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

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