Is crypto brokerage Genesis next in cue to go bankrupt?6 min read . Updated: 22 Nov 2022, 06:45 PM IST
- Genesis has been active in updating its relationship with FTX in the past few days when Alameda's balance sheet was in question and FTT tokens were tumbling.
The FTX fiasco has continued to topple cryptocurrencies hysterically as investors' sentiment falters. The global crypto market valuation which was once around $1 trillion a couple of weeks ago, has dropped to below $800 billion with many cryptocurrencies correcting drastically. Billions of dollars of wealth have been wiped out! Can crypto investors handle more shocks? Bankruptcies seem to have become a trend in the past few months among crypto exchanges as illiquidity continues to be one of the major problems among them, and yet it sweeps off investors' trust leading to a free fall in the market. Looks like, the bankruptcy dilemma is not likely to end anytime soon and there are speculation that crypto brokerage Genesis Trading might be on the cue to get bankrupt.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started