• Bitcoin has not responded negatively to the news of Genesis filing for bankruptcy, suggesting that the news was already priced into the asset.
• This means that the current price of bitcoin is likely the fair price, making a deep pullback from a market correction less likely.
• This could potentially put bitcoin in a position for more upside, rather than decline.
The news of Genesis, one of the largest crypto lenders in the world, filing for bankruptcy has recently emerged, yet Bitcoin has not moved as expected. This lack of negative movement from Bitcoin in response to the news could potentially cement the digital asset’s path to the upside in the coming weeks.
The fact that the price of Bitcoin has not reacted negatively to the news of the Genesis bankruptcy is quite remarkable. This could suggest that the news was already priced into the asset, which is understandable given that the crypto lender had been considering filing for bankruptcy for quite some time and had been exploring its options. This could indicate that the bias and fear that such news would carry had already been digested by participants in the space.
This could further suggest that the current price of Bitcoin is likely a fair price. If the price of Bitcoin is where it is expected to be, then there is more support for the current bull rally. It also means that to trigger another downtrend for BTC, it would have to be a true market-disrupting event. Therefore, a deep pullback from a market correction could be farther away than the bears would like, potentially putting Bitcoin in a position for more upside rather than decline.
Given that the news of Genesis filing for bankruptcy has already been priced into the asset, this could be seen as a positive sign for Bitcoin. It could potentially be a sign that the digital asset is ready to move higher in the coming weeks. With Bitcoin continuing to trade around the $20,900 level, it could be a sign that the digital asset is on its way to higher heights.
Of course, this is not a guarantee that Bitcoin will move higher in the coming weeks. There is still a lot of uncertainty in the cryptocurrency space and anything could happen. However, the fact that the news of Genesis has not caused a negative reaction in Bitcoin could be seen as a good sign for the digital asset.