Genesis Bankrupt, Impact on BTC?

[LittleBitFunny]

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself

Afaik, This bankruptcy will take some time to take effect also there’s a process which they sell all the assets to the willing companies that will take over it so unless Genesis will be pushed to sell there crypto assets as is. I believe this bankruptcy will not gonna matter in technical perspective. The only factor that make this new give negative impact on crypto is when people panic without knowing the whole process of filing a bankruptcy form.

Many crypto companies like Binance that willing to takeover this kind of bankrupt business for a cheap price. This kind of act saves crypto market for a possible sell off.

Genesis has filed for Chapter 11 bankruptcy, which means that similar to FTX and blockFi before, there is little chance of recovery.

But with this news, I don't think it will affect bitcoin much because the news about them and DGC has been spreading for a while. It's not too sudden, and people won't panic with the news about it, it's only a matter of time if you keep a close eye on what happened to it.

DGC is the parent company of Genesis and they are many times bigger than binance but they decided not to save it so there is no reason for Binance to take over.

[LFC_Bitcoin]

It seemed to have a very small effect on the price when rumours started circling. I’m not sure if all the weak hands & panic sellers have already been shaken out due to FTX.

Maybe we only have mostly strong hands & dip buyers remaining. Are there even any panic sellers left?

[OgNasty]

It seemed to have a very small effect on the price when rumours started circling. I’m not sure if all the weak hands & panic sellers have already been shaken out due to FTX.

Maybe we only have mostly strong hands & dip buyers remaining. Are there even any panic sellers left?

I think there are plenty of lettuce handed folks out there.  The thing is, exchanges have been playing fast and loose with customer deposits for some time now.  They are now scooping up BTC to meet their customer obligations and not fall like FTX.  That's causing a rising floor as accumulation is happening. 

That being said, thank god I didn't have my BTC in Genesis' hands when they went down.  I did have some funds there earning interest that I removed at the first hint of trouble in the market.  They responded by closing my account (I guess they wanted me to take a massive loss?) which I'm now glad about, because Genesis and Gemini now appear to me to be fraudsters that must forever be avoided.

[Captain Corporate]

Nothing at all. We are all aware of the situation right? Like we are not some insider at the company learning about what will happen 6+ months later. The whole world is aware of this situation and lets take a look at the bitcoin price... nothing. This is why I honeslty believe that we are not going to end up with anything problematic, its going to be as golden as it gets and we are not going to worry about gemini hurting the markets. When something like that happens it is impacted right away, hell maybe the insiders already made the trades for that and now we are back on track. Do not lose hope on this pump we have, its near 21k levels and we should be hoping to see a lot more increase in the near future, thats going to actually change so much and will definitely have some sort of impact on our profits.

[albon]

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself

What I know about Genesis Global Capital is that it is a bitcoin and cryptocurrency borrowing company, and it is one of the five subsidiaries of DCG, and DCG is the parent company that has been under increasing pressure since last year, and because of the imposition of fees on Genesis by the US Securities and Exchange Commission and for other reasons, Genesis filed for bankruptcy because it had a crisis Liquidity and this matter is completely similar to the FTX platform, and I think that its chance of recovery is weak, so I hope that this will not affect the crypto market and the price of bitcoin, and I advise you not to sell a part now and you have to wait until you see what this bankruptcy will do in affecting the price of bitcoin, but I do not think It will affect a large percentage because I think Genesis is not as popular as FTX, you have to hold your bitcoins and wait to see what will happen in the coming days.

[CoinEraser]

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.

Does the bad news never stop? I can't hear them all anymore. 

What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.

I hodl and I don't care about this news. I don't think/hope it will bring the price down that much. The risk of selling now is too great for me. But everyone has to decide that for themselves. 

Personally I didnt use genesis ever myself

It's the same with me. Have never used it. 

[NotATether]

This crash will definitely have an impact on bitcoin, but this time, I don't think it will have too much of an impact, as news of Genesis has been circulating since the FTX crash. If DGC collapses, it will be a real problem for bitcoin and the whole market as they are not only the parent company of Genesis but also the largest bitcoin holding fund in the world. Not only did Genesis declare bankruptcy, but DGC is also selling news site Coindesk, coindesk itself being the first to report on FTX problems .

