Genesis Bankrupt, Impact on BTC? | Bitcointalksearch.org

Abiky

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Quote from: RealMalatesta on January 27, 2023, 02:08:09 PM

This became hilariously unimportant news, and God knows why. FTX bankrupted and the price crashed for some reason, genesis did and the price didn't care. Why? Why did one of them crashed the market while the other one didn't? Not like the amount was that much different, it's close amounts that if one crashed it then the other should too. You know why it didn't?

Because, we saw about FTX and the CEO of it constantly 7/24 on media and that caused the price to crash, and we didn't give a damn about genesis because it was nowhere to be found, in fact I didn't see it anywhere on TV, sure some news websites talked about it, but not on TV, that's why it didn't. Media decides what should be important and what should not be important.

Genesis wasn't as big as a company as FTX was. The latter had many investments into prominent crypto projects, as well as, mainstream exposure. A collapse from one of the biggest crypto exchanges in the world would certainly cause a negative impact in market prices within the short term. I cannot say the same about an infamous crypto company lile Genesis.

The market is already past the FUD, so unless the global economy keeps crashing, don't expect prices to go lower anytime soon. Who knows if BTC goes up again by 2024? Just my opinion

MoonOfLife

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Quote from: Daltonik on January 28, 2023, 12:11:17 AM

Quote from: MoonOfLife on January 27, 2023, 10:01:43 PM

Quote from: Z-tight on January 26, 2023, 04:59:25 PM

Quote from: AmoreJaz on January 26, 2023, 04:47:51 PM

it may have a lil bit of impact but if other positive news will come out, this negative news will be masked by good ones. and so the market may just move on. unless, they will be dumping a lot of btc in the market, but they are not. i guess, it is only their time to file for bankruptcy. i have used genesis mining services before. with all the troubles they have encountered in the previous years, i believe, they are indeed going into this bankruptcy state

They are not going bankrupt, they are already and have filed for bankruptcy. When Three Arrows Capital, Alameda Research and ftx all collapsed, it was sure that Genesis would too because it was exposed to all of these companies that bit the dust. I don't think there have been any impact of Genesis' collapse on BTC's price, Genesis have filed for bankruptcy and BTC is still in its mini recovery phase, just one negative news cannot have too much impact on BTC's price, it is usually a combination of many events that affects the price of BTC, and i think it is time for people to stop spreading fear because of Genesis' file for bankruptcy.

So far, it can be affirmed that the collapse of genesis has not had any effect on the market, the market is doing well even when this news comes out. But also have to add one thing genesis is not as big as FTX or Luna, so it may not affect the market, or information about the bankruptcy of genesis does not seem too difficult to predict because the news about them has been going on for many months.

Well, so far the collapse of Genesis as such has not happened and it seems to me too early to talk about the consequences and they are not willing to say who is in their debt, although the list of creditors is described in great detail, whether Genesis will pull DCG will be seen soon.

Genesis is a subsidiary of DGC and DGC decided to sell Genesis to pay off debt instead of having to sell assets to save it. So I can't say Genesis' collapse is the same as FTX, and that's why I believe it won't affect the market nor will pull DCG. DGC sold off Genesis and coindesk to pay off Genesis losses.

laurenB7742

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Quote from: Daltonik on January 28, 2023, 12:11:17 AM

Quote from: MoonOfLife on January 27, 2023, 10:01:43 PM

Quote from: Z-tight on January 26, 2023, 04:59:25 PM

Quote from: AmoreJaz on January 26, 2023, 04:47:51 PM

it may have a lil bit of impact but if other positive news will come out, this negative news will be masked by good ones. and so the market may just move on. unless, they will be dumping a lot of btc in the market, but they are not. i guess, it is only their time to file for bankruptcy. i have used genesis mining services before. with all the troubles they have encountered in the previous years, i believe, they are indeed going into this bankruptcy state

They are not going bankrupt, they are already and have filed for bankruptcy. When Three Arrows Capital, Alameda Research and ftx all collapsed, it was sure that Genesis would too because it was exposed to all of these companies that bit the dust. I don't think there have been any impact of Genesis' collapse on BTC's price, Genesis have filed for bankruptcy and BTC is still in its mini recovery phase, just one negative news cannot have too much impact on BTC's price, it is usually a combination of many events that affects the price of BTC, and i think it is time for people to stop spreading fear because of Genesis' file for bankruptcy.

So far, it can be affirmed that the collapse of genesis has not had any effect on the market, the market is doing well even when this news comes out. But also have to add one thing genesis is not as big as FTX or Luna, so it may not affect the market, or information about the bankruptcy of genesis does not seem too difficult to predict because the news about them has been going on for many months.

Well, so far the collapse of Genesis as such has not happened and it seems to me too early to talk about the consequences and they are not willing to say who is in their debt, although the list of creditors is described in great detail, whether Genesis will pull DCG will be seen soon.

They filed for bankruptcy as FTX did, and it didn't have any impact on bitcoin, which is what we are seeing. What else do you expect? And more precisely, DCG decided to sell Genesis and Coindesk instead of taking out a loan to rescue its 2 subsidiaries. So this will affect the DGC, but surely there will be no consequences for the DGC. For me, the Genesis story is officially over and there are no surprises for the market. Genesis is not comparable to FTX, their effects are negligible, so you don't have to worry about anything else happening.

Daltonik

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Quote from: MoonOfLife on January 27, 2023, 10:01:43 PM

Quote from: Z-tight on January 26, 2023, 04:59:25 PM

Quote from: AmoreJaz on January 26, 2023, 04:47:51 PM

it may have a lil bit of impact but if other positive news will come out, this negative news will be masked by good ones. and so the market may just move on. unless, they will be dumping a lot of btc in the market, but they are not. i guess, it is only their time to file for bankruptcy. i have used genesis mining services before. with all the troubles they have encountered in the previous years, i believe, they are indeed going into this bankruptcy state

They are not going bankrupt, they are already and have filed for bankruptcy. When Three Arrows Capital, Alameda Research and ftx all collapsed, it was sure that Genesis would too because it was exposed to all of these companies that bit the dust. I don't think there have been any impact of Genesis' collapse on BTC's price, Genesis have filed for bankruptcy and BTC is still in its mini recovery phase, just one negative news cannot have too much impact on BTC's price, it is usually a combination of many events that affects the price of BTC, and i think it is time for people to stop spreading fear because of Genesis' file for bankruptcy.

So far, it can be affirmed that the collapse of genesis has not had any effect on the market, the market is doing well even when this news comes out. But also have to add one thing genesis is not as big as FTX or Luna, so it may not affect the market, or information about the bankruptcy of genesis does not seem too difficult to predict because the news about them has been going on for many months.

Well, so far the collapse of Genesis as such has not happened and it seems to me too early to talk about the consequences and they are not willing to say who is in their debt, although the list of creditors is described in great detail, whether Genesis will pull DCG will be seen soon.

MoonOfLife

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Quote from: Z-tight on January 26, 2023, 04:59:25 PM

Quote from: AmoreJaz on January 26, 2023, 04:47:51 PM

it may have a lil bit of impact but if other positive news will come out, this negative news will be masked by good ones. and so the market may just move on. unless, they will be dumping a lot of btc in the market, but they are not. i guess, it is only their time to file for bankruptcy. i have used genesis mining services before. with all the troubles they have encountered in the previous years, i believe, they are indeed going into this bankruptcy state

They are not going bankrupt, they are already and have filed for bankruptcy. When Three Arrows Capital, Alameda Research and ftx all collapsed, it was sure that Genesis would too because it was exposed to all of these companies that bit the dust. I don't think there have been any impact of Genesis' collapse on BTC's price, Genesis have filed for bankruptcy and BTC is still in its mini recovery phase, just one negative news cannot have too much impact on BTC's price, it is usually a combination of many events that affects the price of BTC, and i think it is time for people to stop spreading fear because of Genesis' file for bankruptcy.

