<h2>Another platform from the digital currency sector may have financial problems.</h2>Cryptocurrency lender Genesis and its holding company Digital Currency Group (DCG) may owe around $900 million to Gemini customers, according to a recent report published by the Financial Times. The problem is allegedly related to the catastrophic collapse of the FTX cryptocurrency exchange.<h3>Genesis owes $900 million to Gemini</h3>A report published a few days ago by journalists from the Financial Times shows that another cryptocurrency platform may have significant problems related to the recent collapse of FTX. This time it's about lender Genesis and its holding company Digital Currency Group. These entities allegedly owe as much as $900 million to the well-known cryptocurrency exchange run by the Winklevoss brothers.The information disclosed comes from people well acquainted with the whole matter. The problem that has arisen is due to the dramatic fate of the platform managed until recently by Sam Bankman-Fried.The Gemini cryptocurrency exchange in cooperation with Genesis runs an investment product called Gemini Earn. It offers its customers the opportunity to earn interest of 8% by lending their cryptocurrencies.On November 16 this year, the Genesis platform issued a statement that it would temporarily suspend withdrawals due to market turmoil. Moreover, it came to light that this entity has about 175 million dollars blocked in a trading account on the FTX exchange.At the same time, Gemini Earn started having problems with deposits. This product remains unavailable, although all other Gemini services are functioning properly. The exchange has set up a special committee of creditors that is working to recover funds from Genesis and DCG.The Gemini Earn tool was launched in 2021 in the United States. The service currently operates in over 65 countries.<h4>Cryptocurrency winter kills more and more projects</h4>The slump in the virtual currency market has literally had a negative impact on the entire crypto sector. Many companies had to reduce their costs, for example by reducing their own staff. The collapse of crypto giants hits other crypto-asset-focused businesses hard. This led to avalanche collapses of a number of projects.

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<h2>Еще одна платформа из сектора цифровых валют может столкнуться с финансовыми проблемами.</h2>Криптовалютный кредитор Genesis и его холдинговая компания Digital Currency Group (DCG) могут задолжать около 900 миллионов долларов клиентам Gemini, согласно недавнему отчету, опубликованному Financial Times. Проблема предположительно связана с катастрофическим крахом криптовалютной биржи FTX.<h3>Genesis должен 900 миллионов долларов Gemini</h3>Отчет, опубликованный несколько дней назад журналистами Financial Times, показывает, что еще одна криптовалютная платформа может иметь значительные проблемы, связанные с недавним крахом FTX. На этот раз речь идет о кредиторе Genesis и его холдинговой компании Digital Currency Group. Эти организации якобы задолжали до 900 миллионов долларов известной криптовалютной бирже, управляемой братьями Уинклвосс.Обнародованная информация поступила от людей, хорошо знакомых с этим делом. Возникшая проблема связана с драматической судьбой платформы, которой до недавнего времени управлял Сэм Бэнкман-Фрид.Криптовалютная биржа Gemini в сотрудничестве с Genesis запускает инвестиционный продукт под названием Gemini Earn. Он предлагает своим клиентам возможность зарабатывать проценты в размере 8%, предоставляя в долг свои криптовалюты.16 ноября этого года платформа Genesis выступила с заявлением о том, что временно приостанавливает вывод средств в связи с рыночными потрясениями. Более того, стало известно, что у этой организации заблокировано около 175 миллионов долларов на торговом счете на бирже FTX.В то же время у Gemini Earn начались проблемы с депозитами. Этот продукт остается недоступным, хотя все остальные услуги Gemini функционируют нормально. Биржа создала специальный комитет кредиторов, который работает над возвратом средств Genesis и DCG.Инструмент Gemini Earn был запущен в 2021 году в США. В настоящее время сервис работает в более чем 65 странах.<h4>Криптовалютная зима убивает все больше проектов</h4>Спад на рынке виртуальных валют буквально негативно сказался на всем криптосекторе. Многие компании были вынуждены сократить свои расходы, например, за счет сокращения собственного персонала. Крах криптогигантов сильно ударил по другим предприятиям, ориентированным на криптоактивы. Это привело к лавинному краху целого ряда проектов.

