S&P 500
5455.3 +0.79%
NASDAQ Composite
NASDAQ
17463.6 +0.7%
Bitcoin
BTC
$66,411 -0.22%
Ethereum
ETH
$3,368 -0.80%
US10Y
4.237% -0.0489
Header logo
  1. Research
  2. Crypto Research
  3. Market Update

Genesis Capital's Muddy Bankruptcy Proceedings, Speculation Around Binance's Future Successor

Jun 5, 2023
Author
Walter Teng, CFA
Walter Teng, CFA AC
Market Update Global markets find their footing after last Friday's rally originating from a hot May jobs report. With the debt ceiling resolved and earnings seasons concluding, investors are honing in on the Fed's meeting next week for guidance on what's next. $SPX opened higher before retracing back to even, $QQQ displayed a similar pattern and is up 0.3%, while $NDAQ is trading at a 0.6% relative to Friday's close. Digital asset markets have performed less favorably than traditional markets, with $BTC and $ETH changing hands at a 1.7% and 2.0% discount relative to the past 24 hours. BTC's relative price action from traditional markets and its exit from its $27.0k - $29.5k range reflects lackluster interest from general investors and should indicate an impending long-term accumulation zone of $21.0k - $24.0k.The Genesis Capital bankruptcy proceedings have elicited claims from various counterparties that they were left out of the mediation process. Defunct crypto hedge fund Three Arrows Capital (3AC) is asserting its right to partake in the bankruptcy mediation process, claiming it cannot maximize the value of the debtor's estates without its involvement. 3AC declared claims exceeding $1 billion for transfers to Genesis before the latter's bankruptcy. On the other hand, crypt

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Already a member?

Reports you may have missed

Executium TN 6BYSMrQs Unsplash

CRYPTO MARKET UPDATE RATES ARE BROADLY LOWER, WITH A NOTABLY STRONGER RALLY AT THE FRONT END OF THE CURVE AS THE MARKET APPEARS TO BE TAKING POTENTIAL RATE CUTS OVER THE NEXT COUPLE OF FOMC MEETINGS MORE SERIOUSLY. Despite significant weakness in equities today, the crypto market is looking relatively healthy, with BTC and many altcoins in the green. BTC briefly rallied above $67k but has since drifted back down...

BTC -0.22% ETH -0.80% GBTC -1.55% IWM +2.12% QQQ +0.4% SOL 1.55% ^SPX
Andre Francois Mckenzie Vh7U Z75L3U Unsplash

CRYPTO MARKET UPDATE DESPITE BEING THE LAUNCH DAY FOR ETH ETFS, CRYPTO BROADLY MOVED LOWER IN THE EARLY MORNING HOURS TODAY, POSSIBLY DUE TO MOVEMENT OUT OF THE MT. GOX TRUSTEE WALLETS. Mt. Gox sent approximately $130 million in BTC to Bitstamp, leaving about 90k BTC remaining in the trustee wallets. This move lower was likely also influenced by a rise in the DXY. Currently, BTC is trading around $66.5k,...

AVAX -2.32% BTC -0.22% ETH -0.80% ETHBTC ETHE N/A% GBTC -1.55% GOOGL -0.1% SOL 1.55% TSLA +3.51% V +0.98%
All-time highs next? Bitcoin holds $62K as the dollar index tumbles to 3-week lows

CRYPTO MARKET UPDATE POLITICAL DEVELOPMENTS CONTINUE TO DOMINATE INVESTOR SENTIMENT FOLLOWING PRESIDENT BIDEN'S WITHDRAWAL FROM THE PRESIDENTIAL RACE ON SUNDAY AFTERNOON. The initial market reaction saw a dip in crypto prices, with Bitcoin falling from $67.5k to $66k. However, the market rebounded after Biden endorsed Harris. Since the U.S. market opened on Monday, we have seen relatively choppy price action. BTC is now trading slightly above $67k, while ETH remains...

BITI BTC -0.22% ETH -0.80% OP -1.98% SOL 1.55% USDY 0.32%
Bitcoin Equilibrium Price Likely to Top $168,000 Following ETF Approval, FSInsight Says

CRYPTO MARKET UPDATE U.S. EQUITIES ARE CONTINUING THIS WEEK’S SELL-OFF, WITH THE SPY 0.79%  AND QQQ 0.40%  BOTH DECLINING APPROXIMATELY 0.28%, WHILE THE DXY AND TREASURY YIELDS INCH UPWARDS. In contrast, BTC is moving sharply higher, trading at $65.8k, with rumors circulating that former President Trump will unveil plans to add Bitcoin as a strategic reserve at next week’s Bitcoin conference. ETH is trading at $3,450 ahead of potential S-1 approval after...

BONK 1.70% BTC -0.22% DXY N/A% ETH -0.80% JUP -8.65% QQQ +0.4% SOL 1.55% SPY +0.79% WIF -1.42%
FS Insight

Sign in to read the report!

We have detected you are an active member!

or

Sign in with Google

Sign in with Twitter
Ray: 6a96d7-5d7e9d-01ebcd-04c37b-c9e684