Home Cryptocurrency Bitcoin and Ether rise slightly after Genesis Chapter 11 filing

Bitcoin and Ether rise slightly after Genesis Chapter 11 filing

by SuperiorInvest

Bitcoin is up 1% to around $21,000 in the last 24 hours after news of Genesis’ bankruptcy hit the wires. Ether rose 2% to $1,545, CoinDesk data shows. Traders were not surprised by the resilience of Bitcoin and Ether following the news. “It looked like the market was anticipating the Genesis bankruptcy announcement in the last 48 hours as the GBTC discount suddenly widened again. With Genesis filing for bankruptcy, it will remove the negative overhang from the market and crypto investors can finally focus on the fundamentals,” said Markus Thielen, head of strategy and research at crypto services provider Matrixport, referring to Grayscale Bitcoin Trust, a fund that tracks the price of bitcoins. Grayscale is owned by DCG.

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