After the DXY fell intra-day to a new 7-month low of 101.56 yesterday, the Bitcoin price briefly managed to tackle the key resistance zone above the $21,500 mark, reaching its highest level since September 13, 2022, at $21,650. However, the euphoria did not last long for two reasons.
First, the DXY showed a strong bounce, and second, news became public that Genesis Trading could be preparing for bankruptcy. This has stoked new fears that the contagion in the crypto market could roll on after the FTX bankruptcy in November. But what is known so far and what could this mean for the Bitcoin price?
Here’s What’s Known
According to a Bloomberg report yesterday, Genesis Trading, a subsidiary of crypto mogul Barry Silbert’s DCG empire, is facing bankruptcy. If the report proves true, the bankruptcy filing could come as early as this week, according to Bloomberg.
Faced with a lack of liquidity, Genesis is currently in confidential negotiations with various creditor groups. Genesis and DC
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