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Wednesday, December 7, 2022

Cryptocurrencies: market capitalization collapses and operates at lows since 2020

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For its part, the total volume of transactions during the last 24 hours was $65.91 billion, which represents an increase of 4.76%.

Bitcoin briefly fell to its lowest level in two years on Monday after Genesis was forced to inform investors that it may have to file for bankruptcy if it fails to raise funds.

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Following reports of smoke coming from the struggling cryptocurrency broker, investors began dumping their bitcoin holdings due to links between Genesis and Grayscale Bitcoin Trust (GBTC), which is the largest publicly traded Bitcoin fund.

It is feared that the contagion caused by the FTX collapse could spread. Genesis is owned by Digital Currency Group (DCG), which calls itself “the epicenter of the bitcoin and blockchain industry.” DCG also owns Grayscale Investments, which is the manager of the largest publicly traded bitcoin fund, Grayscale Bitcoin Trust.

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Fears are growing that financial difficulties at Genesis could put DCG in the position of needing to divest its assets, which could affect GBTC and spill over into the bitcoin market.

Source: Ambito

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