Криптовалютный кредитор Genesis задолжал 900 миллионов долларов клиентам Gemini

<h2>Eine weitere Plattform aus dem Bereich der digitalen Währungen könnte finanzielle Probleme haben.</h2>Der Kryptowährungskreditgeber Genesis und seine Holdinggesellschaft Digital Currency Group (DCG) schulden Gemini-Kunden möglicherweise rund 900 Millionen US-Dollar, so ein aktueller Bericht der Financial Times. Das Problem steht angeblich im Zusammenhang mit dem katastrophalen Zusammenbruch der Kryptowährungsbörse FTX.<h3>Genesis schuldet 900 Millionen Dollar an Gemini</h3>Ein vor einigen Tagen von Journalisten der Financial Times veröffentlichter Bericht zeigt, dass eine andere Kryptowährungsplattform möglicherweise erhebliche Probleme im Zusammenhang mit dem jüngsten Zusammenbruch von FTX hat. Diesmal geht es um den Kreditgeber Genesis und seine Holdinggesellschaft Digital Currency Group. Diese Unternehmen schulden der bekannten Kryptowährungsbörse, die von den Winklevoss-Brüdern betrieben wird, angeblich bis zu 900 Millionen Dollar.Die Informationen stammen von Personen, die mit der ganzen Angelegenheit gut vertraut sind. Das Problem, das entstanden ist, ist auf das dramatische Schicksal der Plattform zurückzuführen, die bis vor kurzem von Sam Bankman-Fried geleitet wurde.Die Gemini Cryptocurrency Exchange betreibt in Zusammenarbeit mit Genesis ein Investmentprodukt namens Gemini Earn. Es bietet seinen Kunden die Möglichkeit, durch das Verleihen ihrer Kryptowährungen Zinsen in Höhe von 8 % zu verdienen.Am 16. November dieses Jahres gab die Genesis-Plattform eine Erklärung heraus, dass sie die Abhebungen aufgrund der Marktturbulenzen vorübergehend aussetzen würde. Außerdem wurde bekannt, dass dieses Unternehmen etwa 175 Millionen Dollar auf einem Handelskonto bei der FTX-Börse blockiert hat.Zur gleichen Zeit gab es bei Gemini Earn Probleme mit Einzahlungen. Dieses Produkt ist weiterhin nicht verfügbar, obwohl alle anderen Gemini-Dienste ordnungsgemäß funktionieren. Die Börse hat einen speziellen Gläubigerausschuss eingesetzt, der daran arbeitet, die Gelder von Genesis und DCG zurückzuholen.Das Gemini Earn-Tool wurde 2021 in den Vereinigten Staaten eingeführt. Der Dienst wird derzeit in über 65 Ländern betrieben.<h4>Kryptowährungswinter tötet immer mehr Projekte</h4>Der Einbruch auf dem Markt für virtuelle Währungen hat sich buchstäblich negativ auf den gesamten Krypto-Sektor ausgewirkt. Viele Unternehmen mussten ihre Kosten senken, indem sie zum Beispiel ihr eigenes Personal reduzierten. Der Zusammenbruch von Krypto-Giganten trifft andere auf Krypto-Assets fokussierte Unternehmen hart. Dies führte zu einem lawinenartigen Zusammenbruch einer Reihe von Projekten.

Kryptowährungskreditgeber Genesis schuldet Gemini-Kunden 900 Millionen Dollar

Cryptocurrency lender Genesis owes $900 million to Gemini customers

<h2>Considerable interest in non-fungible token technology has led to significant changes in the cryptocurrency sector.</h2>The broadly understood NFT market has been sending us subtle signals for some time that it is periodically trying to recover from the impact of the strong bear market that inevitably reached this sector. It is not difficult to quickly come to the conclusion that the prices of top tokens from key collections are still significantly away from the levels of the glory days, which ended around the first quarter of 2022. Despite this pessimistic fact, a certain change in the balance of power in this innovative sphere can be noticed. It is worth adding that so far, the Ethereum blockchain has been the network where non-fungible tokens were traded most frequently. In the end, however, Ethereum had to hand over the leadership position to its long-time competitor, Bitcoin.<h3>NFT trade is booming, but on a different blockchain</h3>Built, among others, by the popular programmer Vitalik Buterin, the Ethereum blockchain has for a long time been associated primarily with the fact that it is the cyberspace where by far the most non-fungible tokens (NFTs) are minted and where the highest trade rate in terms of turnover volume takes place.Recently, however, a revolutionary change took place, which led to BTC taking first place in terms of volume in the last 7 days.<h4>Latest data from the NFT market</h4>The latest data from the platform analyzing turnover volumes in the NFT sector shows that during the week Ethereum decreased by 3.72%, while tokens minted using the Ordinals protocol in the BTC network contributed to an increase by as much as 22.47 %, which led to this network ranking in first place.Finally, it is worth adding that the weekly volume here reached USD 101.3 million. In the case of the Ethereum protocol, it is USD 95.1 million. In third place, without any surprise, was Solana, which recorded a strong jump of 55% over the last week, and the trading volume of non-fungible tokens amounted to USD 66 million.

