During the European session, Bitcoin continued to trade sideways, but overall, the trade bias remained positive above the triple bottom support zone of the €15,800 level. Digital Currency Group (DCG), a key player in the cryptocurrency industry, announced Monday that it is the parent company of several well-known companies, including Genesis and Grayscale.
Genesis is the only major full-service broker in the cryptocurrency market and has been a treasure in the DCG portfolio.
The enterprise is key to providing access and risk management to large institutions. When DCG rescued her, she was already in trouble due to the bankruptcy of Three Arrows Capital (3AC). 3AC currently owes the parent company €1.2 billion.
Genesis announced last week that it would suspend payments from its Genesis Earn initiative. It has been revealed that the company will need a $21 billion capital injection by today, November XNUMX.
It's rumored that Grayscale will be in trouble if Genesis can't get that sum from outside backers.
One of the main sources of the current rumors is Andrew Parish, co-founder of ArchPublic. In a November 20 tweet, he claimed that Genesis had "no interested parties." Grayscale Bitcoin Trust now has 634,000 BTC, which could be sold, putting enormous pressure on the BTC/USD price.
FTX Other fillers
According to a bankruptcy court filing dated November 19, bankrupt exchange FTX owes a total of €3.1 billion to its 50 largest creditors. The debtors were described as clients in the petition, but their names were not given.
On Nov. 20, the new FTX management team reminded other cryptocurrency exchanges to be on the lookout for stolen assets on their platform.
Contagion fears have destroyed more than €200 billion in digital currency market value since FTX began crashing in early November. The FTX exploiter has been active since November 12, when it stole around €600 million worth of cryptocurrency from the former FTX exchange.
The hacker appears to launder the stolen funds with decentralized pools and crypto bridges. BTC/USD's decline continued on Nov. 21 as more news emerged of the FTX crash over the weekend and concerns spread to other crypto platforms.
New difficulty record as miner sales decline
The current environment makes it harder for Bitcoiners to accept record highs than record lows. Despite the fact that Bitcoin has worked hard to improve the security of the network, skepticism about the statistics has persisted.
The network difficulty for the Bitcoin currency rose 0,51% to a new high on November 20 in the latest automated reset. The difficulty of mining reflects the degree of competition between miners.
The fact that the metric is now increasing despite the current decline in BTC/USD price movement indicates that some entities are adding more hashing power to the network while ignoring shrinking profit margins.
Despite this, miners have recently been selling less than their year-long average, implying that the urgent need to reduce reserves may be waning.
bitcoin price
The current price of Bitcoin is €16,156 and the 24-hour trading volume is €31 billion. Bitcoin has fallen more than 2% in the last 24 hours.
CoinMarketCap now ranks first, with a live market capitalization of €310 billion. It has a total amount of 21 BTC coins and a circulating supply of 000 BTC coins.