So far, it can be affirmed that the collapse of genesis has not had any effect on the market, the market is doing well even when this news comes out. But also have to add one thing genesis is not as big as FTX or Luna, so it may not affect the market, or information about the bankruptcy of genesis does not seem too difficult to predict because the news about them has been going on for many months.

RealMalatesta

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

This became hilariously unimportant news, and God knows why. FTX bankrupted and the price crashed for some reason, genesis did and the price didn't care. Why? Why did one of them crashed the market while the other one didn't? Not like the amount was that much different, it's close amounts that if one crashed it then the other should too. You know why it didn't?

Because, we saw about FTX and the CEO of it constantly 7/24 on media and that caused the price to crash, and we didn't give a damn about genesis because it was nowhere to be found, in fact I didn't see it anywhere on TV, sure some news websites talked about it, but not on TV, that's why it didn't. Media decides what should be important and what should not be important.

Z-tight

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Quote from: AmoreJaz on January 26, 2023, 04:47:51 PM

it may have a lil bit of impact but if other positive news will come out, this negative news will be masked by good ones. and so the market may just move on. unless, they will be dumping a lot of btc in the market, but they are not. i guess, it is only their time to file for bankruptcy. i have used genesis mining services before. with all the troubles they have encountered in the previous years, i believe, they are indeed going into this bankruptcy state

They are not going bankrupt, they are already and have filed for bankruptcy. When Three Arrows Capital, Alameda Research and ftx all collapsed, it was sure that Genesis would too because it was exposed to all of these companies that bit the dust. I don't think there have been any impact of Genesis' collapse on BTC's price, Genesis have filed for bankruptcy and BTC is still in its mini recovery phase, just one negative news cannot have too much impact on BTC's price, it is usually a combination of many events that affects the price of BTC, and i think it is time for people to stop spreading fear because of Genesis' file for bankruptcy.

Mahanton

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Quote from: AmoreJaz on January 26, 2023, 04:47:51 PM

Quote from: Zubayer on January 26, 2023, 06:18:54 AM

It's difficult to predict the exact impact that the potential bankruptcy of a single firm, such as Genesis, would have on the price of Bitcoin. However, in general, news of a company filing for bankruptcy can cause uncertainty and volatility in the market, which may lead to a temporary decrease in the price of Bitcoin and other cryptocurrencies. However, it's important to note that the crypto market is highly speculative, and individual events or news may not have a long-term impact on the price of Bitcoin.

As for your question on whether to sell or hold, it ultimately depends on your investment strategy and risk tolerance. Some investors may choose to sell a portion of their portfolio in anticipation of a potential price drop, while others may choose to hold and ride out any short-term volatility. It's important to remember that cryptocurrency is a highly speculative investment and past performance is not indicative of future results. Therefore, always make sure to do your own research, consult with a financial advisor before making any investment decisions and never invest more than you can afford to lose.

it may have a lil bit of impact but if other positive news will come out, this negative news will be masked by good ones. and so the market may just move on. unless, they will be dumping a lot of btc in the market, but they are not. i guess, it is only their time to file for bankruptcy. i have used genesis mining services before. with all the troubles they have encountered in the previous years, i believe, they are indeed going into this bankruptcy state

Neither positive or negative, it cant be sure that it would be giving out some significant impact on the market since we do know that this isnt something that you could really deal off with on this very unpredictable market on which no fundamentals could really make out some assurance whether it would really be making out some effect or not.If its negative then normally we do presume that it would cause some dumps but there are lots of scearios and conditions on where it didnt really give out any effect or impact and this is why it do mess out with our speculations on which this is why it isnt something a solid indicator
for you to rely on fundamentals most of the time.

AmoreJaz

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Quote from: Zubayer on January 26, 2023, 06:18:54 AM

It's difficult to predict the exact impact that the potential bankruptcy of a single firm, such as Genesis, would have on the price of Bitcoin. However, in general, news of a company filing for bankruptcy can cause uncertainty and volatility in the market, which may lead to a temporary decrease in the price of Bitcoin and other cryptocurrencies. However, it's important to note that the crypto market is highly speculative, and individual events or news may not have a long-term impact on the price of Bitcoin.

As for your question on whether to sell or hold, it ultimately depends on your investment strategy and risk tolerance. Some investors may choose to sell a portion of their portfolio in anticipation of a potential price drop, while others may choose to hold and ride out any short-term volatility. It's important to remember that cryptocurrency is a highly speculative investment and past performance is not indicative of future results. Therefore, always make sure to do your own research, consult with a financial advisor before making any investment decisions and never invest more than you can afford to lose.

it may have a lil bit of impact but if other positive news will come out, this negative news will be masked by good ones. and so the market may just move on. unless, they will be dumping a lot of btc in the market, but they are not. i guess, it is only their time to file for bankruptcy. i have used genesis mining services before. with all the troubles they have encountered in the previous years, i believe, they are indeed going into this bankruptcy state

yohananaomi

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Quote from: S A KHAIR on January 21, 2023, 06:33:27 PM

Bitcoin hit $23k, which shows Genesis's bankruptcy doesn't affect bitcoin. Bitcoin is in an uptrend, and I think no Fuds will be able to pull it down, it will only stop when the upward force is enough, and it will correct itself. My prediction is that bitcoin will probably hit 25k and then correct before forming a new trend.

it seems that it has indeed happened and the news that looks like it will make it less pleasant that it will affect crypto, is not proven at all. you are right friends, even some analysts have also released quite surprising information that altcoin and other crypto have actually increased with this news, of course a very unexpected phenomenon.
but I myself really believe that 2023 is still a very vulnerable year for something like this to happen and it is not impossible for it to happen because 2023 is still considered the year in which the world economic crisis will continue.
so the current increase is only temporary and the possibility that bitcoin will slump again can always happen before the era of the halving period occurs, but hopefully this year's crisis will pass faster than previously predicted so that crypto can get excited again.

Zubayer

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It's difficult to predict the exact impact that the potential bankruptcy of a single firm, such as Genesis, would have on the price of Bitcoin. However, in general, news of a company filing for bankruptcy can cause uncertainty and volatility in the market, which may lead to a temporary decrease in the price of Bitcoin and other cryptocurrencies. However, it's important to note that the crypto market is highly speculative, and individual events or news may not have a long-term impact on the price of Bitcoin.

As for your question on whether to sell or hold, it ultimately depends on your investment strategy and risk tolerance. Some investors may choose to sell a portion of their portfolio in anticipation of a potential price drop, while others may choose to hold and ride out any short-term volatility. It's important to remember that cryptocurrency is a highly speculative investment and past performance is not indicative of future results. Therefore, always make sure to do your own research, consult with a financial advisor before making any investment decisions and never invest more than you can afford to lose.

Z-tight

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Quote from: so98nn on January 22, 2023, 02:09:14 AM

I am not sure how this may help, but doesn't the recent hike would make them regain some money from the market? I mean though it is comparatively small hike in the bitcoin prices; it would have mega impact on the bulk holdings if any? Could be broken logic but sometimes simple tricks can play very well.

