The interim CEO of Genesis Global Trading, a cryptocurrency broker and lender that was forced to halt withdrawals in November, said he needed more time to resolve the complex situation.
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- "While we aim to act as quickly as possible, this is a very complex process that will take much longer," Dirar Islam wrote in a letter to clients on Wednesday.
- After the collapse of FTX in November, Genesis blocked $900 million from customers of retail cryptocurrency broker Gemini.
- With the announcement of dissolution or even bankruptcy imminent , Genesis said in early December that such a decision would likely be a matter of "weeks," not days. Genesis and CoinDesk are owned by the same parent company, Digital Currency Group (DCG).
- The stakes rose slightly on Monday this week when Gemini founder Cameron Winklevoss fired DCG CEO Barry Silbert for "dangerous delaying tactics." In an open letter posted on Twitter, Gemini complained that it had been waiting six weeks for payment.
Token Rounding
The breakout provided by © CoinDesk , indicates that the path of least resistance for ETH/BTC is to the upside. (TradingView, CoinDesk)Bitcoin ( BTC ): The largest cryptocurrency by market cap recently traded at $16,800, up 0.8% in the last 24 hours. Stocks rose as traders looked to minutes from the FOMC's last meeting in December and the possibility of taming inflation and raising interest rates in 2023. The S&P 500 gained 0.7%, boosting the tech-heavy Nasdaq Composite and the Dow Jones Industrial Average (DJIA). ) close above. ) rose by 0.6% and 0.4%, respectively.
Ether ( ETH ): The second largest cryptocurrency has recently gained 3.3% and is trading around $1,252. According to Louis Harland, portfolio manager at Decentral Park Capital, the ratio of Ether to Bitcoin (ETH/BTC) could rise to a two-month high. "We will see a 'very bearish' rise in ETH in the coming weeks," he said. Harland said the upcoming Shanghai Ethereum network update, which will unlock Ethereum withdrawals and reduce user aggregation fees after the implementation of EIP4844, will serve as a catalyst for the cryptocurrency's growth.
Bonk (BONK): The Shiba Inu token, launched on December 25, returned 2,220% to traders last week, up 150% on Wednesday, before a recent 95% gain, according to CoinGecko. As CoinDesk reported on Tuesday, the token was catapulted into the Solana Non-Fungible Token (NFT) community and its creators, sparking a flurry of hype and high trading volume for the token.
Last price
Cryptocurrency market analysis: Bitcoin and Ethereum react positively to declining economic data
By Glenn Williams Jr
Within an hour of the release of the two reports (15:00 UTC: 10:00 ET), a battle broke out between Bitcoin buyers and sellers. Applying the Bollinger Bands to the hourly chart of BTC shows a drop in price from the 20-period moving average before a trend change over the next hour.
Trading volume increased during this time, suggesting that trading activity was driven at least in part by economic news that emphasized its importance. Then for the next hour, the trading volume decreased. Applying the Bollinger Bands to the daily chart of Bitcoin shows that the price is holding above the 20-day moving average and approaching the upper band of the bands. The price range widened between the daily high and low to the highest point in nearly 14 trading sessions.
A break above the high of the Bollinger Bands could be bullish, but a stronger push is likely to be needed. At this point, it seems inevitable.
© CoinDesk: BTC hourly chart , accessed 01/23/04 (@TradingView)Read full technical information here.