Bitcoin Shuts Down Genesis Bankruptcy Filing

Bitcoin did not move as expected despite the news that Genesis, one of the world’s largest crypto lenders, filed for bankruptcy. This lack of negative movement from Bitcoin in response to the news could cement the digital asset’s path in the coming weeks.

Bitcoin remains untouched by Genesis.

Despite the terrible news of a Genesis Bankruptcy Finally becoming a reality, Bitcoin price has not reacted negatively. In fact, the digital asset has barely responded to the news and continues to trade around the $20,900 level.

What this suggests is that news of the Genesis bankruptcy was already factored into the asset’s value. It is understandable that the crypto-lender had been considering filing for bankruptcy for quite some time and was exploring its options. So it makes sense that the prejudice and fear of such news is already digested by the participants in the space.

For Bitcoin, this suggests that the value of the digital asset is where it should be. Given that its current price level appears to be a reasonable price, there is more support for the current bull rally. This also means that for BTC to trigger another downtrend, it would have to be a true market-disruptive event.

A deep pullback from a market correction is even more unlikely with this news. This means that a A break below $20,000 may be further away than the bears desire.Positioning the cryptocurrency more up than down.

Bitcoin price chart from TradingView.com

BTC sees upside despite Genesis bankruptcy filing | Source: BTCUSD on TradingView.com

BTC investors look to expiring options.

On Friday, more than $580 million in bitcoin options are expected to expire, and that would normally be a cause for celebration for the bears, but BTC’s continued strong performance should make it a win for the bulls. Stand to gain more than the market.

While there are some who expect inflation to worsen, one example is JPMorgan Chase CEO Jamie Dimon’s current slowdown, which has eased pressure on Bitcoin and the general crypto market for now. With inflation softening, risk assets are performing better, increasing the chances of a price recovery rather than a fall.

Bitcoin price is also comfortably above its 50-day and 100-day moving averages. This stabilizes the bullish momentum for the digital asset at least in the medium term. Additionally, there is considerable support for BTC just above $20,500 which acts as a barrier for bears in the meantime. If BTC holds through the weekend, a solid move above $21,000 can be expected next week.

The price of BTC is changing hands at $20,949 at the time of this writing. According to data from Coinmarketcap, it has gained 1% in the last 24 hours and has seen a significant increase of 10.34% in the last seven days.

Following The best Ovie on Twitter For market insights, updates, and the occasional witty tweet… Featured image from Finbold, chart from TradingView.com



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