Bitcoin’s price has fallen to $61,000, influenced by market activities from Morgan Stanley and Genesis Trading. Morgan Stanley is now telling its financial advisors that certain clients will soon be able to buy Bitcoin ETFs.
This shows the firm’s growing interest in offering more crypto options for its clients. However, only clients with a net worth of at least $1.5 million and a high-risk tolerance will be able to invest.
The Bitcoin ETFs Morgan Stanley plans to offer are BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. This decision comes as client interest in Bitcoin ETFs increases.
Effects of Genesis Trading
Meanwhile, Genesis Trading has moved over $1.5 billion in Bitcoin and Ethereum to different addresses, leading to speculation that the company may be starting to repay creditors after the financial difficulties it faced in 2022, which led to its bankruptcy.
The transfers included 16,600 BTC, worth $1.1 billion, and 166,000 ETH, valued at $521 million, according to Arkham Intelligence. This large movement of assets has raised concerns within the crypto community about its potential effects on the market, given Genesis’s past issues.
Genesis Trading, a part of the Digital Currency Group (DCG), encountered serious challenges following the collapse of FTX and Three Arrows Capital (3AC) in 2022. These events forced the company to halt its trading operations and shut down the Gemini Earn program.
In January 2023, Genesis filed for bankruptcy, listing over 100,000 creditors and liabilities between $1.2 billion and $11 billion. Genesis’s current actions are similar to those of the Mt. Gox exchange, which also went bankrupt and recently began repaying its creditors. Mt. Gox has already returned 59,000 BTC out of the 142,000 owed.
The repayments from both Genesis and Mt. Gox might put more pressure on Bitcoin’s price. However, according to Santiment data, the current price range between $58,000 and $62,000 could be a good buying opportunity for large investors, known as whales, who might help steady or increase Bitcoin’s value soon.
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