Main Takeaway: More Big Players Will Come To Light
The lending arm of Genesis, the self-labeled premier institutional digital asset financial services firm, has halted redemptions and new loans. Genesis is a large player in crypto and the Financial Times said “Genesis is the biggest trading desk for professional investors in cryptocurrency markets.” So if this firm has liquidity issues it could bring crypto markets even lower. Investors and traders should keep a close eye.
On an optimistic note, however, it’s been almost a week since FTX’s collapse and crypto markets are still holding up at an $800 billion dollar market cap – with Bitcoin staying over $16,000 and Ethereum over $1,200.