Genesis Bankrupt, Impact on BTC?

[DeathAngel]

I’ve been anxiously checking the price of bitcoin all day so far since this news became official we have not seen a negative reaction to the market.

My only concern is that we see more contagion & they end up taking other businesses down with them. So far so good though, we are not out of the woods yet but it’s looking good that there may be a widespread case of seller exhaustion.

[Wapfika]

I’ve been anxiously checking the price of bitcoin all day so far since this news became official we have not seen a negative reaction to the market.

My only concern is that we see more contagion & they end up taking other businesses down with them. So far so good though, we are not out of the woods yet but it’s looking good that there may be a widespread case of seller exhaustion.

Btc short position is now picking up and slowly building again after a wipe out due to this current rally. This is alarming because Bitcoin price is now the edge of breaking again this short term bullish pattern. Genesis news is indeed has no effect right now but this might be feel once this rally reach the point where the buyer is already exhausted too because Bitcoin short position level is on the bottom which means there’s only few shorts position open at this moment.

There’s a chance that this shorters will come back again when the long position take profit and flip to the other side. That time this news will be sell hard on the social media.

[countryfree]

No, I'm quite relaxed about this. It's only an after-effect of the FTX collapse. Besides, there will be no scandal here. Nobody has ever seen any report of the Winkelvoss brothers stealing money to pay gourmet meals delivered by plane, or buying condos to friends like at FTX. Nothing to fear. It's sad, though. Gemini was a good attempt to make BTC attractive to cautious investors.

[coolcoinz]

It depends on what you're doing here.

Say, you're a trader that's long on every coin he owns. You might want to sell some to have funds to use in case of an unexpected drop.
If you're in for the long run, own coins acquired through DCA, still have money to live by and possibly invest in case of a crash, you shouldn't feel threatened by this.

Most indicators show that bitcoin should go higher from this, at least towards 25k. I'm not a trader but I watch the charts and read analysis from time to time.
I held my coins during the FTX crash and I'm going to hold now. I don't care about possible 5% declines and I'm adding to my balance through DCA. If you like to trade, by all means, do it. I feel like the risk of holding money on exchanges is not worth catching a few %.

Genesis is not FTX, most of their drama is already priced in.

[The Cryptovator]

Yes, I read the news by viewing the headlines. However, it appears that there was little impact on the Bitcoin price. I expected this bankruptcy to have an effect on the Bitcoin chart. However, this type of bankruptcy is undoubtedly harmful to the crypto industry. Last year, there were numerous incidents in the cryptocurrency market. This year, we don't want to see any more drama. Any incident involving the cryptocurrency industry is harmful, whether it is a bankruptcy or a scam.

[serjent05]

It looks like the genesis bankruptcy has little impact on Bitcoin.  The current demand pressure weighs more than the FUD the Genesis bankruptcy produced.  It looks like the Bitcoin market isn't as sensitive as the time when Terra Luna and FTX goes bankrupt.   Also, news said that the impact of Genesis bankruptcy[1] is already priced in and there is nothing to worry about the possible bitcoin crash due to this Genesis Bankruptcy because it is unlikely to happen.



[1] https://www.coindesk.com/markets/2023/01/20/bad-news-is-priced-in-crypto-traders-say-as-btc-eth-hold-steady-after-genesis-bankruptcy-filing/

[carlfebz2]

It looks like the genesis bankruptcy has little impact on Bitcoin.  The current demand pressure weighs more than the FUD the Genesis bankruptcy produced.  It looks like the Bitcoin market isn't as sensitive as the time when Terra Luna and FTX goes bankrupt.   Also, news said that the impact of Genesis bankruptcy[1] is already priced in and there is nothing to worry about the possible bitcoin crash due to this Genesis Bankruptcy because it is unlikely to happen.

Even now we are seeing the price had jumped a little bit from hovering around 20800 to 22330 as of this moment which it would really be making up some doubts whether this would really be some fake increase
before the dump or would totally mean that these news arent something that could affect in regards on whats the current price of Bitcoin as of this moment.

