Crypto markets and equities tied to the industry felt the pressure last week as the situation around crypto exchange FTX continued to unravel.
Bitcoin was changing hands at around $16,550 at 2:15 p.m. ET Sunday, representing a decline of about 0.8%. Ether fared somewhat more poorly, losing about 3% in the past day. ETH was trading at roughly $1,170 at 2:15 p.m.Bitcoin is down about 1% over the past seven days while ether is down roughly 6%.
Genesis announced Wednesday it would halt all customer withdrawals and loan originations on its platform after taking a significant hit from the fallout of Three Arrows Capital and FTX. "Many are now expecting DCG to use the most liquid part of the business — Grayscale — to shore up Genesis and other parts of the business," the note said. QCP hadoff a potential sale of GBTC's bitcoin assets in its 2022 year outlook, but it then said,"we never expected it to be under such circumstances."
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