Genesis this morning has declared bankruptcy, thus being the fourth crypto lender this year to go bankrupt, meanwhile the market is in a bullish rally, what do you think about this rally after the bankruptcy declarations, it could be another bulltrap before a massive drop?
Genesis cryptocurrency platform goes bankrupt
- Thread starter riberet19
- Start date
The economic downturn is affecting both cryptocurrency markets and other institutions. Therefore, it isn't only crypto is affected. The economic crisis will still last for sometimes now.
I can't believe this. Genesis of all lenders. What could have gone wrong? I hope the gains of these resurgence would not be hampered.
Since November 2022, Genesis Global Capital has stopped withdrawing customers, Genesis filed for bankruptcy in a New York court with the lender's total assets of around US$10 billion. Of course Gemini's bankruptcy will bring crypto prices down and will make investors panic even more.
I keep on saying that we critically need to analyze cryptocurrency and only save part of it according to our net worth. You cannot possibly save a whole lot of your nest egg in digital assets because they are built on speculation and that means it may either go your way or against your way. That means it has a very huge risk gauge which makes it not to be a Quality investment. This news of the exchanger going bankrupt is not good news for cryptocurrency.
Pandemic?. It can't be pandemic. I have been expecting Genesis to experience this for long. Don't you know ant corporations that is based on cryptos would be affected as a result of bitcoin?.
- Thread starter
- #9
In the end, it was known that Genesis had been in trouble for a long time and that it could fall at any moment, the movement in the market could have been discounted a long time ago or not having seen the movement and what happens in the next few days, we must be vigilant
Being vigilant in the crypto-currency market is very important. Even the biggest platforms cannot be hundred percent trusted.
- Thread starter
- #11
The news has also recently come out that Binance has stopped withdrawals in USD unless they are for more than 100k USD due to an investigation, I don't know what is really happening, hopefully all is well.
that may be an old news. Recently a lot of people have been withdrawing and depositing their cryptocurrency in binance. But I still do not trust any exchange hundred percent.
- Thread starter
- #13
No, it's from yesterday, only withdrawals to USD have stopped, anyone who does not withdraw in USD will have no problems
Okay, that means I am not even updated on the latest happenings on binance. I think that may be because of technical problems and not because of something else.
Yeah, the truth of the matter is that many cryptocurrency platforms may seem like very legitimate and trusted but on the long run they will pack up and run away. So it is always better to diversify your investment in the cryptocurrency space.
- Thread starter
- #18
Yes, genesis is another failed project in the cryptographic world and surely it will not be the last, it is a very new industry and everything that does not work must be cleaned up and what better than a bear market so that the bad comes out afloat and only the valuable remains.
This is the more reason why it is very important to carry out due diligence before joining any crypto projects.
Sincerely speaking I am short of words. I had trusted the do called Genesis mining platform.
It had a good reputation as it has dominated the market for long. Now I don't have any idea about the fate of the Crypto currency.
It had a good reputation as it has dominated the market for long. Now I don't have any idea about the fate of the Crypto currency.