The hike is crypto prices is like a drop in the ocean compared to Genesis' problems and why they have filed for bankruptcy, this is a company that gave out loans to Three Arrows Capital and Alameda Research before they collapsed, and were also exposed to ftx before they collapsed too; the lending firm borrowed funds to companies that went on to bite the dust, surely they were also going to bite the dust too.

Quote from: so98nn on January 22, 2023, 02:09:14 AM

Lenders should not go bankrupt, they take more than enough interests!

Lending firms take risks by borrowing out lenders' money to different companies for profit, if anything happens to these companies who took loans from the lending company, then there is trouble for them and they would surely go bankrupt. Last year Genesis' risks didn't work well for them, the big firms they borrowed funds to, like 3AC and Alameda research both collapsed, while they were also exposed to ftx; so they were next to go bankrupt and now they have.

karabiber

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Genesis' bankruptcy has been talked about a lot recently and it wasn't a good enough fud for Bitcoin. I think that Bitcoin has gained resistance to the fuds from companies and this news is no longer as effective as it used to be. If you want to invest in Bitcoin through companies, I recommend you stay away from it. It would be better to evaluate investment options within the ecosystem by creating a cold wallet. Remember that companies are not your friends and use your investment in risky transactions.

Hamza2424

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Haha, i have seen many memes on this topic as I am also in shock at how the market ignored such big news and continuously moved upward. This news is rumoring for 2 weeks and from that time market is constantly ignoring the moves of Genesis and Lawmakers' fuds. I thought in my first impressons when i saw this news that this is going to crash the market below 14K but from that time market moved 32%+

Abiky

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Quote from: nullama on January 23, 2023, 08:17:07 PM

There have been many Bitcoin companies that have already collapsed.

Bitcoin doesn't really need them, it's mostly people that want to make money and end up creating something unstable.

Specially if the company is an exchange that keeps selling people IOUs instead of real Bitcoin. That's always going to collapse at some point. Yet, companies like that continue to exist.

Companies will always screw up in the end. But what's important is that Bitcoin remains decentralized so it could stand the test of time. These unfortunate series of events will only harm market prices in the short term. Long term speaking, Bitcoin should be worth a lot more in USD terms. It'll probably be in the "millions" within 1-2 decades from now. You can bet Bitcoin would've died if it was centralized.

I'm yet to see when Fiat will lose ground, as inflation soars like there's no tomorrow (although inflation eased a bit with the FED's measures). Who knows what the future will bring to Bitcoin and the whole crypto/Blockchain industry? Just my opinion

nullama

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Quote from: Abiky on January 23, 2023, 09:57:55 AM

~snip~
Another crypto company directly linked to Bitcoin going bankrupt, would certainly cause a negative impact among investors and traders alike. But it'll pass, just like it happened with the Mt. Gox collapse some time ago. I don't think the recent pump in market prices will save Genesis, especially when the losses are greater than short-term gains. FTX couldn't be saved, so what makes you think Genesis will make a comeback?

I see a period of cleansing that's approaching among us. The bad actors will slowly be stripped away from the crypto industry until we're left with the good ones. It's possible that these unfortunate series of events will make crypto bigger and stronger in the future. Bitcoin is the "Father of Crypto" so I'm confident it will rise in price after the tide is over. The real question is: Have you already accumulated BTC yet? Just my opinion

There have been many Bitcoin companies that have already collapsed.

Bitcoin doesn't really need them, it's mostly people that want to make money and end up creating something unstable.

Specially if the company is an exchange that keeps selling people IOUs instead of real Bitcoin. That's always going to collapse at some point. Yet, companies like that continue to exist.

Abiky

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Quote from: so98nn on January 22, 2023, 02:09:14 AM

Damn, they are going to miss the priceless name of the company "genesis". It was so related to the bitcoins and it's beginning. How sad it is to let go with such bad news. I mean obviously they could re-do everything with proper planning and if they somehow get the funds for their business to go on further.

I am not sure how this may help, but doesn't the recent hike would make them regain some money from the market? I mean though it is comparatively small hike in the bitcoin prices; it would have mega impact on the bulk holdings if any? Could be broken logic but sometimes simple tricks can play very well.

Lenders should not go bankrupt, they take more than enough interests!

Another crypto company directly linked to Bitcoin going bankrupt, would certainly cause a negative impact among investors and traders alike. But it'll pass, just like it happened with the Mt. Gox collapse some time ago. I don't think the recent pump in market prices will save Genesis, especially when the losses are greater than short-term gains. FTX couldn't be saved, so what makes you think Genesis will make a comeback?

I see a period of cleansing that's approaching among us. The bad actors will slowly be stripped away from the crypto industry until we're left with the good ones. It's possible that these unfortunate series of events will make crypto bigger and stronger in the future. Bitcoin is the "Father of Crypto" so I'm confident it will rise in price after the tide is over. The real question is: Have you already accumulated BTC yet? Just my opinion

mvdheuvel1983

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

Genesis insolvent? Please let me know who is to blame, someone. This cycle is fantastic because it is weeding out the dishonest and those who overleverage using unsecured collateral.
As a result, cryptocurrency will soon be in a stronger position. At least four of these cryptocurrency businesses fail every week, and investors lose all of their money.
The most affected are those who believe their finances cannot be touched.

yudi09

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

Not daring to say that it will not affect Bitcoin because after what happened to several types of crypto assets, people have begun to realize what the best assets are that they should invest in. Last time Luna and FTX became the most valuable lesson behind my point.
With the Genesis plan, which we got news from cointelegraph, it could have an impact, although until now Bitcoin's movement is still in an encouraging situation holder.

nullama

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Quote from: so98nn on January 22, 2023, 02:09:14 AM

Damn, they are going to miss the priceless name of the company "genesis". It was so related to the bitcoins and it's beginning. How sad it is to let go with such bad news. I mean obviously they could re-do everything with proper planning and if they somehow get the funds for their business to go on further.

I am not sure how this may help, but doesn't the recent hike would make them regain some money from the market? I mean though it is comparatively small hike in the bitcoin prices; it would have mega impact on the bulk holdings if any? Could be broken logic but sometimes simple tricks can play very well.

Lenders should not go bankrupt, they take more than enough interests!

Lots of company names are based on Bitcoin concepts, like coinbase. I'm sure most people in the world associate coinbase with the company and not with the actual transaction (block reward).

Also, I think once a company is bankrupt another company can trade with that name.

so98nn

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Damn, they are going to miss the priceless name of the company "genesis". It was so related to the bitcoins and it's beginning. How sad it is to let go with such bad news. I mean obviously they could re-do everything with proper planning and if they somehow get the funds for their business to go on further.

I am not sure how this may help, but doesn't the recent hike would make them regain some money from the market? I mean though it is comparatively small hike in the bitcoin prices; it would have mega impact on the bulk holdings if any? Could be broken logic but sometimes simple tricks can play very well.

Lenders should not go bankrupt, they take more than enough interests!

nullama

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

Companies will come and go.

Bitcoin is here to stay.

Wisest thing to do is to not use any company, and keep your Bitcoin in your own cold storage, with the ability to recover the wallet without needing a company.

As long as you have the tools in your own computer to generate your keys without the internet, you should be fine, for your whole life.

If you depend on a company, it will probably close down at some point. That has been the story for many, many companies in just a decade or so of Bitcoin history.

