Date- Fri, 02 Aug 2024, 05:05 PM GMT:
In a significant move that has caught the attention of the cryptocurrency market, Genesis Trading has transferred nearly $3 billion worth of Bitcoin (BTC) and Ethereum (ETH). This massive transfer is aimed at returning assets to customers, according to on-chain analytics firm Lookonchain.
Lookonchain announced on X (formerly Twitter) that over the last three days, Genesis Trading has moved 32,256 BTC, valued at $2.12 billion, and 256,775 ETH, valued at $838 million, to various addresses. This activity is raising concerns about potential market impacts.
Genesis Trading has transferred 32,256 $BTC($2.12B) and 256,775 $ETH($838M) to multiple addresses in the past 3 days and may be undergoing bankruptcy proceedings to repay debts.
— Lookonchain (@lookonchain) August 2, 2024
And #GenesisTrading transferred 13,291 $BTC($830.7M) to #Coinbase between Jun 12 and Jul 15, during… pic.twitter.com/EpLdn5PUJn
To put this into perspective, between June 12 and July 15, 2024, Genesis Trading transferred 13,291 BTC, worth $830.7 million, to Coinbase. This action led to a significant market reaction, with the BTC price dropping from $68,000 to $55,800, an 18% decline. Market observers are now bracing for a possible similar outcome.
Currently, BTC is trading near $63,162, having experienced a nearly 0.65% price drop in the last hour. Despite this recent dip, BTC has seen a 0.81% gain over the past 24 hours.
As the market processes this substantial transfer, all eyes will be on the price movements of BTC and ETH in the coming days.
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