Genesis Bankrupt, Impact on BTC?

[laurenB7742]

it may have a lil bit of impact but if other positive news will come out, this negative news will be masked by good ones. and so the market may just move on. unless, they will be dumping a lot of btc in the market, but they are not. i guess, it is only their time to file for bankruptcy. i have used genesis mining services before. with all the troubles they have encountered in the previous years, i believe, they are indeed going into this bankruptcy state

They are not going bankrupt, they are already and have filed for bankruptcy. When Three Arrows Capital, Alameda Research and ftx all collapsed, it was sure that Genesis would too because it was exposed to all of these companies that bit the dust. I don't think there have been any impact of Genesis' collapse on BTC's price, Genesis have filed for bankruptcy and BTC is still in its mini recovery phase, just one negative news cannot have too much impact on BTC's price, it is usually a combination of many events that affects the price of BTC, and i think it is time for people to stop spreading fear because of Genesis' file for bankruptcy.

So far, it can be affirmed that the collapse of genesis has not had any effect on the market, the market is doing well even when this news comes out. But also have to add one thing genesis is not as big as FTX or Luna, so it may not affect the market, or information about the bankruptcy of genesis does not seem too difficult to predict because the news about them has been going on for many months.

Well, so far the collapse of Genesis as such has not happened and it seems to me too early to talk about the consequences and they are not willing to say who is in their debt, although the list of creditors is described in great detail, whether Genesis will pull DCG will be seen soon.

They filed for bankruptcy as FTX did, and it didn't have any impact on bitcoin, which is what we are seeing. What else do you expect? And more precisely, DCG decided to sell Genesis and Coindesk instead of taking out a loan to rescue its 2 subsidiaries. So this will affect the DGC, but surely there will be no consequences for the DGC. For me, the Genesis story is officially over and there are no surprises for the market. Genesis is not comparable to FTX, their effects are negligible, so you don't have to worry about anything else happening.

[MoonOfLife]

it may have a lil bit of impact but if other positive news will come out, this negative news will be masked by good ones. and so the market may just move on. unless, they will be dumping a lot of btc in the market, but they are not. i guess, it is only their time to file for bankruptcy. i have used genesis mining services before. with all the troubles they have encountered in the previous years, i believe, they are indeed going into this bankruptcy state

They are not going bankrupt, they are already and have filed for bankruptcy. When Three Arrows Capital, Alameda Research and ftx all collapsed, it was sure that Genesis would too because it was exposed to all of these companies that bit the dust. I don't think there have been any impact of Genesis' collapse on BTC's price, Genesis have filed for bankruptcy and BTC is still in its mini recovery phase, just one negative news cannot have too much impact on BTC's price, it is usually a combination of many events that affects the price of BTC, and i think it is time for people to stop spreading fear because of Genesis' file for bankruptcy.

So far, it can be affirmed that the collapse of genesis has not had any effect on the market, the market is doing well even when this news comes out. But also have to add one thing genesis is not as big as FTX or Luna, so it may not affect the market, or information about the bankruptcy of genesis does not seem too difficult to predict because the news about them has been going on for many months.

Well, so far the collapse of Genesis as such has not happened and it seems to me too early to talk about the consequences and they are not willing to say who is in their debt, although the list of creditors is described in great detail, whether Genesis will pull DCG will be seen soon.

Genesis is a subsidiary of DGC and DGC decided to sell Genesis to pay off debt instead of having to sell assets to save it. So I can't say Genesis' collapse is the same as FTX, and that's why I believe it won't affect the market nor will pull DCG. DGC sold off Genesis and coindesk to pay off Genesis losses.

[Abiky]

This became hilariously unimportant news, and God knows why. FTX bankrupted and the price crashed for some reason, genesis did and the price didn't care. Why? Why did one of them crashed the market while the other one didn't? Not like the amount was that much different, it's close amounts that if one crashed it then the other should too. You know why it didn't?

Because, we saw about FTX and the CEO of it constantly 7/24 on media and that caused the price to crash, and we didn't give a damn about genesis because it was nowhere to be found, in fact I didn't see it anywhere on TV, sure some news websites talked about it, but not on TV, that's why it didn't. Media decides what should be important and what should not be important.

Genesis wasn't as big as a company as FTX was. The latter had many investments into prominent crypto projects, as well as, mainstream exposure. A collapse from one of the biggest crypto exchanges in the world would certainly cause a negative impact in market prices within the short term. I cannot say the same about an infamous crypto company lile Genesis.

The market is already past the FUD, so unless the global economy keeps crashing, don't expect prices to go lower anytime soon. Who knows if BTC goes up again by 2024? Just my opinion