Could this be the best time to buy the dip?

Cryptocurrency lender Genesis has filed for Chapter 11 bankruptcy in the Southern District of New York. 

The firm has estimated liabilities between $1 – $10 billion and assets in the same range, according to the January 19, 2023 filing. Despite this, the crypto lending firm had been struggling to stem its liquidity crisis. 

In a January 19 press release, Genesis said it had been engaged in discussions with its advisors and "corporate parent Digital Currency Group (DCG) to evaluate the most effective path to preserve assets and move the business forward."

Genesis has now commenced a court-supervised restructuring process to further advance these discussions. 

So... why could this be a good time to start buying? 

The crypto industry has faced many high-profile fallouts as of late, but the technical charts of BTC and ETH may be hinting that the worst is over. 

During the FTX fiasco, for example, the price of BTC behaved very differently than how it's behaving now. Specifically, between November 6 and November 10, BTC declined roughly 26% — keep in mind that FTX officially filed for bankruptcy on November 11. 

Now, however, news of Genesis' bankruptcy is barely making a dent in BTC's upward move. Other charts of major coins like ETH and SOL show the same technical fortitude. 

There appears to be more in store for Genesis, including charges from the SEC, fears over DCG shaving $500 million off its venture capital portfolio and even the sale of its crypto media outlet CoinDesk. 

Given BTC and ETH's technical fortitude in the face of bearish news, it's perhaps an interesting time for "buy the dip" aficionados. 

Read the full story here on Cointelegraph. 

Don't miss a beat in the world of crypto. Leverage the same AI technology that Cointelegraph's journalists use to surface the latest news with the NewsQuakes™ indicator that's only available on Markets Pro — click here to learn more.

Regards,

Russell DeCorte
Director
Markets Pro

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