Genesis Halts All Trading Services
Genesis, a former crypto trading giant, has made the decision to halt all of its trading services, including spot and derivatives products globally. This move comes after the closure of its US operations and is voluntary according to Genesis. The decision is rooted in business considerations.
Affected by Recent Setbacks
The downfall of Three Arrows Capital, a crypto-focused hedge fund, played a significant role in Genesis’ decision. Additionally, market upheaval following this event further influenced the company’s choice to cease operations. Genesis Global Holdco, another affiliate of Digital Currency Group (DCG), filed for Chapter 11 bankruptcy earlier this year. Furthermore, Genesis and Gemini were charged by the SEC for marketing unregistered securities.
Bitcoin and Ether Continue to Perform Well
Despite these setbacks, Bitcoin continues its rally, closing above $26,500. Ethereum also saw a modest rise of 1.2%, with its spot price at $1,628. While Bitcoin remains the stronger performer, Ethereum’s performance is noteworthy in the broader crypto landscape.
Hot Take: Genesis Shuts Down Trading Services Amidst Challenges
Genesis’ decision to halt all trading services reflects the challenges faced by the company in recent times. The closure comes after significant setbacks such as the downfall of Three Arrows Capital and Genesis Global Holdco’s bankruptcy filing. Despite these difficulties, Bitcoin continues to rally while Ethereum maintains a respectable performance. It remains to be seen how this development will impact the overall crypto market.
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