By Frances Yue
Welcome back to Distributed Ledger. This is Frances Yue, crypto reporter at MarketWatch.
As crypto lender Genesis reportedly prepares to file for bankruptcy as early as this week, I caught up with David Siemer, chief executive at Wave Financial Group and Hany Rashwan, chief executive at 21Shares, to talk about its potential impact.
Meanwhile, founders of bankrupt crypto hedge fund Three Arrows are seeking money for a new venture. JP Morgan Chase’s Jamie Dimon lambasted crypto again. And FTX’s new chief said he’s considering restarting the failed digital asset exchange.
As always, find me on Twitter at @FrancesYue_ or email me at frances.yue@marketwatch.com, if you’d like to share any thoughts on crypto, this newsletter, or your personal stories with digital assets.
Genesis’s bankruptcy?
Bitcoin started this year with a 25% rally so far, pushing the largest cryptocurrency above $20,000, the level it saw before crypto exchange FTX’s implosion in November, according to CoinDesk data.
However, investors are hesitant to call a bottom for bitcoin, with concerns around the macroeconomic environment and contagion from digital asset lender Genesis Global Capital, which is reportedly preparing to file for bankruptcy this week.
As Genesis has ceased withdrawals since November, its bankruptcy is largely priced in, noted Wave Financial’s Siemer. “I don’t think it would be a FTX-again kind of bad moment,” Siemer told Distributed Ledger…
