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HomeBusinessGenesis bankruptcy scare pushes Bitcoin to new lows

Genesis bankruptcy scare pushes Bitcoin to new lows

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Stephen Alpher is CoinDesk’s United Regional News Director for the Americas. His BTC and ETH holdings are above CoinDesk’s disclosure threshold of $1,000.

Bloomberg cited bankruptcy as a potential option to seek fresh capital days after its lending arm was forced to halt withdrawals following the collapse of cryptocurrency exchange FTX, Bloomberg reported, citing people familiar with the matter.

The Wall Street Journal also reported, citing people familiar with the matter, that Genesis sought funding from Binance and Apollo Global Management, but that Binance offered to potentially The investment was rejected on the grounds of conflict of interest.

Initial news sent Bitcoin (BTC) down to a two-year low of $15,480. But prices have fully recovered to where they were before the Bloomberg report, trading at around $15,913 as of this update.

“We have no immediate plans to file for bankruptcy,” a Genesis representative told Bloomberg. “Our goal is to resolve the current situation by consensus without requiring any bankruptcy filing. Genesis continues to engage in constructive dialogue with creditors.”

Genesis and CoinDesk share the same parent company, Digital Currency Group.

Update (UTC time November 21, 2022 at 23:01):

latest bitcoin price renew.

Updated (00:32 UTC, November 22, 2022):

The Wall Street Journal recently reported that Genesis sought funding from Binance and Apollo Global Management, but Binance declined to invest out of interest, citing potential conflicts.

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Stephen Alpher is CoinDesk’s United Regional News Director for the Americas. His BTC and ETH holdings are above CoinDesk’s disclosure threshold of $1,000.

CoinDesk - Unknown

Stephen Alpher is CoinDesk’s Americas Joint Regional News Director. His BTC and ETH holdings are above CoinDesk’s disclosure threshold of $1,000.

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