Bitcoin News Thebittimes.Com

Bitcoin (BTC) shows no sign of recovery as of yet, as the original crypto continues to hover slightly above the $16k level. Moreover, the FTX contagion seems to be hitting major institutions as days roll by. Genesis Trading, a company owned by the Digital Currency Group (DCG) conglomerate, stopped paying out at its crypto lending division last week. This sparked several rumors regarding Genesis’ solvency as well as DCG’s future. The narrative has also focused on the largest institutional Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), despite assurances from management.  Long-term owners of GBTC will undoubtedly suffer a catastrophe if Digital Coin Group fails, as the fund’s discount may reach a record-breaking 70%. Will DCG liquidate its Grayscale Bitcoin Trust positions? The potential liquidation of DCG’s GBTC holding was discussed at a recent board meeting. Digital Coin Group might pay off some of its debts by selling the ...

CEO Changpeng Zhao—aka CZ—took to Twitter to recently reveal that his crypto exchange was liquidating its FTT holdings, the native token of exchange FTX. Via a thread, the CEO of the largest crypto exchange revealed, that as part of Binance’s exit from FTX equity last year, it received roughly $2.1 billion equivalent in cash [BUSD and FTT]. He attributed the the latest decision to sell to “recent revelations.” “Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books.” The executive further pointed out that his entity learned its lesson on “post-exit risk management” well from LUNA. He stressed that the exchange “won’t pretend to make love after divorce.” Zhao, however, clarified that Binance was “not against” anyone, but at the same time, “won’t support people who lobby against other industry players behind their backs.” ...