Genesis Loan Originations Tanks 79% During Crypto Winter
Genesis is a subsidiary of Digital Currency Group, the cryptocurrency investor and corporation created by Barry Silbert. Genesis entered the market initially, opening the first over-the-counter cryptocurrency trading desk in 2013, and later developed into a significant lender.
Genesis Lending Plung 79% in Q3
Genesis noted in the fourth quarter (Q4) that the crypto market is falling short of directional momentum as speculators are making notes after a beleaguering summer of continuous bad news. In light of these significant macro headwinds, Genesis is nevertheless ready for a protracted crypto winter.
between July 1 and September 30, Genesis' loan originations decreased to $8.4 billion from $40.4 billion with a 79% drop in the second quarter. The fall in Genesis' trading volumes was less dramatic. The third quarter saw a 44% drop in spot trade, declining from $17.2 billion to $9.6 billion.
In recent months, a number of Genesis executives have left their positions. The previous co-head of sales and trade, Matt Ballensweig, departed the company in September, while former CEO Michael Moro resigned in August. Michael Patchen, a former CRO, quit his job in October.
Core Scientific to Become Bankrupt By 2022 End
Recently, Crtproknowmics reported that the biggest bitcoin miner in the world, Core Scientific (CORZ), forecast that the year's currency reserves will exhaust by the end, if not sooner. The company said in a filing on Thursday that there was serious doubt about its ability to continue operating for a long enough period. The company's shares, which went public in January, decreased by around 30% in U.S. pre-market trading.