This whole BTC rally to 21K was just another bull trap. Now all the gains we got from the price will be wiped once they announce the bankruptcy officially. We are looking at going back to $17K territory.

[Edwardard]

I hodl and I don't care about this news. I don't think/hope it will bring the price down that much. The risk of selling now is too great for me. But everyone has to decide that for themselves.

Have decided to hodl as well here. The technicals are just too great on the weekly. Lets see how it develops when the news are out and also the 1st feb fomc meeting should be exciting. Cant wait

This whole BTC rally to 21K was just another bull trap. Now all the gains we got from the price will be wiped once they announce the bankruptcy officially. We are looking at going back to $17K territory.

Are you telling me to suicide ? (just kidding). Is genesis bigger than ftx?
Btw, Me watching the s&p crash since last few days but btc holding up. Not sure who is controlling who lol.

[CryptounityCUT]

I think that the bankruptcy of Genesis Global Trading, a digital currency trading firm, is unlikely to have a significant impact on the overall market for Bitcoin. While the company's bankruptcy may cause some short-term volatility in the price of Bitcoin, the overall market for the cryptocurrency is decentralized and largely unaffected by the failure of any one company, of course on long-term.

[Iranus]

Genesis stories are too old on the market, news of them has been around for months, so it's bankrupt or not. Not many people care anymore, so I don't think it will have any effect on bitcoin. Today, bitcoin remains above $21k, showing that Genesis news is almost invisible to bitc

 While the company's bankruptcy may cause some short-term volatility in the price of Bitcoin, the overall market for the cryptocurrency is decentralized and largely unaffected by the failure of any one company, of course on long-term.

Even incidents like China banning bitcoin outright in 2107 cannot slow bitcoin down, with these small companies that will never be able to harm bitcoin. If the price of bitcoin drops, it is due to weak hands dumping, but there will always be someone willing to buy back bitcoin cheaply.

[livingfree]

Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?

Let the drama go onto the market but never be affected by it if you're a firm long term holder. We've gone through several devastations in the market through FTX's drama and other exchanges too and yet bitcoin remains standing and sitting on a good price.

That's why don't let yourself moved by these news because they will really come regardless of the market situation.

I guess we've gone through the biggest incidents and are all now part of the history so, don't too worry a lot about whether it's Genesis goes bankrupt, Coinbase or Binance, etc.

[Edwardard]

Just In - Genesis Global Files for Chapter 11 Bankruptcy Protection in New York federal district court. Its finally official, Lets see how the market progresses from here.
Link to tweet: https://twitter.com/cameron/status/1616298056097624064

[FanEagle]

I honestly don't think that it would matter that much. I am sure that many people will think it is going to be a big deal, but lets be honest with each other, when the bulls are on the way then no bad news could stop us. This could be a huge news on a bad market and drop it even further, but on a good market?

It's not bad enough to make anything stop, or even take a break. We are around 21k levels, if it is going to go up then it is going to go up, doesn't look like it is making any new moves which is sad because I was totally expecting it to reach 25k soon, but it is still not that terrible and we should be quite proud of where it is at this point for sure and this news won't change any of that.

[Ayers]

I honestly don't think that it would matter that much. I am sure that many people will think it is going to be a big deal, but lets be honest with each other, when the bulls are on the way then no bad news could stop us. This could be a huge news on a bad market and drop it even further, but on a good market?

It's not bad enough to make anything stop, or even take a break. We are around 21k levels, if it is going to go up then it is going to go up, doesn't look like it is making any new moves which is sad because I was totally expecting it to reach 25k soon, but it is still not that terrible and we should be quite proud of where it is at this point for sure and this news won't change any of that.

What are the signs that show you that the bulls are on their way and that we are out of crypto winter? Bitcoin has gone from 17k to 21k, which is not enough proof that we are entering a bull season. Most are very cautious and believe it is more of a price trap than a sign of a bull market.

