Genesis Bankrupt, Impact on BTC?

[Hispo]

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People just tend to connect things. Not because something collapes would already pull down the industry.

Those who do that are likely bearish on the price and influence others through articles and their own perception in general. Nothing wrong with giving one's opinion though. It is easier to only connect negative things after the specially red period we had, which was (in my opinion) pulled into red numbers by important collapses.

While doing market analysis is important not to only focus on the negative or positive indicators, there are also positive things to look into right now, in my humble opinion.  

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[nullama]

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

Companies will come and go.

Bitcoin is here to stay.

Wisest thing to do is to not use any company, and keep your Bitcoin in your own cold storage, with the ability to recover the wallet without needing a company.

As long as you have the tools in your own computer to generate your keys without the internet, you should be fine, for your whole life.

If you depend on a company, it will probably close down at some point. That has been the story for many, many companies in just a decade or so of Bitcoin history.

[so98nn]

Damn, they are going to miss the priceless name of the company "genesis". It was so related to the bitcoins and it's beginning. How sad it is to let go with such bad news. I mean obviously they could re-do everything with proper planning and if they somehow get the funds for their business to go on further.

I am not sure how this may help, but doesn't the recent hike would make them regain some money from the market? I mean though it is comparatively small hike in the bitcoin prices; it would have mega impact on the bulk holdings if any? Could be broken logic but sometimes simple tricks can play very well.

Lenders should not go bankrupt, they take more than enough interests!

[nullama]

Damn, they are going to miss the priceless name of the company "genesis". It was so related to the bitcoins and it's beginning. How sad it is to let go with such bad news. I mean obviously they could re-do everything with proper planning and if they somehow get the funds for their business to go on further.

I am not sure how this may help, but doesn't the recent hike would make them regain some money from the market? I mean though it is comparatively small hike in the bitcoin prices; it would have mega impact on the bulk holdings if any? Could be broken logic but sometimes simple tricks can play very well.

Lenders should not go bankrupt, they take more than enough interests!

Lots of company names are based on Bitcoin concepts, like coinbase. I'm sure most people in the world associate coinbase with the company and not with the actual transaction (block reward).

Also, I think once a company is bankrupt another company can trade with that name.

[yudi09]

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

Not daring to say that it will not affect Bitcoin because after what happened to several types of crypto assets, people have begun to realize what the best assets are that they should invest in. Last time Luna and FTX became the most valuable lesson behind my point.
With the Genesis plan, which we got news from cointelegraph, it could have an impact, although until now Bitcoin's movement is still in an encouraging situation holder.

[mvdheuvel1983]

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

Genesis insolvent? Please let me know who is to blame, someone. This cycle is fantastic because it is weeding out the dishonest and those who overleverage using unsecured collateral.
As a result, cryptocurrency will soon be in a stronger position. At least four of these cryptocurrency businesses fail every week, and investors lose all of their money.
The most affected are those who believe their finances cannot be touched.

[Abiky]

Damn, they are going to miss the priceless name of the company "genesis". It was so related to the bitcoins and it's beginning. How sad it is to let go with such bad news. I mean obviously they could re-do everything with proper planning and if they somehow get the funds for their business to go on further.

I am not sure how this may help, but doesn't the recent hike would make them regain some money from the market? I mean though it is comparatively small hike in the bitcoin prices; it would have mega impact on the bulk holdings if any? Could be broken logic but sometimes simple tricks can play very well.

Lenders should not go bankrupt, they take more than enough interests!

Another crypto company directly linked to Bitcoin going bankrupt, would certainly cause a negative impact among investors and traders alike. But it'll pass, just like it happened with the Mt. Gox collapse some time ago. I don't think the recent pump in market prices will save Genesis, especially when the losses are greater than short-term gains. FTX couldn't be saved, so what makes you think Genesis will make a comeback?

