertisement
Continue Reading
Advertisement

Trending