Monat: Januar 2023

• Bitcoin closed the day close to where it began on Tuesday, hovering around $22,870.
• Investors are curious as to where Bitcoin might head from here, in part affected by the anticipated GDP figures set to be released on Thursday.
• Bitcoin has been on an upward trend since November 21st, breaking out from a long-term declining resistance line on January 13th and pushing the Relative Strength Index (RSI) movement above 70.

It has been an exciting few weeks for the cryptocurrency market, with Bitcoin (BTC) leading the charge and pushing the price to new all-time highs. After closing the day close to where it began on Tuesday, Bitcoin was trading at $22,870 at the time of writing. This hasn’t affected the excitement around the token as investors are more curious than ever as to where Bitcoin might head from here, in part affected by the anticipated Gross Domestic Product (GDP) figures set to be released on Thursday.

The recent surge in Bitcoin’s price has been fueled by a combination of factors, including increased institutional adoption and growing interest from retail investors. Additionally, the demand for Bitcoin has been further bolstered by its finite supply and the upcoming halving event. All of these factors have combined to push Bitcoin’s price up significantly since its November 21st low of $15,476.

On December 30th, the price accelerated its rate of increase and broke out from a long-term declining resistance line in place for nearly six months. This was a strong sign that the correction had ended and the bullish trend was back in full force. Additionally, the fact that the breakout was combined with a Relative Strength Index (RSI) movement above 70 indicated that the uptrend was likely to continue.

As investors eagerly await the release of the GDP figures for Q4 2022, many are speculating that the numbers will further strengthen Bitcoin’s bullish momentum. If the figures reflect a strong economic recovery, it could lead to investors seeking safe-haven assets such as Bitcoin, which could push the price up further.

With the future of Bitcoin still uncertain, one thing is certain – the anticipation around the cryptocurrency is at an all-time high. As investors and traders look to the GDP figures and other economic indicators, the coming days could be crucial for the future of the world’s largest cryptocurrency.
Only time will tell where Bitcoin will go next, though one thing is certain – it’s an exciting time to be in the cryptocurrency market.

• Genesis Global Capital, a crypto lender, recently filed for Chapter 11 bankruptcy.
• The company’s lawyers have informed a bankruptcy court in New York of working „around the clock“ to settle with creditors.
• Lawyers from the Cleary Gottleib law firm representing Genesis in the bankruptcy process are expecting to settle by the end of the week.

Genesis Global Capital, one of the leading cryptocurrency lenders, has recently filed for Chapter 11 bankruptcy. The filing was made to the US Bankruptcy Court in the Southern District of New York. The filing included two of the lender’s subsidiaries, Genesis Asia Pacific and Genesis Global Capital.

The filing came two months after Genesis halted withdrawals due to its exposure to FTX, an exchange that had gone bankrupt. Since then, the company’s lawyers have been working with the representatives of creditors and the US Trustee Office to reach a consensus. As informed to the bankruptcy court judge, the lawyers have been working “around the clock” to settle with the creditors.

The lawyers from the Cleary Gottleib law firm representing Genesis in the bankruptcy process have informed the court that they are aiming to settle the issue by the end of the week. Attorney Sean O’Neal explained that the lender had come up with a timeline and an approach to assist in getting through the bankruptcy case. O’Neal also pointed out that the company did not want prolonged litigation that would impact the value available to the creditors.

Another attorney representing Genesis, Jane VanLare, said the firm was also exploring a potential sale to raise funds. The attorneys are hopeful that the process will be resolved soon and the creditors will be able to get the value they deserve. They are currently in the process of putting together a plan of action that will ensure a swift resolution of the bankruptcy case.

The crypto bear market has taken a toll on many industry players, and Genesis Global Capital is no exception. The lawyers representing the firm are optimistic that the bankruptcy process will be resolved soon and that the creditors will receive the value they deserve.