I see a period of cleansing that's approaching among us. The bad actors will slowly be stripped away from the crypto industry until we're left with the good ones. It's possible that these unfortunate series of events will make crypto bigger and stronger in the future. Bitcoin is the "Father of Crypto" so I'm confident it will rise in price after the tide is over. The real question is: Have you already accumulated BTC yet? Just my opinion

[nullama]

~snip~
Another crypto company directly linked to Bitcoin going bankrupt, would certainly cause a negative impact among investors and traders alike. But it'll pass, just like it happened with the Mt. Gox collapse some time ago. I don't think the recent pump in market prices will save Genesis, especially when the losses are greater than short-term gains. FTX couldn't be saved, so what makes you think Genesis will make a comeback?

I see a period of cleansing that's approaching among us. The bad actors will slowly be stripped away from the crypto industry until we're left with the good ones. It's possible that these unfortunate series of events will make crypto bigger and stronger in the future. Bitcoin is the "Father of Crypto" so I'm confident it will rise in price after the tide is over. The real question is: Have you already accumulated BTC yet? Just my opinion

There have been many Bitcoin companies that have already collapsed.

Bitcoin doesn't really need them, it's mostly people that want to make money and end up creating something unstable.

Specially if the company is an exchange that keeps selling people IOUs instead of real Bitcoin. That's always going to collapse at some point. Yet, companies like that continue to exist.

[Abiky]

There have been many Bitcoin companies that have already collapsed.

Bitcoin doesn't really need them, it's mostly people that want to make money and end up creating something unstable.

Specially if the company is an exchange that keeps selling people IOUs instead of real Bitcoin. That's always going to collapse at some point. Yet, companies like that continue to exist.

Companies will always screw up in the end. But what's important is that Bitcoin remains decentralized so it could stand the test of time. These unfortunate series of events will only harm market prices in the short term. Long term speaking, Bitcoin should be worth a lot more in USD terms. It'll probably be in the "millions" within 1-2 decades from now. You can bet Bitcoin would've died if it was centralized.

I'm yet to see when Fiat will lose ground, as inflation soars like there's no tomorrow (although inflation eased a bit with the FED's measures). Who knows what the future will bring to Bitcoin and the whole crypto/Blockchain industry? Just my opinion

[Hamza2424]

Haha, i have seen many memes on this topic as I am also in shock at how the market ignored such big news and continuously moved upward. This news is rumoring for 2 weeks and from that time market is constantly ignoring the moves of Genesis and Lawmakers' fuds. I thought in my first impressons when i saw this news that this is going to crash the market below 14K but from that time market moved 32%+

[karabiber]

Genesis' bankruptcy has been talked about a lot recently and it wasn't a good enough fud for Bitcoin. I think that Bitcoin has gained resistance to the fuds from companies and this news is no longer as effective as it used to be. If you want to invest in Bitcoin through companies, I recommend you stay away from it. It would be better to evaluate investment options within the ecosystem by creating a cold wallet. Remember that companies are not your friends and use your investment in risky transactions.

[Z-tight]

I am not sure how this may help, but doesn't the recent hike would make them regain some money from the market? I mean though it is comparatively small hike in the bitcoin prices; it would have mega impact on the bulk holdings if any? Could be broken logic but sometimes simple tricks can play very well.

The hike is crypto prices is like a drop in the ocean compared to Genesis' problems and why they have filed for bankruptcy, this is a company that gave out loans to Three Arrows Capital and Alameda Research before they collapsed, and were also exposed to ftx before they collapsed too; the lending firm borrowed funds to companies that went on to bite the dust, surely they were also going to bite the dust too.

Lenders should not go bankrupt, they take more than enough interests!

Lending firms take risks by borrowing out lenders' money to different companies for profit, if anything happens to these companies who took loans from the lending company, then there is trouble for them and they would surely go bankrupt. Last year Genesis' risks didn't work well for them, the big firms they borrowed funds to, like 3AC and Alameda research both collapsed, while they were also exposed to ftx; so they were next to go bankrupt and now they have.

