Bitcoin price tops $68K, but a few concerning headwinds remain

Bitcoin price shows strength as investors expect the Fed to resume printing, but a handful of global macroeconomic headwinds are still in play.

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New York AG Reaches $2 Billion Settlement with Defunct Genesis Global

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Grayscale CEO Michael Sonnenshein steps down

The CEO will be replaced by Goldman Sachs executive Peter Mintzberg effective Aug. 15.

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Bankrupt Crypto Lender Genesis to Repay $3 Billion to Creditors

Genesis gets court nod to distribute $3B to creditors, covering 77% of the claims. Notably, DCG is excluded from the payout list.

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Crypto Is A Major Election Issue For 20% Of Voters: DCG Survey

A survey from DCG shows that 40% of voters want candidates to discuss crypto.

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Genesis Acquires Over 32,000 BTC After Offloading GBTC Shares

Embattled crypto lender Genesis Global Capital has continued to ramp up efforts to pay up creditors after filing for bankruptcy protection in January 2023. As part of these efforts, Genesis has now reportedly sold off the entirety of its Grayscale GBTC holdings to acquire a substantial amount of Bitcoin in order to implement its repayment strategy.  Related Reading: Bitcoin Dips, But Dont Panic: ETFs See Three Days Of Bullish Inflow Genesis Converts GBTC Shares To Bitcoin In Preparation For Debt Settlement According to a Friday report by Bloomberg Law, Genesis finalized the sale of its 36 million GBTC shares, as revealed by the companys lawyers in a court filing on April 2. Genesis had initially received legal approval to liquidate its GBTC holdings on February 2 with each unit share valued at $38.50. However, court documents showed that the current price of GBTC as at the time of sale on April 2 was $58.50 resulting in a total sale price of $2.1 billion.  Bloombergs report disclosed that the bankrupt crypto lender then used these proceeds to purchase 32,041 Bitcoin at a market price of $65,685, which will be distributed to creditors as part of its repayment plan, especially those who were previously enrolled in the Gemini Earn program.  These recent transactions align with Genesiss bankruptcy plan which allows the conversion of GBTC shares to either Bitcoin or direct cash for the settlement of its existing debt. Currently, the crypto lender owes $3.5 billion to creditors and will commence repayment following court approval.  However, Genesis faces fierce opposition from its parent company, Digital Currency Group (DCG), over its proposed repayment plan. In a petition filed in February, DCG argues that its bankrupt subsidiary looks to settle creditors’ claims at amounts higher than their respective entitlement.  DCG believes such a repayment strategy violates the Bankruptcy Code and is unfair since it will only benefit senior creditors who will largely gain from an appreciation in Genesiss crypto assets value while equity holders and company stakeholders are left in unfavorable positions. Founded in 2013, Genesis is one of the prominent crypto firms to file for bankruptcy. Its insolvency is largely linked to the sudden collapse of the defunct crypto exchange FTX. Related Reading: Bitcoin Whales Maintain Positive Accumulation Behavior Ahead Of 2024 Halving: Report Bitcoin Price Overview In other news, Bitcoin gained by 2.55% in the last day to reach a price of $69,339. Such price gain would be encouraging to investors especially following the token’s overall negative performance in the past week. On higher timeframes, BTC largely remains largely bullish as anticipation continues to build ahead of the halving event on April 19.  The fourth halving in Bitcoin’s history is expected to reduce the mining reward from 6.25 BTC to 3.125 BTC. BTC trading at $69,314 on the daily chart | Source: BTCUSDT chart on Tradingview.com Featured Image from Nairametrics, chart from Tradingview.com

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Why approving a Bitcoin ETF might unleash $18B in sell-pressure

Grayscale Bitcoin Trust conversion to an ETF will unlock a potential sale of up to $18 billion in Bitcoin.

