Here’s Why Bitcoin And Ethereum Price Crashed
Summary
Cryptocurrency market saw significant drop in market capitalization as Bitcoin fell below $60,000 and Ethereum dipped below $3,000. Genesis Global Capital, a bankrupt crypto lender, repaid creditors with $4 billion in cryptocurrencies and fiat currencies, triggering market volatility. Genesis moved over $1.5 billion in Bitcoin and Ethereum, causing investors to liquidate holdings and contributing to price decline. Market capitalization decreased by over 5.7% within 24 hours, with Bitcoin falling below $60,000 and Ethereum dropping below $2,900. Mt. Gox, another bankrupt crypto company, is also repaying creditors.