Hispo

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Quote from: Yatsan on January 21, 2023, 04:30:34 PM

Quote from: Tony116 on January 20, 2023, 09:38:43 PM

Quote from: Hispo on January 20, 2023, 08:46:04 PM

-snip-

People just tend to connect things. Not because something collapes would already pull down the industry.

Those who do that are likely bearish on the price and influence others through articles and their own perception in general. Nothing wrong with giving one's opinion though. It is easier to only connect negative things after the specially red period we had, which was (in my opinion) pulled into red numbers by important collapses.

While doing market analysis is important not to only focus on the negative or positive indicators, there are also positive things to look into right now, in my humble opinion. Wink

Quidat

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Quote from: S A KHAIR on January 21, 2023, 06:33:27 PM

Bitcoin hit $23k, which shows Genesis's bankruptcy doesn't affect bitcoin. Bitcoin is in an uptrend, and I think no Fuds will be able to pull it down, it will only stop when the upward force is enough, and it will correct itself. My prediction is that bitcoin will probably hit 25k and then correct before forming a new trend.

Maybe if the price would hit up on 25k resistance then it would neither make breakout or would be having that rejection which would make the price make some significant dip but
everything turns out to be always unknown which it isnt surprising.Market prices arent something that could really be predicted out but we do have hints because
we do know on how to read up charts basing up into those technical indicators that we could put on. Every news doesnt always mean it could
make some effect into price movement because most of the time it would really be that ignored.

S A KHAIR

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Bitcoin hit $23k, which shows Genesis's bankruptcy doesn't affect bitcoin. Bitcoin is in an uptrend, and I think no Fuds will be able to pull it down, it will only stop when the upward force is enough, and it will correct itself. My prediction is that bitcoin will probably hit 25k and then correct before forming a new trend.

Fivestar4everMVP

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

The announcement of Genesis bankruptcy briefly affected the price of bitcoin, at the instance of the announcement, the price of bitcoin went down from a little above $21,000 to a little above $20,000, I was actually thinking the news was going to drive bitcoin below $19k or $18k again but it didn't take much time for the table to actually turn, bitcoin climbed back to $21,000 and has been doing well since then..

This is to show how strong the bulls are ready to push the price of bitcoin up this year, we might be seeing a new all time high before the year ends if we do not encounter major and dangerous obstacles on the way like what we experienced in 2022.

Yatsan

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Quote from: Tony116 on January 20, 2023, 09:38:43 PM

Quote from: Hispo on January 20, 2023, 08:46:04 PM

I expect the impact of Genesis over the price of Bitcoin to be minimum.
In my opinion, the collapse of FTX was different, of a bigger magnitude than the demise of this firm.

In the end, this is just the failure of the administration of Genesis, but not a failure of Bitcoin, even if the price got affected, it would recover faster than it recovered from the dip caused by FTX.

Have you checked the market today? it's very interesting. Yesterday when Genesis officially filed for bankruptcy, bitcoin once fell below $21k, but today bitcoin has risen to $22k, shows that the collapse of Genesis did not have any impact on bitcoin or the market. I also predicted it would impact bitcoin, but I was ultimately wrong. Bitcoin doesn't follow any rules, bitcoin breaks all the rules of the financial market. I expect this rally to reach $25k before a correction again.

People just tend to connect things. Not because something collapes would already pull down the industry. There are just many factors affecting the market or this industry in general not unless people would base on a particular factor affecting the market such as with the FTX issuem Right now, one factor with the increase in the market price is adoption by more countries, CIP Report in particular with the increase in stocks which afterwards positively affect the market behavior. But still, I somehow doubt that the increase would be continuous. It is more likely to be huge next year with the anticipated bitcoin halving.

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So. Instead of the market reacting badly, Bitcoin somehow got up even more making another small rally almost 10% up today. I definitely didn't think we would be seeing any movement until next month because of new inflation numbers but I guess the industry is finally shaking in some kind of expectation that the worse is over?

GreatArkansas

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Quote from: Gallar on January 20, 2023, 09:07:06 PM

more or less there must be an impact that is felt on bitcoin, because the news that is currently spreading will definitely have an impact on bitcoin.
but I'm not too worried, because I learned from previous scandals, that bitcoin won't go down too far, and surely there will be many people who think like that, and still hold their assets from being sold.

There are rumors on social media right now especially Twitter that there are some creditors of Genesis, and these creditors are big players in crypto, some are centralized exchanges, and cryptocurrency projects like the NFT platform.
Overall, these are just rumors and some of these already got explanations just like Mirana connected with Bybit, which Mirana manage *some* of Bybit fund came from Bybit CEO.

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Quote from: Tony116 on January 20, 2023, 09:38:43 PM

Bitcoin doesn't follow any rules, bitcoin breaks all the rules of the financial market.

It does follow certain rules (the rules made by itself, lol). Anyways, I think the genesis effect should no longer be considered from here on?! As we have already absorbed the whole situation. They and their stupid clients might have sold everything already. I think btc does better without institutions Cheesy

Quote from: Tony116 on January 20, 2023, 09:38:43 PM

I expect this rally to reach $25k before a correction again.

Starting to think about 32k here. (glad about my decision of not selling under 21k)

Tony116

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Quote from: Hispo on January 20, 2023, 08:46:04 PM

I expect the impact of Genesis over the price of Bitcoin to be minimum.
In my opinion, the collapse of FTX was different, of a bigger magnitude than the demise of this firm.

In the end, this is just the failure of the administration of Genesis, but not a failure of Bitcoin, even if the price got affected, it would recover faster than it recovered from the dip caused by FTX.

Have you checked the market today? it's very interesting. Yesterday when Genesis officially filed for bankruptcy, bitcoin once fell below $21k, but today bitcoin has risen to $22k, shows that the collapse of Genesis did not have any impact on bitcoin or the market. I also predicted it would impact bitcoin, but I was ultimately wrong. Bitcoin doesn't follow any rules, bitcoin breaks all the rules of the financial market. I expect this rally to reach $25k before a correction again.

Gallar

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more or less there must be an impact that is felt on bitcoin, because the news that is currently spreading will definitely have an impact on bitcoin.
but I'm not too worried, because I learned from previous scandals, that bitcoin won't go down too far, and surely there will be many people who think like that, and still hold their assets from being sold.

Hispo

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I expect the impact of Genesis over the price of Bitcoin to be minimum.
In my opinion, the collapse of FTX was different, of a bigger magnitude than the demise of this firm.

In the end, this is just the failure of the administration of Genesis, but not a failure of Bitcoin, even if the price got affected, it would recover faster than it recovered from the dip caused by FTX.

landheer

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yes, if Genesis goes bankrupt, maybe this will be history in 2023 , and at the same time reminds us of ftx which went bankrupt. in my opinion, if we invest in bitcoin, in my opinion, of course it is safe. the proof is now bitcoin has increased again.
in my opinion what will be potentially threatened are certain altcoins.

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Quote from: carlfebz2 on January 20, 2023, 04:39:33 PM

Quote from: serjent05 on January 20, 2023, 04:36:21 PM

It looks like the genesis bankruptcy has little impact on Bitcoin. The current demand pressure weighs more than the FUD the Genesis bankruptcy produced. It looks like the Bitcoin market isn't as sensitive as the time when Terra Luna and FTX goes bankrupt. Also, news said that the impact of Genesis bankruptcy[1] is already priced in and there is nothing to worry about the possible bitcoin crash due to this Genesis Bankruptcy because it is unlikely to happen.