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DCGs Barry Silbert Pitched Genesis-Gemini Merger in a Drastic Bid to Save the Lender in 2022

Source: CoinDesk

The post DCG’s Barry Silbert Pitched Genesis-Gemini Merger in a Drastic Bid to Save the Lender in 2022 appeared first on Crypto Breaking News.

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DCG, Barry Silbert Move to Dismiss NYAG Lawsuit, Label Claims as Baseless Innuendo

The recently amended lawsuit by NYAG claimed that investors were cheated out of $3 billion.

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New York Judge Determines SECs Case Against Gemini and Genesis Is Plausible for Alleged Securities Law Violations

A New York federal judge has ruled that the Securities and Exchange Commission (SEC) has “plausibly alleged” that Gemini and Genesis violated securities laws through the Gemini Earn program. Judge Edgardo Ramos Highlights Hurdles in Dismissing Injunction Claims Early; Cites Howey and Reves A federal court in New York has affirmed the plausibility of the [...]

The post New York Judge Determines SECs Case Against Gemini and Genesis Is Plausible for Alleged Securities Law Violations appeared first on Crypto Breaking News.

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Tethers USDT Shorting Scheme Exposed

Tether CTO Paolo Ardoino recalled a situation in the past when hedge funds attempted to short USDT on secondary markets. Shorting is betting against a token with the expectation that its value will decrease. The intention of these hedge firms, according to Ardoino, was likely to create a scenario of a bank run where Tether […]

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Digital Currency Group Pushes Back Against NYAG Lawsuit

Digital Currency Group files motion to dismiss NYAG criminal suit. This move comes after prolonged civil disputes between DCG subsidiary Genesis and a former business partner.

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Court Filing Suggests FTX’s $2 Billion Lawsuit Against Genesis Is Coming To An End

The legal tussle between bankrupt crypto exchange FTX and crypto lender Genesis seems to be coming to a resolution, a recent court filing reveals. According to the letter filed yesterday at the US bankruptcy court for the Southern District of New York, both firms – who happened to have filed for bankruptcy – have agreed to settle their ongoing billion-dollar dispute.  How The Feud Began FTX filed a motion in May this year to recover its funds from Genesis and “non-debtor affiliates” so the company could pay back its creditors. The motion went as far as describing Genesis (who attributed its solvency issues to FTX’s collapse) as “one of the main feeder funds and instrumental to its [FTX and Sister company Alameda Research] fraudulent business model.” Related Reading: Shiba Inu Reclaims 14th Spot In Market After 5% Jump FTX further claimed that Genesis received “avoidable transfers” from FTX’s debtors totaling almost $3.9 billion. In response, Genesis denied owing FTX and filed a motion asking the bankruptcy judge to rule its debt to FTX as zero. However, a subsequent letter from FTX to the bankruptcy judge showed that the company had reduced its claim from $3.9 billion to $2 billion. FTT token trades at $1.3 amid exchange's woes | Source: FTTUSD on Tradingview.com FTX’s claim could have delayed a creditor payout and slowed Genesis’ bankruptcy proceedings. However, with settlement in sight, things are likely to move along quickly, as according to the letter, FTX, its associated debtors, and debtors in its Chapter 11 bankruptcy case have reached a preliminary agreement. The court filing reads: The parties have reached an agreement in principle, subject to documentation, regarding a settlement that would resolve, among other things, the claims asserted by the FTX debtors against the debtors in these Chapter 11 Cases and the claims asserted by the Genesis debtors against the FTX debtors in the FTX Chapter 11 cases. Genesis Still Not In The Clear Despite reaching a settlement with FTX, crypto lending platform Genesis still has other lawsuits to deal with, including one filed by Gemini against its parent company, Digital Currency Group (DCG), and its CEO, Barry Silbert. Gemini’s co-founder Cameron Winklevoss called out Barry Silbert on Twitter in an open letter, claiming that Silbert and DCG had engaged in “Fraudulent Behavior.”  Related Reading: This Machine Learning Tool Was Asked To Predict XRP Price, Here’s What It Said He warned that Silbert’s failure to reply and come to the negotiation table by Friday would result in a lawsuit. In a follow-up tweet, Winklevoss also tabled a “best and final offer” involving a repayment plan. Still, Silbert and DCG failed to reply, and true to his words, Winklevoss and Gemini filed a lawsuit against DCG and Silbert for fraud on July 7. Featured image from SlashGear, chart from Tradingview.com

