Chain News by Thebittimes.Com

Crypto lending giant Genesis has reached a new repayment deal agreement with its parent company Digital Currency Group. Crypto behemoth Digital Currency Group (DCG) has reached an agreement with its trading subsidiary Genesis Global as part of a $620 million lawsuit . According to Bloomberg, DCG has agreed to pay nearly $200 million in Bitcoin (BTC) and U.S. dollars over the next few weeks, with another sum to be paid by April 2024. Genesis lawyer Sean O’Neal says the deal will allow Genesis to avoid months of costly legal battles. Yet, he noted that the deal doesn’t resolve other disputes as part of Genesis’s plan for resolving its bankruptcy. You might also like: Alameda Research to claim $175m from Genesis’ assets The agreement comes a few months after Genesis filed a lawsuit against its parent company, DCG, seeking to recover $620 million in unpaid loans amid ongoing bankruptcy proceedings and settlement talks. Genesis Global filed for Chapter ...

Bitcoin price is down, trading below $17,000 and raising investors’ worries that the bottom is still not in. Bitcoin (BTC) price has seen a gradual decline in its bullish momentum to hit a new monthly low at $16,736 on Dec. 3.  The move follows a market-wide decline that has already set BTC capitulation records in the aftermath of the FTX-induced contagion. Stocks started the day slightly up after losing nearly 1,000 points since the start of the week. To date, Bitcoin price remains closely correlated to equities and stock market investors have concerns about the policy discussions that will occur at the next Federal Open Market Committee (FOMC) meeting on Dec. 13. BTC correlation to equities. Arcane Research While some analysts believe Bitcoin’s bottom is near, others believe more downside is on the way due to BTC’s close correlation to DXY and equities. Let’s investigate the main reasons why the Bitcoin price is down today . On-chain data cites historic “peak realized losses” Bitco...