Bitcoin Price Prediction as Crypto Prices Stabilize, Is $20,000 BTC on the Cards?
Following the release of UK inflation figures, the price of Bitcoin remains below $17,000. which was higher than expected Most altcoins in the market have followed suit, as traders remain cautious.
Bitcoin is currently trading at $16,740, down from $16,886 at the start of the day. BTC has ranged between $16,761 and $17,002 in the last 24 hours as a result of the recent Russia-Ukraine conflict.
Following the demise of FTX, Genesis Global Trading's lending division has temporarily ceased accepting cash withdrawals and new loan applications, according to Interim CEO Derar Islim, who informed clients on November 16.
The division, known as Genesis Global Capital, serves institutional clients and had $2.8 billion in total active loans at the end of the third quarter of 2022, according to the company's website.
Genesis Trading, which acts as Genesis Global Capital's broker, is run independently and funded by the loan entity, according to Islim. He went on to say that Genesis' custody and trading services were still fully operational.
Islim informed the participants that Genesis is investigating loan segment options, including locating a new source of liquidity. He went on to say that Genesis will explain its strategy to clients the following week.
BTC/USD and other cryptocurrencies fell after Genesis Global Trading suspended customer withdrawals.
El Salvador, the first country in the world to accept Bitcoin as legal currency in September 2021, has resumed BTC purchases after a brief pause due to the market's bearish sentiment. El Salvador's president, Nayib Bukele, declared on November 16 that the Central American country would begin buying Bitcoin on November 17.
The announcement came roughly three months after the country's
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