This do simply proves out that any fundamentals cant really be precisely able to tell on where the price should eventually go.There's no such precise manner for us to know on whats ahead.
For those who had made out some long position are making some profits now.

[BitDane]

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

The market was not dumped as much by the Genesis bankruptcy as it was by the Terra Luna platform scandal and the FTX scandal. The Genesis bankruptcy caused a bit of a panic among people with the market dumping a bit. Currently the Bitcoin market is pumping and staying between $22700. Those of you who are long-term investors, keep your investments long-term. No need to worry the market will definitely grow.

The recent downtrend of Bitcoin was not about the Genesis bankruptcy but rather the anticipation of the traders on the press release of DOJ about their cryptocurrency dealings.  Many thinks of the press release as negative so they shorted their trade and turns out that the DOJ is just cleaning the crypto sphere of illegal trade activities which is somehow positive and may give confidence to the cryptocurrency market.  I believe those who shorted had made losses because Bitcoin did not dump but instead uptrend.

[serjent05]

It looks like the genesis bankruptcy has little impact on Bitcoin.  The current demand pressure weighs more than the FUD the Genesis bankruptcy produced.  It looks like the Bitcoin market isn't as sensitive as the time when Terra Luna and FTX goes bankrupt.   Also, news said that the impact of Genesis bankruptcy[1] is already priced in and there is nothing to worry about the possible bitcoin crash due to this Genesis Bankruptcy because it is unlikely to happen.

Even now we are seeing the price had jumped a little bit from hovering around 20800 to 22330 as of this moment which it would really be making up some doubts whether this would really be some fake increase
before the dump or would totally mean that these news arent something that could affect in regards on whats the current price of Bitcoin as of this moment.

This do simply proves out that any fundamentals cant really be precisely able to tell on where the price should eventually go.There's no such precise manner for us to know on whats ahead.
For those who had made out some long position are making some profits now.

Fundamentally, there is support for the Bitcoin uptrend.  As stated by Bitdane, the DOJ press conference gives a boost of confidence to the cryptocurrency market.  they did not say Bitcoin is bad or whatever, instead they are supporting the cryptocurrency economy by removing bad actors from the circle.  I think fundamentally, this gives Bitcoin a confidence boost that probably makes the price goes up.

And it is possible that the effect of Genesis's bankruptcy is overwritten by this US DOJ announcement.

[landheer]

yes, if Genesis goes bankrupt, maybe this will be history in 2023 , and at the same time reminds us of ftx which went bankrupt. in my opinion, if we invest in bitcoin, in my opinion, of course it is safe. the proof is now bitcoin has increased again.
in my opinion what will be potentially threatened are certain altcoins.

[Hispo]

I expect the impact of Genesis over the price of Bitcoin to be minimum.
In my opinion, the collapse of FTX was different, of a bigger magnitude than the demise of this firm.

In the end, this is just the failure of the administration of Genesis, but not a failure of Bitcoin, even if the price got affected, it would recover faster than it recovered from the dip caused by FTX.

[Gallar]

more or less there must be an impact that is felt on bitcoin, because the news that is currently spreading will definitely have an impact on bitcoin.
but I'm not too worried, because I learned from previous scandals, that bitcoin won't go down too far, and surely there will be many people who think like that, and still hold their assets from being sold.

[Tony116]

I expect the impact of Genesis over the price of Bitcoin to be minimum.
In my opinion, the collapse of FTX was different, of a bigger magnitude than the demise of this firm.

In the end, this is just the failure of the administration of Genesis, but not a failure of Bitcoin, even if the price got affected, it would recover faster than it recovered from the dip caused by FTX.

Have you checked the market today? it's very interesting. Yesterday when Genesis officially filed for bankruptcy, bitcoin once fell below $21k, but today bitcoin has risen to $22k, shows that the collapse of Genesis did not have any impact on bitcoin or the market. I also predicted it would impact bitcoin, but I was ultimately wrong. Bitcoin doesn't follow any rules, bitcoin breaks all the rules of the financial market. I expect this rally to reach $25k before a correction again.

[Edwardard]

Bitcoin doesn't follow any rules, bitcoin breaks all the rules of the financial market.