Genesis has just officially filed for bankruptcy, but it doesn't seem to affect the market too much since it's not as big as FTX or Luna. But we should still be careful and not take it lightly, the market can collapse at any time, even with small news.

[Abiky]

Impact on btc? Obviously btc will survive like how it did before in similar circumstances. However the prices may take a big hit. Maybe $15k happens again in the upcoming weeks. It is probably a good idea to wait for a better price if you are thinking about making purchases nowadays.

Genesis, ftx, mtgox, cryptsy these companies come and go but btc outlives them all.

Another crypto-related company going bankrupt would certainly affect BTC's market prices in the short term. We're still feeling the pain of the FTX collapse, anyways. Those who thought the last pump would make BTC reach a new ATH, were totally wrong. BTC cannot go to the moon unless the block reward is cut in half (2024) and central banks stop raising interest rates. Many experts have predicted a severe recession for 2023, so we can only expect prices to keep going all the way down the drain.

People should just stop looking at the price, and invest in Bitcoin for the long haul. Remember, weak hands will sell while strong hands will "hodl" no matter what. If you play your cards right, you could end up being the one laughing in the end once BTC goes all the way to the moon. Let's hope Fiat weakens for BTC to emerge bigger and stronger than ever. Just my thoughts

[crunck]

Today they have officially filed for bankruptcy but so far have not had any negative impact on the market. Honestly, I hadn't even heard of Genesis until they announced to stop withdrawing their users. Shows that they are not an influential force in the market like other companies. If this were the demise of the parent company DGC, then that would be a different story.

[CoinEraser]

Have decided to hodl as well here. The technicals are just too great on the weekly. Lets see how it develops when the news are out and also the 1st feb fomc meeting should be exciting. Cant wait

I think we're doing the right thing. Either way the price of bitcoin will go up again and I don't want to miss that. 

Just In - Genesis Global Files for Chapter 11 Bankruptcy Protection in New York federal district court. Its finally official, Lets see how the market progresses from here.
Link to tweet: https://twitter.com/cameron/status/1616298056097624064

Well, now it's official. So far, it doesn't seem to impress the market. Hopefully it stays that way. 

[franky1]

ok heres the scenario

genesis lends out funds/invests to other businesses and as such(its how it makes its(lack of) profits). if in bankruptcy happens. they will want to claw back all their loans/investments to bring back liquidity into the asset pool of bankruptcy to then pay out to genesis's creditors

this means that other companies may be forced to pay genesis back earlier than their term sheets expect.
(remember the 2007 crisis of banks.. they foreclosed on people, where people had loans with banks, taking the houses away from people that had loans with them if the people didnt pay the remainder of the loan)

its that, scenario in a knutshell..

if genesis gave loans or invested in multiple businesses. those multiple businesses could be affected
if genesis gave out value to others, they can ask for all of it back unless the loan agreement total is met(earlier then prescibed)

yep its not just genesis owing gemini. its other businesses owing genesis that may be forced to pay early to settle debts or have loan amount clawed back

[slaman29]

Have decided to hodl as well here. The technicals are just too great on the weekly. Lets see how it develops when the news are out and also the 1st feb fomc meeting should be exciting. Cant wait

I think we're doing the right thing. Either way the price of bitcoin will go up again and I don't want to miss that. 

I was put into the hodl category ever since I got in, and I know my eventual price target is a dream and ridiculous, but I don't mind spending btc every now and then (unfortunately probably losing more lately than gaining because of gambling but I honestly don't mind).

For me, for sure doing nothing until next ATH and I see if it's worth selling at least half or to wait another 8-10 years

[m2017]

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself

Did the bankruptcy of Genesis arise from the echoes of the events with the FTX?

So far, the price of bitcoin has not changed much, which means that I assume this incident didn't affect in any way. Otherwise, the price would have already fallen as soon as this news appeared.

It is up to you whether to worry or not, to sell part of the portfolio and wait for a favorable purchase price or to hold it. Everyone should have their own strategy of behavior and naively ask "what to do?" other's. Stick to your action plan, but also keep an eye out for changes in the crypto currencies market in order to have time to react. Your money is your problem, how to save it.