Bitcoin price dips to $16.4K over Genesis woes as execs defend GBTC

Bitcoin price dips to $16.4K over Genesis woes as execs defend GBTC

Bitcoin (BTC) fell to intraday lows after the Nov. 16 Wall Street open as the FTX scandal appeared to claim another victim.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewGenesis Trading liquidity “exceeded”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading around $16,400 at the time of writing.

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Downside had entered again for the pair amid news that Genesis Global Capital, the crypto lending arm of Genesis Trading, had paused withdrawals over liquidity problems.

In a series of tweets on the day, Digital Currency Group (DCG), the parent company that counts Genesis Trading among its subsidiaries, directly attributed the decision to the FTX debacle.

“Today Genesis Global Capital, Genesis Trading’s lending business, made the difficult decision to temporarily suspend redemptions and new loan originations,” part of the thread stated.

“This decision

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