First Mover Americas: Bitcoin, Ether Rise Slightly After Genesis' Chapter 11 Filing

First Mover Americas: Bitcoin, Ether Rise Slightly After Genesis’ Chapter 11 Filing


Bitcoin rose 1% to around $21,000 over the past 24 hours after the Genesis bankruptcy news hit the wires. Ether rose 2% to $1,545, CoinDesk data shows. Traders weren’t surprised by bitcoin’s and ether’s resilience following the news. “The market appeared to expect the Genesis bankruptcy filing for the last 48 hours as the GBTC discount suddenly widened again. With Genesis filing for bankruptcy, this removes a negative overhang from the market, and crypto investors can finally focus on fundamentals,” Markus Thielen, head of strategy and research at crypto-services provider Matrixport, said, referring to the Grayscale Bitcoin Trust, a fund that tracks the price of bitcoin. Grayscale is owned by DCG.

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