Posted January 23, 2023
By Chris Campbell
Crypto Buzz: Genesis Bankruptcy → Return of FTX → Crypto is Inevitable → More
Crypto is surging, with Ethereum and Bitcoin’s price hitting four-month highs over the last week.
Crypto is hot, but what’s hot in crypto?
Genesis Files For Bankruptcy
The crypto lending company Genesis filed for bankruptcy on Thursday.
One of the entities hit the hardest by the FTX fallout, the move by Genesis does not come as a surprise.
The Winklevoss-headed exchange froze withdrawals in November shortly after FTX’s collapse.
John Ray, the CEO of what remains of FTX, said he was looking into reopening FTX’s international exchange. Ray was named CEO after FTX’s fraud was made public. He was mainly tasked with recovering as many lost funds for investors as possible.
Ray said FTX International could recover more assets than liquidation would.
For the full story and FTX’s potential path back from the worst fraud since Enron, you can read more here.
Digital Currency “Inevitable”
Bank of America released a report last week in which they described the adoption of digital currencies as “inevitable”. The report said…
“Digital currencies appear inevitable. We view distributed ledgers and digital currencies, such as CBDCs and stablecoins, as a natural evolution of today’s monetary and payment systems.”
You can read more here.
Move to Bitcoin?
Brian Armstrong, the CEO of Coinbase, made a suggestion to the Presidents of Brazil and Argentina, who have discussed the possibility of creating a shared currency to boost South America’s economy.