Two weeks into 2023, the pace of the cryptocurrency news cycle is showing no signs of easing. Some of the month’s major headlines are still developing as the new week begins.
The Securities and Exchange Commission expressed its displeasure last week with the cryptocurrency financial services provider Genesis. Over the weekend, prices for digital assets kept making substantial gains elsewhere.
Let’s look at some of the most significant crypto stories happening right now.
What’s next for Genesis?
Genesis, a division of Digital Currency Group, is at war with creditors, including the cryptocurrency exchange Gemini and American regulators.
During substantial financial challenges, the company stopped withdrawals and fresh loan redemptions in its lending section in November. Since then, it has looked for more funds to close what is said to be a multibillion-dollar gap.
An intensifying verbal battle over monies held in Genesis has also recently been witnessed between Digital Currency Group and Gemini. On the exchange’s Earn programme, which paid interest to users who loaned their money, Gemini and Genesis collaborated.
Last Monday, the SEC accused Gemini and Genesis of executing an unregistered sale of stocks via Earn, further escalating the matter.
What’s next for bitcoin?
If you haven’t noticed, the price of bitcoin has been on a bit of a tear.
The largest cryptocurrency by market capitalization is currently trading at about $21,000 on the major exchanges. Data from TradingView shows that Bitcoin started in 2023 at about $16,600.
If you haven’t noticed, the price of bitcoin is currently on the rise.
The most valuable cryptocurrency in terms of market value is now trading at about $21,000 on the major exchanges. Approximately $16,600 was the starting price of bitcoin in 2023, according to TradingView statistics.
What’s next for Nexo?
Earlier this week, it was reported that Bulgarian authorities were looking into the cryptocurrency lender Nexo.
Local authorities allegedly conducted a raid on Nexo’s offices in the nation as part of an investigation into possible tax and money-laundering offences.
Any wrongdoing has been refuted by Nexo. Nexo co-founder and managing partner Antoni Trenchev said last week, “The charges are ludicrousaiwe are one of the strictest institutions with regards to KYC/AML.”
Withdrawals from Nexo’s platform increased because of worries about its long-term viability.
The circumstances are the most recent development in a lengthy investigation against cryptocurrency lenders. Regulators have in the past expressed displeasure with other lenders in the cryptocurrency industry, such as Celsius and BlockFi.