The Bitcoin price plunged to a new bear market low at $15,487 on Monday after rumors intensified that Genesis Trading and Digital Currency Group (DCG), which also owns Grayscale with its 635,000 BTC strong GBTC, would go bankrupt. Since then, the Bitcoin price is recording a relief rally. At press time, Bitcoin was trading at $16.598 and faced the crucial resistance zone at $16,000. If this resistance is overcome, a quick candle towards $17,500 to $18,000 could be on the table. DCG /Genesis Safe? Bitcoin investors, however, might be asking themselves what has changed in the whole misery surrounding Genesis / DCG and Grayscale? DCG CEO Barry Silbert released a putative letter to investors yesterday. In it, the CEO explained that while DCG owes $575 million to its own trading arm, Genesis Trading, it is not due until May 2023. Related Reading: Bitcoin (BTC) Reclaims $16,500 But Not In Safe Zone; Here Is Why Silbert also emphasized that DCG will have revenues of $800 million in 2022. While this represents a decline of about 20% from the previous year, Silbert said that revenues should still be sufficient to ..
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