Even now we are seeing the price had jumped a little bit from hovering around 20800 to 22330 as of this moment which it would really be making up some doubts whether this would really be some fake increase
before the dump or would totally mean that these news arent something that could affect in regards on whats the current price of Bitcoin as of this moment.

This do simply proves out that any fundamentals cant really be precisely able to tell on where the price should eventually go.There's no such precise manner for us to know on whats ahead.
For those who had made out some long position are making some profits now.

Fundamentally, there is support for the Bitcoin uptrend. As stated by Bitdane, the DOJ press conference gives a boost of confidence to the cryptocurrency market. they did not say Bitcoin is bad or whatever, instead they are supporting the cryptocurrency economy by removing bad actors from the circle. I think fundamentally, this gives Bitcoin a confidence boost that probably makes the price goes up.

And it is possible that the effect of Genesis's bankruptcy is overwritten by this US DOJ announcement.

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

The market was not dumped as much by the Genesis bankruptcy as it was by the Terra Luna platform scandal and the FTX scandal. The Genesis bankruptcy caused a bit of a panic among people with the market dumping a bit. Currently the Bitcoin market is pumping and staying between $22700. Those of you who are long-term investors, keep your investments long-term. No need to worry the market will definitely grow.

The recent downtrend of Bitcoin was not about the Genesis bankruptcy but rather the anticipation of the traders on the press release of DOJ about their cryptocurrency dealings. Many thinks of the press release as negative so they shorted their trade and turns out that the DOJ is just cleaning the crypto sphere of illegal trade activities which is somehow positive and may give confidence to the cryptocurrency market. I believe those who shorted had made losses because Bitcoin did not dump but instead uptrend.

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Quote from: serjent05 on January 20, 2023, 04:36:21 PM

It looks like the genesis bankruptcy has little impact on Bitcoin. The current demand pressure weighs more than the FUD the Genesis bankruptcy produced. It looks like the Bitcoin market isn't as sensitive as the time when Terra Luna and FTX goes bankrupt. Also, news said that the impact of Genesis bankruptcy[1] is already priced in and there is nothing to worry about the possible bitcoin crash due to this Genesis Bankruptcy because it is unlikely to happen.

Even now we are seeing the price had jumped a little bit from hovering around 20800 to 22330 as of this moment which it would really be making up some doubts whether this would really be some fake increase
before the dump or would totally mean that these news arent something that could affect in regards on whats the current price of Bitcoin as of this moment.

This do simply proves out that any fundamentals cant really be precisely able to tell on where the price should eventually go.There's no such precise manner for us to know on whats ahead.
For those who had made out some long position are making some profits now.

serjent05

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It looks like the genesis bankruptcy has little impact on Bitcoin. The current demand pressure weighs more than the FUD the Genesis bankruptcy produced. It looks like the Bitcoin market isn't as sensitive as the time when Terra Luna and FTX goes bankrupt. Also, news said that the impact of Genesis bankruptcy[1] is already priced in and there is nothing to worry about the possible bitcoin crash due to this Genesis Bankruptcy because it is unlikely to happen.

[1] https://www.coindesk.com/markets/2023/01/20/bad-news-is-priced-in-crypto-traders-say-as-btc-eth-hold-steady-after-genesis-bankruptcy-filing/

The Cryptovator

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Yes, I read the news by viewing the headlines. However, it appears that there was little impact on the Bitcoin price. I expected this bankruptcy to have an effect on the Bitcoin chart. However, this type of bankruptcy is undoubtedly harmful to the crypto industry. Last year, there were numerous incidents in the cryptocurrency market. This year, we don't want to see any more drama. Any incident involving the cryptocurrency industry is harmful, whether it is a bankruptcy or a scam.

coolcoinz

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It depends on what you're doing here.

Say, you're a trader that's long on every coin he owns. You might want to sell some to have funds to use in case of an unexpected drop.
If you're in for the long run, own coins acquired through DCA, still have money to live by and possibly invest in case of a crash, you shouldn't feel threatened by this.

Most indicators show that bitcoin should go higher from this, at least towards 25k. I'm not a trader but I watch the charts and read analysis from time to time.
I held my coins during the FTX crash and I'm going to hold now. I don't care about possible 5% declines and I'm adding to my balance through DCA. If you like to trade, by all means, do it. I feel like the risk of holding money on exchanges is not worth catching a few %.

Genesis is not FTX, most of their drama is already priced in.

countryfree

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No, I'm quite relaxed about this. It's only an after-effect of the FTX collapse. Besides, there will be no scandal here. Nobody has ever seen any report of the Winkelvoss brothers stealing money to pay gourmet meals delivered by plane, or buying condos to friends like at FTX. Nothing to fear. It's sad, though. Gemini was a good attempt to make BTC attractive to cautious investors.

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Quote from: DeathAngel on January 20, 2023, 11:36:11 AM

I’ve been anxiously checking the price of bitcoin all day so far since this news became official we have not seen a negative reaction to the market.

My only concern is that we see more contagion & they end up taking other businesses down with them. So far so good though, we are not out of the woods yet but it’s looking good that there may be a widespread case of seller exhaustion.

Btc short position is now picking up and slowly building again after a wipe out due to this current rally. This is alarming because Bitcoin price is now the edge of breaking again this short term bullish pattern. Genesis news is indeed has no effect right now but this might be feel once this rally reach the point where the buyer is already exhausted too because Bitcoin short position level is on the bottom which means there’s only few shorts position open at this moment.

There’s a chance that this shorters will come back again when the long position take profit and flip to the other side. That time this news will be sell hard on the social media.

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I’ve been anxiously checking the price of bitcoin all day so far since this news became official we have not seen a negative reaction to the market.

My only concern is that we see more contagion & they end up taking other businesses down with them. So far so good though, we are not out of the woods yet but it’s looking good that there may be a widespread case of seller exhaustion.

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

Did the bankruptcy of Genesis arise from the echoes of the events with the FTX?

So far, the price of bitcoin has not changed much, which means that I assume this incident didn't affect in any way. Otherwise, the price would have already fallen as soon as this news appeared.

It is up to you whether to worry or not, to sell part of the portfolio and wait for a favorable purchase price or to hold it. Everyone should have their own strategy of behavior and naively ask "what to do?" other's. Stick to your action plan, but also keep an eye out for changes in the crypto currencies market in order to have time to react. Your money is your problem, how to save it.

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Quote from: CoinEraser on January 20, 2023, 06:06:40 AM

Quote from: Edwardard on January 19, 2023, 09:09:33 PM

Have decided to hodl as well here. The technicals are just too great on the weekly. Lets see how it develops when the news are out and also the 1st feb fomc meeting should be exciting. Cant wait Tongue

I think we're doing the right thing. Either way the price of bitcoin will go up again and I don't want to miss that. Cheesy

I was put into the hodl category ever since I got in, and I know my eventual price target is a dream and ridiculous, but I don't mind spending btc every now and then (unfortunately probably losing more lately than gaining because of gambling but I honestly don't mind).

