During the European session, Bitcoin finally rose after bouncing off the double bottom support level at $15,650. Genesis Global Capital, one of the largest cryptocurrency lenders, has suspended customer withdrawals due to liquidity problems caused by an increase in withdrawal requests after the collapse of FTX.Following the demise of FTX, Genesis announced on November 16th that he would be temporarily suspending withdrawals due to "unprecedented market turmoil."
On November 10th, the company publicly announced that it had locked approximately $175 million worth of funds in its FTX trading account. Struggling cryptocurrency investment bank is in talks with potential investors to raise another $1 billion. are reportedly discussing the possibility of
On November 21, The Wall Street Journal reported that Genesis had approached Apollo Global Management and Binance for financing. However, Binance rejected it due to a potential conflict of interest. While looking for new funds, Genesis Global Trading cited bankruptcy as a possible option.
On Nov. 21, Genesis said it "has no plans" to file for bankruptcy anytime soon and will try to find an "agreed" solution. The news sent the BTC/USD exchange rate to its lowest level in two years.
Santiment, an analytical firm, tweeted about the declining value of BTC/USD on November 21. According to the research firm, FUD caused the drop to $15,800 for the first time in two years due to the growing fear of centralized exchanges following the FTX crisis.