Genesis, a crypto-lending company, has been grappling with financial challenges and potential bankruptcy for over a year now. As part of its strategy to address these issues, Genesis decided to offload its Grayscale Bitcoin Trust holdings to acquire morereport, Genesis sold off around 36 million shares of GBTC to raise funds for acquiring more BTC.
“Genesis Trading has taken a major step in their bankruptcy process by converting GBTC shares into 32,041 BTC , valued at $2.1 billion over the past three weeks.” This has resulted in the share price of GBTC experiencing significant volatility, with fluctuations tied to Bitcoin’s price movements.“And guess what? This all happened after Genesis agreed to give back around $2 billion to about 232,000 people who used Gemini Earn. Looks like $BTC is the way to go to the moon!”
In the wake of these developments, at the time of writing, Bitcoin was trading at $67,882.72 after appreciating by 1.28% in the last 24 hours.As Bitcoin goes through a consolidation phase, uncertainty looms over its future trajectory. With Bitcoin’s fourth halving nearing, whales are accumulating BTC – A sign of bullish sentiment amid supply dynamics.
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