It does follow certain rules (the rules made by itself, lol). Anyways, I think the genesis effect should no longer be considered from here on?! As we have already absorbed the whole situation. They and their stupid clients might have sold everything already. I think btc does better without institutions  

I expect this rally to reach $25k before a correction again.

Starting to think about 32k here. (glad about my decision of not selling under 21k)

[GreatArkansas]

more or less there must be an impact that is felt on bitcoin, because the news that is currently spreading will definitely have an impact on bitcoin.
but I'm not too worried, because I learned from previous scandals, that bitcoin won't go down too far, and surely there will be many people who think like that, and still hold their assets from being sold.

There are rumors on social media right now especially Twitter that there are some creditors of Genesis, and these creditors are big players in crypto, some are centralized exchanges, and cryptocurrency projects like the NFT platform.
Overall, these are just rumors and some of these already got explanations just like Mirana connected with Bybit, which Mirana manage *some* of Bybit fund came from Bybit CEO.

[slaman29]

So. Instead of the market reacting badly, Bitcoin somehow got up even more making another small rally almost 10% up today. I definitely didn't think we would be seeing any movement until next month because of new inflation numbers but I guess the industry is finally shaking in some kind of expectation that the worse is over?

[Yatsan]

I expect the impact of Genesis over the price of Bitcoin to be minimum.
In my opinion, the collapse of FTX was different, of a bigger magnitude than the demise of this firm.

In the end, this is just the failure of the administration of Genesis, but not a failure of Bitcoin, even if the price got affected, it would recover faster than it recovered from the dip caused by FTX.

Have you checked the market today? it's very interesting. Yesterday when Genesis officially filed for bankruptcy, bitcoin once fell below $21k, but today bitcoin has risen to $22k, shows that the collapse of Genesis did not have any impact on bitcoin or the market. I also predicted it would impact bitcoin, but I was ultimately wrong. Bitcoin doesn't follow any rules, bitcoin breaks all the rules of the financial market. I expect this rally to reach $25k before a correction again.

People just tend to connect things. Not because something collapes would already pull down the industry. There are just many factors affecting the market or this industry in general not unless people would base on a particular factor affecting the market such as with the FTX issuem Right now, one factor with the increase in the market price is adoption by more countries, CIP Report in particular with the increase in stocks which afterwards positively affect the market behavior. But still, I somehow doubt that the increase would be continuous. It is more likely to be huge next year with the anticipated bitcoin halving.

[Fivestar4everMVP]

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

The announcement of Genesis bankruptcy briefly affected the price of bitcoin, at the instance of the announcement, the price of bitcoin went down from a little above $21,000 to a little above $20,000, I was actually thinking the news was going to drive bitcoin below $19k or $18k again but it didn't take much time for the table to actually turn, bitcoin climbed back to $21,000 and has been doing well since then..

This is to show how strong the bulls are ready to push the price of bitcoin up this year, we might be seeing a new all time high before the year ends if we do not encounter major and dangerous obstacles on the way like what we experienced in 2022.

[S A KHAIR]

Bitcoin hit $23k, which shows Genesis's bankruptcy doesn't affect bitcoin. Bitcoin is in an uptrend, and I think no Fuds will be able to pull it down, it will only stop when the upward force is enough, and it will correct itself. My prediction is that bitcoin will probably hit 25k and then correct before forming a new trend.

[Quidat]

Bitcoin hit $23k, which shows Genesis's bankruptcy doesn't affect bitcoin. Bitcoin is in an uptrend, and I think no Fuds will be able to pull it down, it will only stop when the upward force is enough, and it will correct itself. My prediction is that bitcoin will probably hit 25k and then correct before forming a new trend.

Maybe if the price would hit up on 25k resistance then it would neither make breakout or would be having that rejection which would make the price make some significant dip but
everything turns out to be always unknown which it isnt surprising.Market prices arent something that could really be predicted out but we do have hints because
we do know on how to read up charts basing up into those technical indicators that we could put on. Every news doesnt always mean it could
make some effect into price movement because most of the time it would really be that ignored.