[Zubayer]

It's difficult to predict the exact impact that the potential bankruptcy of a single firm, such as Genesis, would have on the price of Bitcoin. However, in general, news of a company filing for bankruptcy can cause uncertainty and volatility in the market, which may lead to a temporary decrease in the price of Bitcoin and other cryptocurrencies. However, it's important to note that the crypto market is highly speculative, and individual events or news may not have a long-term impact on the price of Bitcoin.

As for your question on whether to sell or hold, it ultimately depends on your investment strategy and risk tolerance. Some investors may choose to sell a portion of their portfolio in anticipation of a potential price drop, while others may choose to hold and ride out any short-term volatility. It's important to remember that cryptocurrency is a highly speculative investment and past performance is not indicative of future results. Therefore, always make sure to do your own research, consult with a financial advisor before making any investment decisions and never invest more than you can afford to lose.

[yohananaomi]

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.

it seems that it has indeed happened and the news that looks like it will make it less pleasant that it will affect crypto, is not proven at all. you are right friends, even some analysts have also released quite surprising information that altcoin and other crypto have actually increased with this news, of course a very unexpected phenomenon.
but I myself really believe that 2023 is still a very vulnerable year for something like this to happen and it is not impossible for it to happen because 2023 is still considered the year in which the world economic crisis will continue.
so the current increase is only temporary and the possibility that bitcoin will slump again can always happen before the era of the halving period occurs, but hopefully this year's crisis will pass faster than previously predicted so that crypto can get excited again.

[AmoreJaz]

It's difficult to predict the exact impact that the potential bankruptcy of a single firm, such as Genesis, would have on the price of Bitcoin. However, in general, news of a company filing for bankruptcy can cause uncertainty and volatility in the market, which may lead to a temporary decrease in the price of Bitcoin and other cryptocurrencies. However, it's important to note that the crypto market is highly speculative, and individual events or news may not have a long-term impact on the price of Bitcoin.

As for your question on whether to sell or hold, it ultimately depends on your investment strategy and risk tolerance. Some investors may choose to sell a portion of their portfolio in anticipation of a potential price drop, while others may choose to hold and ride out any short-term volatility. It's important to remember that cryptocurrency is a highly speculative investment and past performance is not indicative of future results. Therefore, always make sure to do your own research, consult with a financial advisor before making any investment decisions and never invest more than you can afford to lose.

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

[Mahanton]

It's difficult to predict the exact impact that the potential bankruptcy of a single firm, such as Genesis, would have on the price of Bitcoin. However, in general, news of a company filing for bankruptcy can cause uncertainty and volatility in the market, which may lead to a temporary decrease in the price of Bitcoin and other cryptocurrencies. However, it's important to note that the crypto market is highly speculative, and individual events or news may not have a long-term impact on the price of Bitcoin.

As for your question on whether to sell or hold, it ultimately depends on your investment strategy and risk tolerance. Some investors may choose to sell a portion of their portfolio in anticipation of a potential price drop, while others may choose to hold and ride out any short-term volatility. It's important to remember that cryptocurrency is a highly speculative investment and past performance is not indicative of future results. Therefore, always make sure to do your own research, consult with a financial advisor before making any investment decisions and never invest more than you can afford to lose.

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

Neither positive or negative, it cant be sure that it would be giving out some significant impact on the market since we do know that this isnt  something that you could really deal off with on this very unpredictable market on which no fundamentals could really make out some assurance whether it would really be making out some effect or not.If its negative then normally we do presume that it would cause some dumps but there are lots of scearios and conditions on where it didnt really give out any effect or impact and this is why it do mess out with our speculations on which this is why it isnt something a solid indicator
for you to rely on fundamentals most of the time.

[Z-tight]

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.

[RealMalatesta]

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

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.

[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.

[Daltonik]

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.