Bitcoin price holds above $63,000 even as regulatory enforcement ramps up and spot BTC ETF outflows raise concern.
39% of Canada’s institutional investors have exposure to crypto: KPMG
KPMG Canada partner Kunal Bhasin says rising debt and increasing inflation have likely attracted institutional investors into crypto.
Bitfinex Securities Introduces El Salvador’s First Tokenized Debt to Fund New Hilton Hotel
The token will be issued on the Liquid Network, a bitcoin sidechain.
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.
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 company’s 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.
Bloomberg’s 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 Genesis’s 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 Genesis’s 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.
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
Will Bitcoin price surpass $46K before a spot BTC ETF approval?
Professional Bitcoin traders were unaffected by the recent 9.6% price correction, and derivatives data reflects a healthy market.
Marathon Digital sees 670% revenue gain in Q3 as Bitcoin production surges
Marathon announced a 467% increase in Bitcoin production year-on-year in the third quarter, while hashrate rose over 400% in the same timeframe.
Bitcoin futures data highlight investors’ bullish view, but there’s a catch
The stars are lining up for Bitcoin price, but a few major price threats remain in play.
‘This will be our last post’ — LBRY throws in towel against the SEC
“Thank you to everyone who fought with us for online freedom,” the LBRY Inc team said.
Here’s how Bitcoin investors can trade the tension surrounding a U.S. government shutdown
Rumors of a US government shutdown impact asset prices, including Bitcoin. Here’s how BTC options traders can capitalize on the 45 day funding deadline.
Bitcoin’s inflation-hedge theory tested as rising interest rates bring turbulence to markets
The losses on U.S. Treasurys recently surpassed $1.5 trillion, and the likely outcome is turbulent markets, but how will Bitcoin price fare?
Bitcoin’s inflation-hedge theory tested as rising interest rates bring turbulence to markets
The losses on U.S. Treasurys recently surpassed $1.5 trillion, and the likely outcome is turbulent markets, but how will Bitcoin price fare?
Bitcoin’s inflation-hedge theory tested as rising interest rates bring turbulence to markets
The losses on U.S. Treasurys recently surpassed $1.5 trillion, and the likely outcome is turbulent markets, but how will Bitcoin price fare?
Bitcoin price at risk? US Dollar index confirms bullish ‘golden cross’
Concerns over the U.S. dollar’s impact on Bitcoin may be overstated by investors, particularly in the longer term.
Stablecoins: A Potential Counter to De-Dollarization
Demand for greenbacks in the global economy is increasingly flowing into permissionless stablecoins, even as domestic policies and foreign efforts like a BRICS-issued currency could erode the U.S. dollar’s overall dominance.
Curve founder looks to unexpected counterparties to rescue sinking DeFi loans
Michael Egorov is attempting to pay off his mountain of DeFi debts by selling CRV at a discount.
Crypto industry ‘destined’ to be BTC-focused due to regulators: Michael Saylor
The MicroStrategy co-founder believes crypto-related regulatory enforcement action will play in Bitcoin’s favor.
The first-world debt crisis means you can expect more pain ahead
You should be prepared for gradual deterioration in your quality of life — or search for alternative assets that could protect your wealth.
Bitcoin price hangs in the balance — Friday’s $2.26B BTC options could result in more downside
Bitcoin bears benefit from the current macroeconomic uncertainty and are aiming for a $270 million profit if the BTC price falls below $25,000.
Bitcoin price consolidation at $27,000 sparks speculation of imminent BTC breakout
BTC’s price could be on the verge of a bullish breakout, according to derivatives data, but ultimately the macroeconomic scenario will dictate the trend.
U.S. debt ceiling crisis: bullish or bearish for Bitcoin?
In the latest Cointelegraph Report, we assed the risk of a possible default in the U.S. and the impact of the debt ceiling crisis on crypto and the broader markets.