For me, for sure doing nothing until next ATH and I see if it's worth selling at least half or to wait another 8-10 years Wink

franky1

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ok heres the scenario

genesis lends out funds/invests to other businesses and as such(its how it makes its(lack of) profits). if in bankruptcy happens. they will want to claw back all their loans/investments to bring back liquidity into the asset pool of bankruptcy to then pay out to genesis's creditors

this means that other companies may be forced to pay genesis back earlier than their term sheets expect.
(remember the 2007 crisis of banks.. they foreclosed on people, where people had loans with banks, taking the houses away from people that had loans with them if the people didnt pay the remainder of the loan)

its that, scenario in a knutshell..

if genesis gave loans or invested in multiple businesses. those multiple businesses could be affected
if genesis gave out value to others, they can ask for all of it back unless the loan agreement total is met(earlier then prescibed)

yep its not just genesis owing gemini. its other businesses owing genesis that may be forced to pay early to settle debts or have loan amount clawed back

CoinEraser

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Quote from: Edwardard on January 19, 2023, 09:09:33 PM

Have decided to hodl as well here. The technicals are just too great on the weekly. Lets see how it develops when the news are out and also the 1st feb fomc meeting should be exciting. Cant wait Tongue

I think we're doing the right thing. Either way the price of bitcoin will go up again and I don't want to miss that. Cheesy

Quote from: Edwardard on January 20, 2023, 12:27:22 AM

Just In - Genesis Global Files for Chapter 11 Bankruptcy Protection in New York federal district court. Its finally official, Lets see how the market progresses from here.

Link to tweet: https://twitter.com/cameron/status/1616298056097624064

Well, now it's official. So far, it doesn't seem to impress the market. Hopefully it stays that way. Tongue

crunck

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Today they have officially filed for bankruptcy but so far have not had any negative impact on the market. Honestly, I hadn't even heard of Genesis until they announced to stop withdrawing their users. Shows that they are not an influential force in the market like other companies. If this were the demise of the parent company DGC, then that would be a different story.

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Quote from: mindrust on January 18, 2023, 11:31:35 PM

Impact on btc? Obviously btc will survive like how it did before in similar circumstances. However the prices may take a big hit. Maybe $15k happens again in the upcoming weeks. It is probably a good idea to wait for a better price if you are thinking about making purchases nowadays.

Genesis, ftx, mtgox, cryptsy these companies come and go but btc outlives them all.

Another crypto-related company going bankrupt would certainly affect BTC's market prices in the short term. We're still feeling the pain of the FTX collapse, anyways. Those who thought the last pump would make BTC reach a new ATH, were totally wrong. BTC cannot go to the moon unless the block reward is cut in half (2024) and central banks stop raising interest rates. Many experts have predicted a severe recession for 2023, so we can only expect prices to keep going all the way down the drain.

People should just stop looking at the price, and invest in Bitcoin for the long haul. Remember, weak hands will sell while strong hands will "hodl" no matter what. If you play your cards right, you could end up being the one laughing in the end once BTC goes all the way to the moon. Let's hope Fiat weakens for BTC to emerge bigger and stronger than ever. Just my thoughts Grin

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Quote from: FanEagle on January 20, 2023, 03:21:23 AM

I honestly don't think that it would matter that much. I am sure that many people will think it is going to be a big deal, but lets be honest with each other, when the bulls are on the way then no bad news could stop us. This could be a huge news on a bad market and drop it even further, but on a good market?

It's not bad enough to make anything stop, or even take a break. We are around 21k levels, if it is going to go up then it is going to go up, doesn't look like it is making any new moves which is sad because I was totally expecting it to reach 25k soon, but it is still not that terrible and we should be quite proud of where it is at this point for sure and this news won't change any of that.

What are the signs that show you that the bulls are on their way and that we are out of crypto winter? Bitcoin has gone from 17k to 21k, which is not enough proof that we are entering a bull season. Most are very cautious and believe it is more of a price trap than a sign of a bull market.

Genesis has just officially filed for bankruptcy, but it doesn't seem to affect the market too much since it's not as big as FTX or Luna. But we should still be careful and not take it lightly, the market can collapse at any time, even with small news.

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I honestly don't think that it would matter that much. I am sure that many people will think it is going to be a big deal, but lets be honest with each other, when the bulls are on the way then no bad news could stop us. This could be a huge news on a bad market and drop it even further, but on a good market?

It's not bad enough to make anything stop, or even take a break. We are around 21k levels, if it is going to go up then it is going to go up, doesn't look like it is making any new moves which is sad because I was totally expecting it to reach 25k soon, but it is still not that terrible and we should be quite proud of where it is at this point for sure and this news won't change any of that.

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Just In - Genesis Global Files for Chapter 11 Bankruptcy Protection in New York federal district court. Its finally official, Lets see how the market progresses from here.

Link to tweet: https://twitter.com/cameron/status/1616298056097624064

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?

Let the drama go onto the market but never be affected by it if you're a firm long term holder. We've gone through several devastations in the market through FTX's drama and other exchanges too and yet bitcoin remains standing and sitting on a good price.

That's why don't let yourself moved by these news because they will really come regardless of the market situation.

I guess we've gone through the biggest incidents and are all now part of the history so, don't too worry a lot about whether it's Genesis goes bankrupt, Coinbase or Binance, etc.

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Genesis stories are too old on the market, news of them has been around for months, so it's bankrupt or not. Not many people care anymore, so I don't think it will have any effect on bitcoin. Today, bitcoin remains above $21k, showing that Genesis news is almost invisible to bitc

Quote from: CryptounityCUT on January 19, 2023, 09:40:27 PM

While the company's bankruptcy may cause some short-term volatility in the price of Bitcoin, the overall market for the cryptocurrency is decentralized and largely unaffected by the failure of any one company, of course on long-term.

Even incidents like China banning bitcoin outright in 2107 cannot slow bitcoin down, with these small companies that will never be able to harm bitcoin. If the price of bitcoin drops, it is due to weak hands dumping, but there will always be someone willing to buy back bitcoin cheaply.

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I think that the bankruptcy of Genesis Global Trading, a digital currency trading firm, is unlikely to have a significant impact on the overall market for Bitcoin. While the company's bankruptcy may cause some short-term volatility in the price of Bitcoin, the overall market for the cryptocurrency is decentralized and largely unaffected by the failure of any one company, of course on long-term.

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Quote from: CoinEraser on January 19, 2023, 12:15:44 PM

I hodl and I don't care about this news. I don't think/hope it will bring the price down that much. The risk of selling now is too great for me. But everyone has to decide that for themselves.

Have decided to hodl as well here. The technicals are just too great on the weekly. Lets see how it develops when the news are out and also the 1st feb fomc meeting should be exciting. Cant wait Tongue

Quote from: NotATether on January 19, 2023, 12:40:57 PM

This whole BTC rally to 21K was just another bull trap. Now all the gains we got from the price will be wiped once they announce the bankruptcy officially. We are looking at going back to $17K territory.

Are you telling me to suicide ? (just kidding). Is genesis bigger than ftx?

Btw, Me watching the s&p crash since last few days but btc holding up. Not sure who is controlling who lol.

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Quote from: Tony116 on January 19, 2023, 03:07:23 AM

This crash will definitely have an impact on bitcoin, but this time, I don't think it will have too much of an impact, as news of Genesis has been circulating since the FTX crash. If DGC collapses, it will be a real problem for bitcoin and the whole market as they are not only the parent company of Genesis but also the largest bitcoin holding fund in the world. Not only did Genesis declare bankruptcy, but DGC is also selling news site Coindesk, coindesk itself being the first to report on FTX problems Cheesy

.

This whole BTC rally to 21K was just another bull trap. Now all the gains we got from the price will be wiped once they announce the bankruptcy officially. We are looking at going back to $17K territory. Sad

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.

Does the bad news never stop? I can't hear them all anymore. Roll Eyes

Quote from: Edwardard on January 18, 2023, 09:32:45 PM

What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.