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Ethereum is no longer the leader in the NFT market. A surprising change in the balance of power

<h2>A financial company draws a positive forecast for one of the largest cryptocurrency projects</h2>The recent BTC price rally has sparked new enthusiasm in the world of digital currencies, and with it, increased interest in other cryptocurrencies. According to the forecasts of a widely recognized asset management company - VanEck - Solana (SOL) has a good chance of achieving noticeably better results than Ethereum (ETH) by 2024.<h3>Can Solana beat Ethereum?</h3>The spectacular increase in value by as much as 212% in just the last 60 days has resulted in Solana's share on the cryptocurrency market significantly increasing. Digital currency analysts also expect Solana's price oracle platform, Pyth, to likely overtake Chainlink in terms of total value secured (TVS) soon. It is worth adding here that despite Chainlink's current market dominance, analysts deeply believe that the innovative system architecture will make Pyth ultimately defeat its most serious rival.It is worth noting that Solana is currently trading at an average price of $73 per coin, and its price has increased by over 11% in just the last 24 hours. Moreover, there was also an additional increase in 24-hour trading volume to levels exceeding even USD 4.1 billion.Financial firm VanEck additionally forecasts that Ethereum will likely not reach a higher market capitalization than Bitcoin (BTC) until 2024. While Ethereum is likely to outperform other major tech stocks, Bitcoin's regulatory transparency and scale of energy efficiency are widely expected to attract interest from state-owned entities in Asia, Latin America, and the Middle East.Despite Ethereum's very decent results, according to the most common forecasts, it will probably lose market share to other smart contract platforms, such as Solana, whose main competitive advantage is that it can boast a much more reliable scalability schedule. Finally, it is impossible not to mention that Argentina is expected to join the countries sponsoring BTC mining at the state level. This would mean that Argentina would follow in the footsteps of countries such as the United Arab Emirates, El Salvador, Bhutan and Oman.

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Solana will beat Ethereum in some respects by 2024, according to VanEck

<h2>Cryptocurrency investors who expect the sector to decline suffer significant losses.</h2>According to data provided by the popular firm S3 Partners, short-term investors who focus on companies related to the oldest cryptocurrency suffered significant financial losses exceeding $6 billion in total by trying to short BTC in 2023. These losses were caused by a sudden but consistent reversal of the bearish trend on the Bitcoin chart , as well as the oldest cryptocurrency regaining key price levels.<h3>Traders have lost a fortune shorting Bitcoin-related companies</h3>Based on a report published by the analytical company S3 Partners, traders who at the beginning of 2023 adopted a bearish stance towards listed cryptocurrency companies such as Coinbase, Marathon Digital and MicroStrategy recorded losses of $6.05 billion.Due to the long-term increasing value of digital currencies, many investors taking short positions on shares of companies related to the crypto industry have made significant losses.In just the first three quarters of 2023, some short-term investors reduced their exposure to cryptocurrencies as the sector apparently rebounded. However, since Bitcoin's last low of $25.1K in September 2023, there has been a sustained and sharp increase in short selling totaling approximately $697 million as traders dramatically increased their exposure to what they perceived as an "overbought market." .In a sudden turnaround in the stock market, BTC experienced a significant increase in value and reached a new yearly high of over $44,300 on December 5 this year. This unexpected upward rally resulted in approximately $2.65 billion in losses for short-term investors.<h4>Strong increases in the value of BTC-related enterprises</h4>Undoubtedly, this year's increases in share prices of companies such as Coinbase and MicroStrategy may have been a challenge for many traders who were betting on shorting these shares. For the Brian Armstrong-led company, this year's 290% stock rally has resulted in losses estimated at about $3.5 billion for short-term traders. It is worth adding that this currently constitutes more than half of the total losses incurred in this way throughout 2023.Additionally, MicroStrategy's over 300% growth this year contributed to roughly $1.4 billion in losses for cryptocurrency traders. Despite the current strong growth in the market for digital currencies and related companies, some investors still decide to take short positions, most likely hoping that the upward rally will lose momentum at some point.

Cryptocurrency lender Genesis owes $900 million to Gemini customers

Another platform from the digital currency sector may have financial problems.

Genesis owes $900 million to Gemini

Cryptocurrency winter kills more and more projects

Recent news articles

Ethereum is no longer the leader in the NFT market. A surprising change in the balance of power

Solana will beat Ethereum in some respects by 2024, according to VanEck

Traders shorting Bitcoin are losing billions as the BTC price refuses to fall

Cryptocurrency lender Genesis owes $900 million to Gemini customers

Another platform from the digital currency sector may have financial problems.

Genesis owes $900 million to Gemini

Cryptocurrency winter kills more and more projects

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Recent news articles

Ethereum is no longer the leader in the NFT market. A surprising change in the balance of power

Solana will beat Ethereum in some respects by 2024, according to VanEck

Traders shorting Bitcoin are losing billions as the BTC price refuses to fall