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Arthur Hayes Believes BTC Could See $10k After Genesis Bankruptcy

Genesis is struggling to raise money for the lending unit.The bankruptcy of Genesis could trigger a panic sell-off from BTC holders.BTC is currently trading at $15,744.83 after a...
Arthur Hayes Believes BTC Could See $10k After Genesis Bankruptcy © Reuters. Arthur Hayes Believes BTC Could See $10k After Genesis Bankruptcy
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  • Genesis is struggling to raise money for the lending unit.
  • The bankruptcy of Genesis could trigger a panic sell-off from BTC holders.
  • BTC is currently trading at $15,744.83 after a 1.64% drop in price.

Arthur Hayes, the co-founder of BitMEX, took to Twitter on November 21 to share his concerns about the crypto lending firm Genesis, and the implication this will have on cryptocurrencies, specifically Bitcoin (BTC).

In his post, Hayes added a snippet from Bloomberg stating that Genesis is struggling to raise money for the lending unit. The company then continued to warn its investors that if they fail in their attempt to raise funds, they will have no choice but to file for bankruptcy.

Genesis has been in a liquidity crunch as the company is one of the many victims of the FTX meltdown. The lending platform has spent the last few days seeking at least $1 billion in fresh capital.

Hayes concluded his Tweet with his prediction that BTC could fall to $10k because of this. This is probably due to the fact that the whole crypto market is still recovering from the FTX drama, and a shock like the bankruptcy of Genesis could trigger a panic sell-off from BTC holders in an attempt to save their investment.

Bitcoin / TetherUS 1D (Source: CoinMarketCap)

Data from CoinMarketCap indicates that BTC is currently trading at $15,744.83 after a 1.64% drop in price over the last 24 hours. The crypto market leader was able to reach a high of $16,246.61 and a low of $15,599.05 over the same time period. BTC is also still in the red by more than 6% over the last seven days.

BTC’s 24-hour trading volume currently stands at $33,275,537,893 after a more than 13% increase over the last day.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss

The post Arthur Hayes Believes BTC Could See $10k After Genesis Bankruptcy appeared first on Coin Edition.

See original on CoinEdition

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

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Moving Avg:

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Sell (12)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

Moving Avg:

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GBP/USD

1.2475

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USD/JPY

157.91

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AUD/USD

0.6469

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USD/CAD

1.3780

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EUR/JPY

168.32

+0.10 (+0.06%)

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DAX

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17,763.03

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1,973.05

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IBEX 35

10,854.40

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BASF SE NA O.N.

49.155

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27.35

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266.60

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

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Siemens AG Class N

175.90

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Deutsche Bank AG

15.010

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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