Despite the painful blow received by the official bankruptcy of the popular cryptocurrency platform Genesis, the cryptocurrency market witnessed high transactions today.
Genesis has filed for bankruptcy in US federal court in Manhattan, the latest casualty in the industry contagion caused by the FTX collapse.
The company listed more than 100,000 creditors in the “massive” bankruptcy filing, with total liabilities ranging from $1.2 billion to $11 billion, according to bankruptcy filings.
Genesis’ bankruptcy comes as the company is under intense regulatory scrutiny after the US Securities and Exchange Commission (SEC) on January 12 accused digital lender and exchange Gemini of selling unregistered securities.
The cryptocurrency market received a strong boost earlier this year with calls from central bankers in Davos to legalize cryptocurrencies.
On a related note, statistics from the Slowmist Hacked platform revealed that in 2022, the value of crypto thefts through electronic hacks exceeded $3.5 billion.
The study found that most of the cyber hacking operations that took place targeted two parties in the cryptocurrency trading space: blockchain bridges and Binance Smart Chain.
According to Coinmarketcap, the market capitalization of crypto-currencies increased by 6.40% to $1.04 trillion in the last 24 hours amid inflows of $56.82 billion.
Despite the recovery of Bitcoin and its peers following monetary easing a year after the US Federal Reserve raised the federal funds rate to 4.5%, JPMorgan investment bank CEO Jamie Dimon still expressed his disdain for digital currencies in his press release. Statements on Thursday specifically targeting Bitcoin. He has already decided that bitcoin and other cryptocurrencies are an unnecessary distraction and that the sector is full of scams.
Bitcoin price in the market today
Bitcoin (BTC) price rose 0.02% to $22,590.99 today, Saturday, January 21, 2023.
The market capitalization of the most popular digital currency in the cryptocurrency market rose to $435.35 billion amid expectations of further growth.
What are cryptocurrency prices today?
Ethereum ETH was down 0.02% to $1,649.89.
Binance coin BNB price rose 0.06% to $302.99.
The price of the Ripple XRP currency fell by 0.06% to $0.4094.
Cardano lost 0.42% to $0.3617.
Dogecoin price increased by 1.19% to $0.08711.
Polkadot fell 0.42% to $6.22.