Bitcoin Loses $21K Level, ETH, DOGE Slide Amid Genesis Fears


Major currencies traded in red on Wednesday night as the reports suggest Genesis Global Capitalthe institutional cryptocurrency brokerage whose lending unit recently suspended client withdrawals after FTX collapse, prepares to file for bankruptcy.

cryptocurrency Earnings (+/-) Price
Bitcoin -2.47% $20,706
Ethereal -3.79% $1,518
dogecoin -5.74% $0.080

What Happened: Bitcoin USD/BTC sank below $21,000, and Ethereal EUR/USD was trading down 3%.

Top intraday gainers

cryptocurrency Earnings (+/-) Price
kava +7.53% $1
rocket pool +2.60% $33

dogecoin DOGO/USD fell 5%, but Shiba Inu SHIB/USD surged as much as 20% early Wednesday, with Nansen reporting an overwhelming number of transactions on decentralized and centralized exchanges. At the time of writing, SHIB is down 7% in the last 24 hours.

US Stocks closed lower on Wednesday after the latest Producer Price Index (PPI) report suggested inflationary pressures continued to slow in December. The Dow Jones Industrial Average (DJIA) fell 1.8%, the S&P 500 was down 1.5% and the tech-heavy Nasdaq Composite fell a further 1.2%.

The CoinDesk crypto trading publication is reportedly explore strategic options to drive future growth, including a possible sale of a full or partial interest in the company owned by Barry Silbert’s digital currency group.

See more: Best Crypto Day Trading Strategies

“Bitcoin prices are weakening as growth fears have Wall Street worried that a soft landing may not happen. The outlook for cryptocurrencies has improved dramatically in recent weeks, but the current rally appears to finally be facing some resistance,” Ed Moya, a senior market analyst at OANDA, said in a note seen by Benzinga.

crypto analyst michael van depoppe tweeted that it looks like market cycles are repeating themselves, with people again predicting markets to go as low as $5,000 and expressing doubts about investing

Kaleo, the pseudonymous analyst, reaffirmed that $30,000 remains a firm target and believes that we could still see at least a drop below $20,000 before hitting that level.

Read next: Dogecoin, Ethereum Spike as Bitcoin Holds Above $21K: Analyst Warns ‘Late Bulls Turn Bearish’ If Apex Crypto Retests This Level