CashNews. Ethereum’s Price, Genesis Drama and 30,000 Bitcoins
Ethereum’s Price Glow-Up Past $1,700: Chill, We Good 💅
Yo, according to CryptoPotato, even with the 2022 crypto mood swings and Ether feeling the pressure, all signs say ETH is still the vibe. After peaking in November 2021, ETH trading cooled down a bit. But Santiment’s deep dive shows solid love for ETH around the $1,500 mark. Like, if it hits that? 🚀! Some peeps holding between 10 and 10,000 ETH have been playing it smart, selling off when ETH touched a 1-year peak of $2,120. Santiment’s like “Prices could still bounce even when peeps cash out.” And there’s mad respect for ETH since more projects are hopping on its blockchain. Retail peeps, not just the big fish, are stacking up on ETH, according to Glassnode. They’re feeling the market again, and ETH’s leaving crypto exchanges like they’re going out of style.
Genesis Drama: Creditor Squad’s Got Issues 🍿
CoinDesk’s spilling: Genesis Global Capital’s trying to work things out with their parent company, Digital Currency Group. But a group of creditors ain’t having it, calling the plan for the massive loans ‘a joke’ in a Tuesday tea session. Things went south for Genesis after some big players in the crypto world crashed. This whole back-and-forth’s been dragging ’cause peeps can’t decide how much Digital Currency Group should cough up. These Genesis lenders are low-key throwing shade, saying the deal’s not even covering the basics and they’re not down with the boss, Barry Silbert, dodging any future legal drama. They’re about to put a stop to any deal that’s not in their favor. The deets on who these lenders are? Hush-hush. But they’re holding a lot of cards, with billions on the line. Genesis hinted that they might be able to give back 70%-90% to the peeps they owe, and there’s still some chat going on. Genesis and their parent company? Ghosting CoinDesk for now.
30,000 Bitcoins Sent to Exchanges ‘Cause Grayscale Slayed 🎉
CryptoPotato’s got the 411: After Grayscale’s win against the SEC, Bitcoin was all like “let’s party” and jumped to $28k before vibing at around $27.4k. Analyst Ali Martinez dropped that 30,000 BTC moved to exchanges right before Grayscale’s big moment. And Santiment saw the same thing – mad BTCs hitting the exchanges. Usually, when peeps move coins to exchanges, it means they’re looking to cash out or get into some trading action. But here’s the plot twist from a CryptoQuant analyst: the BTC party was mainly on the derivatives side. While US exchanges saw their BTC stacks shrink, the ones offering derivatives trading are popping off. Looks like the derivatives scene and international exchanges are the ones stirring the pot right now.
