Genesis seeks to avoid bankruptcy and El Salvador prepares to issue Bitcoin (BTC) bonds: 5 news that shook cryptocurrencies this week

(Image: Reuters//Jose Cabezas)

Some of the events in the world of cryptocurrencies gained greater prominence among users and enthusiasts of this market.

This week, the ripple effect of the crisis at the FTX brokerage continued to worry investors, except for the president of El Salvador, who is preparing to issue government bonds backed by Bitcoin (BTC).

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Check below the five most read Crypto Times news between November 21st and 25th:

5th place – El Salvador introduces bill to launch Bitcoin (BTC) bonds; approval must happen before 2023

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The Minister of Economy of El SalvadorMaria Luisa Hayem Brevé, presented this Wednesday (23) the document requesting the issuance of debt securities backed by Bitcoin (BTC)🇧🇷

The bill was delivered to the country’s legislative assembly. The next step is to approve the measure, which should happen before Christmas, as a source close to President Nayib Bukele told the Bitcoin Magazine news portal.

#4 – Crypto giant Genesis seeks funds to avoid bankruptcy

Digital asset brokerage Genesis struggles to raise new capital for its investment unit. loans and would have warned potential investors that it may need to file for bankruptcy if it fails, according to sources.

Genesis has spent the last few days seeking a capital injection of at least $1 billion, said the people, who asked not to be identified. This would include talks for a potential crypto exchange investment. binancethey said.

3rd Place – Grayscale Bitcoin (BTC) Fund: Discount or Hole? understand what is happening with GBTC

The unfolding of the ripple effect caused by the exchange collapse FTX reached the big institutional investors. The cause of this was the fact that the Genesis Trading fund was affected. Genesis Trading belongs to the Digital Currency Group, the same conglomerate as Grayscale.

Consequently, doubts about the reserves of index funds (ETFs) negotiated by the manager were raised by investors. It is important to point out that the grayscale argues that the custody of bitcoins of GBTC are made by Coinbase (COIN).

2nd place – FTX hacker dumps Ether (ETH) on the market; company sees money laundering pattern

After supposedly a hacker break into bankrupt brokerage FTX and drain a large amount of tokens Ether (ETH), OnChain analytics companies detect eviction movement, and crypto asset retreats 5% this Monday (21).

As analyzed by Certik, analytics firm Onchain, after the hacker’s address accumulated around $250,000 worth of ETH, there was a transfer of funds to the blockchain of Bitcoin🇧🇷

#1 – Binance Chairman Names Potential $1B Fund for Cryptocurrency Companies

the brokerage cryptocurrencies binance aims to establish a fund of approximately $1 billion for the potential purchase of distressed assets in the digital assets sector, Bloomberg News reported on Thursday, citing an interview with the chief executive of companyChangpeng Zhao.

Zhao hinted at the possibility of allocating even more resources in the interview. “If that’s not enough, we can allocate more,” he said.

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