After the luna collapse, 3 important structures were removed from the market Celcius, 3AC, Voguer...
Luna was a project and not a big structure or exchange like FTX👀
With the FTX collapse, the ripple effect continues to grow. 👇
Stopping BockFi withdrawals, making allegations about Cryptocom, revealing the liquidity of the exchanges transparently but remaining under expectations, affecting many projects, especially Solana supported by Alameda
Gemini exchange stops withdrawals on earn program.
At the last point, the important loan firm Genesis Global stopped its withdrawals and then started negotiations to raise new capital.
Just as it played a bad role in FTX and the collapse of the market, @cz_binance continues this role now and also in the Genesis event.
Genesis reported that it sought funding from Binance and Apollo Global and Binance refused to invest citing potential conflicts of interest
So What Happens If Genesis Declares Bankruptcy???
Genesis is owned by the Digital Currency Group (DCG), which also owns Grayscale Investments, the manager of the Grayscale Bitcoin Trust (GBTC), the largest publicly traded BITCOIN fund.
If these speculations or the path to bankruptcy become clear, woe to the market if the parent company DCG needs to divest its BITCOIN and crypto assets to save GBTC under various scenarios in order to smooth out Genesis' financial woes
Meanwhile, Coindesk @CoinDesk
is also an independent subsidiary of DCG.
Besides, IRIS Energy, the major Bitcoin Mining firm, has announced that it will not provide services after defaulting on a 108 million loan.
Also this week is other important events!!!
We have FOMC Minutes on Blackfriday and Wednesday, please don't chase LONG or purchases during this time...
I'll also wait until the Genesis thing clears up.This post is based on this twitter thread.