I hodl and I don't care about this news. I don't think/hope it will bring the price down that much. The risk of selling now is too great for me. But everyone has to decide that for themselves.

Quote from: Edwardard on January 18, 2023, 09:32:45 PM

Personally I didnt use genesis ever myself Tongue

It's the same with me. Have never used it. Cheesy

albon

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

What I know about Genesis Global Capital is that it is a bitcoin and cryptocurrency borrowing company, and it is one of the five subsidiaries of DCG, and DCG is the parent company that has been under increasing pressure since last year, and because of the imposition of fees on Genesis by the US Securities and Exchange Commission and for other reasons, Genesis filed for bankruptcy because it had a crisis Liquidity and this matter is completely similar to the FTX platform, and I think that its chance of recovery is weak, so I hope that this will not affect the crypto market and the price of bitcoin, and I advise you not to sell a part now and you have to wait until you see what this bankruptcy will do in affecting the price of bitcoin, but I do not think It will affect a large percentage because I think Genesis is not as popular as FTX, you have to hold your bitcoins and wait to see what will happen in the coming days.

Captain Corporate

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Nothing at all. We are all aware of the situation right? Like we are not some insider at the company learning about what will happen 6+ months later. The whole world is aware of this situation and lets take a look at the bitcoin price... nothing. This is why I honeslty believe that we are not going to end up with anything problematic, its going to be as golden as it gets and we are not going to worry about gemini hurting the markets. When something like that happens it is impacted right away, hell maybe the insiders already made the trades for that and now we are back on track. Do not lose hope on this pump we have, its near 21k levels and we should be hoping to see a lot more increase in the near future, thats going to actually change so much and will definitely have some sort of impact on our profits.

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Quote from: LFC_Bitcoin on January 19, 2023, 11:50:43 AM

It seemed to have a very small effect on the price when rumours started circling. I’m not sure if all the weak hands & panic sellers have already been shaken out due to FTX.

Maybe we only have mostly strong hands & dip buyers remaining. Are there even any panic sellers left?

I think there are plenty of lettuce handed folks out there. The thing is, exchanges have been playing fast and loose with customer deposits for some time now. They are now scooping up BTC to meet their customer obligations and not fall like FTX. That's causing a rising floor as accumulation is happening.

That being said, thank god I didn't have my BTC in Genesis' hands when they went down. I did have some funds there earning interest that I removed at the first hint of trouble in the market. They responded by closing my account (I guess they wanted me to take a massive loss?) which I'm now glad about, because Genesis and Gemini now appear to me to be fraudsters that must forever be avoided.

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It seemed to have a very small effect on the price when rumours started circling. I’m not sure if all the weak hands & panic sellers have already been shaken out due to FTX.

Maybe we only have mostly strong hands & dip buyers remaining. Are there even any panic sellers left?

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Quote from: AbuBhakar on January 19, 2023, 09:54:04 AM

Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

Afaik, This bankruptcy will take some time to take effect also there’s a process which they sell all the assets to the willing companies that will take over it so unless Genesis will be pushed to sell there crypto assets as is. I believe this bankruptcy will not gonna matter in technical perspective. The only factor that make this new give negative impact on crypto is when people panic without knowing the whole process of filing a bankruptcy form.

Many crypto companies like Binance that willing to takeover this kind of bankrupt business for a cheap price. This kind of act saves crypto market for a possible sell off.

Genesis has filed for Chapter 11 bankruptcy, which means that similar to FTX and blockFi before, there is little chance of recovery.

But with this news, I don't think it will affect bitcoin much because the news about them and DGC has been spreading for a while. It's not too sudden, and people won't panic with the news about it, it's only a matter of time if you keep a close eye on what happened to it.

DGC is the parent company of Genesis and they are many times bigger than binance but they decided not to save it so there is no reason for Binance to take over.

AbuBhakar

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

Afaik, This bankruptcy will take some time to take effect also there’s a process which they sell all the assets to the willing companies that will take over it so unless Genesis will be pushed to sell there crypto assets as is. I believe this bankruptcy will not gonna matter in technical perspective. The only factor that make this new give negative impact on crypto is when people panic without knowing the whole process of filing a bankruptcy form.

Many crypto companies like Binance that willing to takeover this kind of bankrupt business for a cheap price. This kind of act saves crypto market for a possible sell off.

Don Pedro Dinero

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Quote from: hd49728 on January 18, 2023, 09:49:24 PM

The impact of FTX collapse on its ecosystem and related companies is not new. Genesis was predicted to be one of victims of FTX fiasco. What happened with Genesis is not surprising at all. I believe the impact of FTX and FTT collapses were already reflected on cryptocurrency market in generally.

News like this will not have big impact like months ago because people are already prepared about that. Who lost money already lost. Who caught the falling knife already did it and had their loses too.

That's what I think, the news was already foreseen and as they say 'discounted by the market'. When a foreseen event happens it has no impact, in any case it had an impact beforehand.

What we do know is that bitcoin will continue to be strong and that the next halving is getting closer and closer, so it is better to keep accumulating and forget about this noise.

Z-tight

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?

The impact of any news on BTC price cannot be known before the event happens, people will surely speculate on what will likely happen and it may or may not be correct, in order to know what will happen, we have to wait for Genesis to go bankrupt. If it is BTC you have in your portfolio and you didn't invest with money you need in the short term, then don't sell anything, wait out and see what the impact of this will be, if the market crashes you can buy more BTC, if it doesn't, you continue to hold and dca.

michellee

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If that affects the bitcoin price, we should be able to hold bitcoin and not panic and don't even sell it at a low price. But we will also get an opportunity to buy more bitcoins because usually the price will go into a deep dump and that will be an advantage for us because we can buy bitcoins at a low price. But we still have to analyze before deciding to buy because, who knows, it won't affect bitcoin and instead allows it to survive the case. This will be even more interesting because whatever happens in the market, we have to be able to take advantage of it for us.

yazher

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Need to observe what the scenario will be in the upcoming weeks because maybe it won't affect the crypto market in a worse way. If we want to get to the point where we wanted to save our money, we could have sold out BTC when the time price was 30k+ but most people prefer not to sell it right now or convert it to any other altcoins right there because it's preferable always to wait when it comes for bitcoins and we already know it always recover no matter how bad the situation was in the past.

NeuroticFish

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?

The news came out yesterday. Was it the news on Genesis, or it was the news about more targeted regulations to come in US, I don't know, but the price has got a correction.
Should we sell and buy back? I am against such moves because they're overly risky. You simply don't know how low the price goes, you don't know when the price jumps back and how fast.

Tony116

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This crash will definitely have an impact on bitcoin, but this time, I don't think it will have too much of an impact, as news of Genesis has been circulating since the FTX crash. If DGC collapses, it will be a real problem for bitcoin and the whole market as they are not only the parent company of Genesis but also the largest bitcoin holding fund in the world. Not only did Genesis declare bankruptcy, but DGC is also selling news site Coindesk, coindesk itself being the first to report on FTX problems Cheesy

.

crwth

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I wasn't able to use Genesis as well, but the fact that they are getting ready for filing would significantly impact the people invested and using their service. I don't think the effect is too much because they are not like FTX, which is very well known, but there would be a significant bump IMO. I believe that you should be able to take advantage of this short-term news^{(not investment advice)} that probably many people might be shilling.

