What's Hot

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      First Citizens to Buy Silicon Valley Bank

      News March 27, 2023
      Recent

      First Citizens to Buy Silicon Valley Bank

      March 27, 2023

      Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

      March 27, 2023

      Africa Moving to Crypto as Alternative to US Dollar

      March 27, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Business»Crypto Firm Genesis Block Ceases Trading Amidst FTX Aftershock 
    Business

    Crypto Firm Genesis Block Ceases Trading Amidst FTX Aftershock 

    Anietie DavidBy Anietie DavidNovember 18, 2022Updated:November 18, 2022No Comments2 Mins Read
    Crypto Firm Genesis Block Ceases Trading Amidst FTX Aftershock 
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Another cryptocurrency company is experiencing market repercussions in the aftermath of the recent FTX incident. According to sources, the market leader in Hong Kong for retail bitcoin services, Genesis Block, has stated it would close its doors and stop trading.

    According to a report by Reuters, Hong Kong-based cryptocurrency services company Genesis Block said on Friday that it will stop providing over-the-counter (OTC) trading services due to the potential for spillover effects from the now-defunct FTX platform. Additionally, Genesis Block requested that consumers remove their money, and it would no longer take on new clients. Genesis Block was once Asia’s biggest bitcoin (BTC) ATM operator.

    Genesis Global Capital, which is owned by Digital Currency Group, has no connection to Genesis Block Trading (DCG). 

    “We have ceased trading, as we don’t know which counterparties would fail next, so we would rather close out all our positions to regain some of our liquidity,” Genesis Block chief executive Wincent Hung told Reuters this week.

    According to insiders with the firm, Genesis Block severed its links with FTX before the controversy and started winding down its services early this year. Additionally, the business had 29 locations in Hong Kong and one of the most extensive networks of Bitcoin ATMs in the area, which it later sold to a different party.

    Total Crypto Market Cap Drops to 2022 Low After FTX Collapse

    According to statistics from TradingView, the overall market value of digital assets has dropped this month below $800 billion, a level not seen since early 2021, as investor trust in cryptocurrencies has decreased as a result of Sam Bankman-FTX Fried’s exchange collapsing.

    The market value of the sector was reduced by $183 billion as a result of the most recent wave of market volatility in the digital asset markets. On November 9, the amount fell to $736 billion, the lowest level since January 2021. The fall coincided with a new downward spiral in bitcoin and other cryptocurrency values caused by the FTX issue. The largest cryptocurrency, Bitcoin (BTC), saw its worst weekly performance in five months over the seven days ending on November 13.

    Currently, Bitcoin accounts for $319 billion of the market value for cryptocurrencies. About a year ago, bitcoin’s market worth was over $1 trillion at the height of the bull market, when it hit its all-time high of roughly $69,000.

    Blockchain FTX Exchange Genesis Block
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleCoinbase CEO, Brian Armstrong, Sells Over $1.6 Million in Coinbase Shares
    Next Article Ripple Looking to Obtain Crypto License in the Republic of Ireland  
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    US Republican Introduces Bill to Protect Blockchain Developers

    March 24, 2023

    El Salvador Launches Bitcoin/Lightning Dev Training Office

    March 20, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.