Genesis Global has recently filed for Chapter 11 bankruptcy as it had previously planned. Despite this, cryptos like Bitcoin (BTC) and Ethereum (ETH) have managed to hold their ground. It is fairly easy to see that these major cryptos haven’t had any effect on their trading value or volume. It is remarkable to see how Bitcoin has reacted to the news of the Genesis bankruptcy.
The crypto market already expected the upcoming filing over the tenure of the previous 48 hours. This inevitably means that investors could now fully focus on fundamentals. Despite that, Genesis filing for bankruptcy was anticipated since the firm halted its withdrawals after the collapse of FTX.
At the time of writing, Bitcoin (BTC) is trading for approximately $20,968. Keeping that in mind, crypto has witnessed an increase of an impressive 11.56% over the previous 7 days. Unfortunately, Bitcoin (BTC) is down by a mere 0.05% as of today, but it is expected to rise any time soon. Apart from the trading price, crypto holds a total market cap of approximately $404 billion. Bitcoin (BTC) could either stoop back to the $20,700 mark or could cross $21k.
Bitcoin (BTC) and Ethereum (eTH) on the Rise
Despite these two cryptos, the crypto market as a whole has witnessed a great revival this month. Both Bitcoin (BTC) and Ethereum (ETH) gained approximately 27% and 29% respectively. As a result, sophisticated traders even played a hand in adding an upside exposure. Transaction values have increased by a considerable percentage on the ETH blockchain as well. As a result of this increase, cryptos have outperformed other generic assets. Currently, the path of the least resistance is higher as the market steers toward the bullish Chinese New Year.
Many argue that purchasing Bitcoin (BTC) on the last day of the Chinese New Year and selling it after a period of 10 days would return almost +9%. Currently, the global market cap is approximately $976 billion. The amount was reached as it rose by almost 0.7% the previous night. However, things are different as long as DeFi is concerned. The total value locked across all DeFi protocols is a mere $45 billion.