Dear Readers,

Yes, it is the latest crypto melt down... officially announced!

As expected after hitting and debates in various news feeds, Genesis has finally filed for Chapter 11 bankruptcy protection in US. It quoted that more than $5.1 billion was being in liabilities.

Unlike the sudden collapses of FTX in November 2022 where it is said to be more than 8 billion USD wiped out and the worst collapse of Luna in September 2022 which wiped out more than 60 billion USD, Genesis collapse was leaked widely and many were aware that it would going to happen at any point in time and prepared for the worst.

Genesis is one of FTX’s biggest lenders, had previously suspended its withdrawals in November and cut 30 percent of its staff earlier this month. 

With this news hit across market, the market did not shake much and continued to enjoy the rally. 

Indeed the collapse of Genesis is seen good by the Global Cryptomarket. 

At present the time of writing this article, on Coinmarketcap.com, the global crypto market cap is valued at $1.04 T which is up by 0.20% while the market leader Bitcoin trades at $ 22877 up by 1.29% in 24 hours and Ethereum trades at $ 1628.35 which is a down of 1.28% from yesterday. 

In the era of Decentralised Finance (Defi), the crypto investors can use various softwares automatically to buy and lend crypto tokens- book profit in the upper side and liquidate the value when the lower Stop Loss hit. 

According to DeFiLlama, the value of the total amount locked on various Defi networks were $181 billion in early December 2022. But now the value has come down to just $45billion – because of the various issues faced by the Crypto Industry.

While all these irregularities are happening at present, the World Economic Forum which ended in Davos is strongly batted for the Crypto regulations to for the benefit for all the statekholders.