A retest of $15.5,000 is more likely, according to Bitcoin futures and options
Bybit launches $100M fund and proof of Binance reserves may have marked cycle low at $15,500.
Market analysis
Bitcoin (BTC) has been trading near $16,500 since Nov. 23, recovering from a dip to $15,500 as investors feared the impending insolvency of lending and trending firm Genesis Global in cryptocurrency. Genesis said Nov. 16 that it would "temporarily suspend takeovers and new lending in the lending industry."
After causing initial chaos in the markets, the company refuted speculation of an "imminent" bankruptcy on November 22, although it confirmed difficulties in raising funds. More importantly, Genesis' parent company, Digital Currency Group (DCG), owns Grayscale, the asset manager behind Grayscale Bitcoin Trust, which holds some 633,360 BTC.
Contagion risks from the FTX-Alameda Research implosion continue to put negative pressure on markets, but the industry is working to improve transparency and insolvency risks. For example, on November 24, crypto derivatives exchange Bybit launched a $100 million fund to help market makers and high-frequency trading institutions struggling with financial or operational difficulties.
Most recently, on November 25, Binance released Merkle Tree-backed proof of funds for its Bitcoin deposits. Additionally, the exchange described how users can...
Bybit launches $100M fund and proof of Binance reserves may have marked cycle low at $15,500.
Market analysis
Bitcoin (BTC) has been trading near $16,500 since Nov. 23, recovering from a dip to $15,500 as investors feared the impending insolvency of lending and trending firm Genesis Global in cryptocurrency. Genesis said Nov. 16 that it would "temporarily suspend takeovers and new lending in the lending industry."
After causing initial chaos in the markets, the company refuted speculation of an "imminent" bankruptcy on November 22, although it confirmed difficulties in raising funds. More importantly, Genesis' parent company, Digital Currency Group (DCG), owns Grayscale, the asset manager behind Grayscale Bitcoin Trust, which holds some 633,360 BTC.
Contagion risks from the FTX-Alameda Research implosion continue to put negative pressure on markets, but the industry is working to improve transparency and insolvency risks. For example, on November 24, crypto derivatives exchange Bybit launched a $100 million fund to help market makers and high-frequency trading institutions struggling with financial or operational difficulties.
Most recently, on November 25, Binance released Merkle Tree-backed proof of funds for its Bitcoin deposits. Additionally, the exchange described how users can...
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