Bitcoin Price Prediction as Crypto Prices Crash, Here’s Where BTC is Headed Next
During the European session, Bitcoin finally made some upside movement, having bounced off the double-bottom support level of $15,650. Genesis Global Capital, one of the largest cryptocurrency lenders, halted customer withdrawals due to a liquidity issue caused by an increase in withdrawal requests following the FTX collapse.
Following the demise of FTX, Genesis announced on November 16 that withdrawals would be temporarily halted due to "unprecedented market turmoil."
On November 10, the company disclosed publicly that it had money locked in an FTX trading account worth approximately $175 million. The struggling cryptocurrency investment bank was in talks with potential investors about raising another $1 billion.
Furthermore, according to reports, the cryptocurrency exchange Binance held talks about potentially saving the lender controlled by the Digital Currency Group.
The Wall Street Journal reported on November 21 that Genesis had approached Apollo Global Management and Binance for funding. Binance, however, rejected it due to potential conflicts of interest. As it seeks new funding, Genesis Global Trading has mentioned bankruptcy as a possible option.
On November 21, Genesis stated that it had "no plans" to declare bankruptcy anytime soon and would try to reach a "consensual" solution. Because of the news, BTC/USD fell to new two-year lows.
The recent Bitcoin decline surprised most market participants because the dust had settled following the FTX crisis. Despite Santiment's explanation, the first cryptocurrency is still struggling to hold on to its value.
Santiment, an analytical firm, tweeted about the declining value of BTC/USD on November 21. According to the research firm, FUD caused the drop to $15,800 for the first
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