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DCG Announces Shut Down of Brokerage Division TradeBlock

Digital Currency Group (DCG), a venture capital firm, has decided to shut down its main brokerage subsidiary TradeBlock due to

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Digital Currency Group’s Prime Brokerage Platform TradeBlock to Shutter

Digital Currency Group (DCG) will shutter its trade execution and prime brokerage subsidiary, TradeBlock, citing the concerns of the broader economy and regulatory uncertainties in the United States. It will initiate the close-down process on 31 May, as reported by Bloomberg.

TradeBlock Could Not Survive the Harsh Market Conditions

“Due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the US, we made the decision to sunset the institutional trading platform side of the business,” a DCG spokesperson said in a media statement.

TradeBlock was established in 2011 by Jaron Lukasiewicz and Paul Simos, that received popularity for its crypto price indexes, trading platforms, and analytics tools. The company was acquired by Coindesk, the crypto-focused media outlet of DCG, in 2021. However, Coindesk only kept the index data business, rebranding it to CoinDesk Indices, and spun off the other units as a standalone trading business.

Many Challenges for DCG

The shuttering came when the Digital Currency Group has been facing challenges over the bearish market stance and from its exposure to other collapsed crypto companies. The group also shuttered its wealth wealth-management division headquarters in January.

Barry Silbert-led DCG’s crypto lending arm also filed for bankruptcy in New York earlier this year. Genesis Global Holdco and its two lending subsidiaries, Genesis Global Capital and Genesis Asia Pacific, were named in the Chapter 11 proceedings.

The DCG’s troubles can also be measured by its losses exceeding $1 billion in 2022, as disclosed by the group, mostly due to its exposure to the cryptocurrency hedge fund Three Arrows Capital.

DCG also locked into a spat with Winklevoss-twins’ crypto exchange Gemini. During the bankruptcy, Genesis agreed to an exit plan to repay a $765.9 million loan to Gemini. However, the bankrupt company missed its $630 million repayment earlier this month, pushing Gemini to consider a forbearance option against DCG.

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World Economic Forum Paves Way for Global Crypto-Asset Regulation

The World Economic Forum (WEF) recently published a white paper titled "Pathways to the Regulation of Crypto-Assets: A Global Approach," advocating for a collaborative approach towards crypto regulation on a global scale. (Read More)

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Some Genesis Creditors File for Mediator Assistance Over Amount of DCG Contribution to Reorganization

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Creditors of bankrupt crypto lender Genesis Global

The post Some Genesis Creditors File for Mediator Assistance Over Amount of DCG Contribution to Reorganization appeared first on BTC Ethereum Crypto Currency Blog.

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DCG Fails to Make $630M Payment to Creditors Amid Genesis Negotiations, Says Gemini

In the midst of the financial dispute between crypto exchange Gemini and Digital Currency Group (DCG), Gemini has alleged that DCG failed to make a payment of around $630 million that was due last week. In response, Gemini has stated that it may extend “forbearance” to DCG in order to prevent a default. DCG’s Alleged [...]

The post DCG Fails to Make $630M Payment to Creditors Amid Genesis Negotiations, Says Gemini appeared first on Crypto Breaking News.

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CZ: Binance Won’t Add DCG’s CoinDesk to Its Media Empire

Binance's CEO says CoinDesk is not a good fit for the exchange’s media empire.

Continue reading at DailyCoin.

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DCG offloads Grayscale shares to raise capital: Report

The purported sales are the latest measures the embattled firm has taken following moves in recent months to raise capital and preserve liquidity.

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