Fullcoinese

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It looks like the impact is already starting to be seen even if it's only a small part. but Bitcoin just had a pump and was corrected again. if another severe dump occurs, it will be quite difficult for some traders and asset holders in the market.
long-term holders may not care about this. and maybe the situation won't have much of an impact. but if a publication from the media like that is enough to make the market respond negatively. it could be so bad for the market that we will likely be stuck at $17k again.
the decision to sell part of the portfolio or keep holding I think all depends on you. but I will hold on to it. and maybe will buy again if there is a decline.

aylabadia05

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

Better hodl.

Why is it that just when Bitcoin started a positive movement, news broke that one of the crypto lenders Genesis Global Kapital, a subsidiary of Digital Currency Group, is planning to file for bankruptcy.
The reason behind this bankruptcy filing plan is also related to the FTX collapse last year.

I suspect that many companies or interest groups are afraid that Bitcoin will continue to move higher so simultaneously such issues arise. The impact remains on the price of Bitcoin even though the Genesis bankruptcy plan did not really make people panic because people already had preparations after the Luna and FTX incidents.

franky1

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Quote from: hd49728 on January 18, 2023, 09:49:24 PM

The impact of FTX collapse on its ecosystem and related companies is not new. Genesis was predicted to be one of victims of FTX fiasco. What happened with Genesis is not surprising at all. I believe the impact of FTX and FTT collapses were already reflected on cryptocurrency market in generally.

News like this will not have big impact like months ago because people are already prepared about that. Who lost money already lost. Who caught the falling knife already did it and had their loses too.

correct

a genesis bankruptcy has always been in the planning for months

DCG just needed a few months to shuffle assets around and make DCG a future creditor of genesis(genesis owes DCG).

genesis loaned DCG funds which previously would have needed to be clawed back(DCG pay back to genesis). but they wrote a promissory note to take on fictitious genesis debt to make DCG the creditor(DCG no longer owes genesis, but now genesis owes DCG) should genesis die thus making genesis then owe DCG

once all shuffling is done to put all debt into genesis and make DCG be owed sums. ofcourse they were going to bankrupt genesis rather then funding genesis..

Quote from: hd49728 on January 18, 2023, 09:49:24 PM

Bitcoin after 2 weeks of a mini bull run has come to a time for correction. Such news related to FTX, Genesis or any kind of fud released in this time are only helpful reasons to make Bitcoin corrections more legit.

incorrect.. its too early to call a bull nor mini bull or a correction from said minibull
its just normal sea level tides of normal waves..

until the whales stop their small resistance lines which are preventing normal speculative price growth. its just small waves between $15k-$24k.. like the last 9 months

these small movements of the tide are nothing in comparison to real bull and bear market movements

dont get emotional/trying to find reasons for a small tide change from $21.5k to $20.5k

Kakmakr

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A whole industry does not collapse when a single exchange or broker goes bankrupt ...and this was not a sudden development, so the markets will have been aware of this for months already.

The bankruptcy will be in the news when it actually happens and the markets would have factored it in, before it happens. The competitors will have a field day with this... and they will spread "DOOMSDAY" predictions to feed their agenda... as usual. Roll Eyes

NicNacCoin

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

I ended the year 2022 with a lot of dumping. 2022 has seen some unexpected events in this cryptocurrency. First came the massive dumping of the cryptocurrency market with the Luna platform scandal. Investors and traders suffer huge losses in this Luna platform scam. As the bad market conditions continued, FTX bankruptcy came again. Investors and traders are also the most affected by the FTX exchange platform bankruptcy. After ending the year 2022 with so many losses, we got some good side of the market by closing the curtain in 2023. Every time the market started to pick up a bit, another piece of bad news came. And the bad news is Genesis Bankruptcy. This definitely has some impact on the market. And because of this, the market has been somewhat dumping.

mk4

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Unless Genesis has some coins to sell, I don't think this would affect the markets that much knowing that people were pretty much expecting this anyway.

And yes, while we had a red day, I think it wasn't necessarily caused by this news. We simply just had a good price increase in a week that this might just be a good correction.

mindrust

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Impact on btc? Obviously btc will survive like how it did before in similar circumstances. However the prices may take a big hit. Maybe $15k happens again in the upcoming weeks. It is probably a good idea to wait for a better price if you are thinking about making purchases nowadays.

Genesis, ftx, mtgox, cryptsy these companies come and go but btc outlives them all.

Yaunfitda

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

Nah, I think it's better to just continue to hodl and accumulate, although the price goes on a bit of correction from $21,500 to $20,600-$20,700, I don't see it as the main reason for this minor correction.

It could be that $21k is the barrier that we need to break again and maintain.

We know that the market reacts to negative news, but I don't think this is as big as the FTX collapse, as you have said, you didn't used genesis and I think majority here as well.

wxa7115

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Quote from: hd49728 on January 18, 2023, 09:49:24 PM

The impact of FTX collapse on its ecosystem and related companies is not new. Genesis was predicted to be one of victims of FTX fiasco. What happened with Genesis is not surprising at all. I believe the impact of FTX and FTT collapses were already reflected on cryptocurrency market in generally.

News like this will not have big impact like months ago because people are already prepared about that. Who lost money already lost. Who caught the falling knife already did it and had their loses too.

Bitcoin after 2 weeks of a mini bull run has come to a time for correction. Such news related to FTX, Genesis or any kind of fud released in this time are only helpful reasons to make Bitcoin corrections more legit.

This is the right way to understand this, if this has happened months ago its impact would have been stronger, but since the confidence in centralized businesses has been lost already and many investors predicted that Genesis will be in trouble and they will go bankrupt due to the collapse of FTX this should diminish the impact of this news in a significant way.

Right now the price seems to be mostly unaffected as we are still above 20k, however it will be interesting to see if the current price can be maintained once the bears launch their attack.

hd49728

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The impact of FTX collapse on its ecosystem and related companies is not new. Genesis was predicted to be one of victims of FTX fiasco. What happened with Genesis is not surprising at all. I believe the impact of FTX and FTT collapses were already reflected on cryptocurrency market in generally.

News like this will not have big impact like months ago because people are already prepared about that. Who lost money already lost. Who caught the falling knife already did it and had their loses too.

Bitcoin after 2 weeks of a mini bull run has come to a time for correction. Such news related to FTX, Genesis or any kind of fud released in this time are only helpful reasons to make Bitcoin corrections more legit.

LDL

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Quote from: Edwardard on January 18, 2023, 09:32:45 PM

What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

It would not be wrong to consider 2022 as a bloody chapter in cryptocurrency. But at the beginning of the new year 2023, there was a massive correction in the Bitcoin market. The Bitcoin market went from $16,000 to about $21,800. But the Genesis Bankruptcy is undoubtedly going to be the first cryptocurrency-related disaster of 2023.
After last year's FTX scandal, there is generally a fearful situation between holders and investors. Generally investors and holders have lost faith in centralized exchanges. Now if an unexpected event like Genesis Bankruptcy happens then the crypto currency market will have a huge impact.
Genesis Broker has already filed all bankruptcy filings. Various news portals have already carried this news on their headlines.

coindesk
Bloomberg
MarketWatch

Edwardard

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According to a report made by cointelegraph a few hrs ago, Genesis (a cryptocurrency lending firm) is about to file for bankruptcy as early as the upcoming week.
What would be the impact on bitcoin's price? Should we be worried and sell a part of our portfolio to buy back a bit lower after the news ? Or better hodl?
Eager to know what most of the ppl think.
Personally I didnt use genesis ever myself Tongue

Topic: Genesis Bankrupt, Impact on BTC? (Read 590 times)