Genesis Global filed chapter 11 bankruptcy on January 19.
Bitcoin ($BTC) and Ethereum ($ETH) hold steady price momentum.
Prominent cryptocurrencies Bitcoin ($BTC) and Ethereum ($ETH) continuously signal bullish momentum even after the largest crypto lender, Genesis Global, filed for bankruptcy protection. At the time of writing, $BTC traded at $20,956, and $ETH traded at $1550 with notable price surges.
Bitcoin ($BTC) and Ethereum ($ETH) price chart (Source: CoinMarketCap)
Recently, failures and scandals in the cryptocurrency industry reaching new heights. As the crypto exchange, FTX’s demise led the cryptocurrency lender Genesis Global to submit a Chapter 11 bankruptcy petition on January 19 with the United States Bankruptcy Court for the Southern District of New York.
But it is surprising to see Bitcoin’s reaction to the “Genesis bankruptcy news.” Also, the biggest altcoin Ethereum muted response to one of the significant crypto lending company filing for bankruptcy protection.
Crypto Market Maintains Bullish Signals
Many unexpected collapses and defeats, such as Terra Luna, Do Kwon frauds, Celsius shutdown, Three Arrow Capital, Voyager Digital, and the big shot FTX and Alameda Research former CEO Sam Bankman-Fried ‘SBF’ fraudulent occurred in 2022. The most recent bankruptcy filing is Genesis. All of these events affected the crypto market heavily.
However, after a year of volatility and extremely unfavorable market sentiment, Bitcoin surpassed the $20,000 price level on January 14, and the global market cap regained its $1 trillion cap, once again. Still, $BTC is up around 10.34% in the past week and 1% in the last 24 hours with 41% of the market dominance. Also, the king of the cryptocurrency soared by over 24% in just 14 days.
Following that, Bitcoin’s rival, Ethereum back on track after more than 2 months of a downtrend. The $ETH community was excitedly hoping for a positive note after the ‘Ethereum merge.’ That marked a tremendous achievement in the successful transition from proof-of-work (PoW) to proof-of-stake (PoS) on September 15. But a remarkable twist was treated for everyone, as the merger’s effects were limited.
Further, At the time of writing, $ETH traded at $1550 with a price increase of 10% in the last week. Ethereum has a market dominance of around 19% with a market cap of $189 billion. Also, $ETH increased by 2.5% in the past day, as per CoinMarketCap.