Bloomberg reports that Genesis Global, a lending platform, has concluded its bankruptcy process and begun distributing approximately $4 billion in cryptocurrency and cash to its clients.

💰 Creditors in BTC will get back 51.28%, Ethereum creditors will receive 65.87%, and SOL creditors will obtain 29.58%. The distributions will be made in kind.

This development adds further pressure to the declining crypto market. 🧐

In the wake of the crypto market crash, the Fear and Greed Index plummeted by 20 points, landing in the Fear zone at 37.

This is a sharp contrast to the previous week's sentiment when the index showed "Greed." 🧐

The other day, Donald Trump said, "Maybe we'll pay off our $35 trillion national debt by issuing a crypto-check? We'll give them $BTC and get rid of the debt."

👀 The Crypto President seems to have forgotten that the total market cap of the ENTIRE crypto market was at most $3 trillion, while the US debt is $35 trillion. 😁

💰 The market cap of Bitcoin currently stands at $1.2 trillion. To pay off the US national debt with Bitcoin, Trump would have to buy up all the existing Bitcoin, and it would need to increase in value thirtyfold!

Looks like it's time for Trump to retire along with Biden! 🤣

🔐 Token Unlocks monitoring has launched a dashboard with a countdown for Changpeng Zhao (CZ Binance) getting out of prison 😂😂😂

Bloodbath in the Cryptocurrency Market

📉 Bitcoin's price fell below $50,000, and Ethereum's price dropped to $2,100.

The total volume of liquidations on exchanges in a day exceeded $1 billion, with the majority being long positions in ETH and BTC.🪓

There has been a rebound now; Bitcoin is at $53,000 and Ethereum is at $2,360.

Bitcoin's Recovery May Be Temporary

Notorious crypto critic Peter Schiff believes that Bitcoin could experience a further crash when the American stock market opens—investors might start selling off Bitcoin ETF stocks.📉

American exchanges, such as the NYSE or NASDAQ, where Bitcoin ETFs are traded, open at 14:30 UTC. 👀

Trader Plan B reminds us that HODLing isn't easy, and if you panic at a 20% drop, then maybe Bitcoin isn't for you.

How do you handle the psychological pressure during significant Bitcoin market fluctuations?

1. I'll go on a drinking binge just to avoid this madness until tomorrow - 👍

2. I practice yoga and light aromatic candles, so I'm stress-resistant. - ❤️

3. I can't handle it at all, so I'm going to work at McDonald's. - 😁

4. I was waiting for this dip to buy even more crypto for cheap. -🔥

Bitcoin's 30-day MVRV has fallen to the level it was at during the FTX exchange crash (November 2022).

💹 MVRV is obtained by dividing market capitalization by realized capitalization. This indicator shows how much the current price differs from the average acquisition price.

The lower the MVRV, the better the buying opportunity. 🧐

When you've been in crypto for 8 years 🍷

Justin Sun bought 16,236 ETH ($37 million) in the last 3 hours!

See, that's how need buy at the bottom! Can someone lend me a couple of million USDT? I'll sell Ethereum at 5k and pay you back. 😁

Popular technical analyst TechDev overlaid an 8-week Bitcoin chart onto the well-known global market adoption curve, which prominently features a deep "bear trap."

📉Today's correction fits perfectly within this scenario so far. The next stages should be "Renewed Optimism," FOMO, and euphoria 👀

Bitcoin crashed below $51,000

⬆️ Germany, which sold Bitcoin at an average price of $57,900. 😂

Why has Bitcoin dropped so much? 📉

Jack Mallers from Strike reminds us that we are living in a crisis period. During crises, markets sell what they can, not what they want:

"Bitcoin is down because it was the only market open to sell on Sunday night, not because the only fixed supply money we have is now less valuable."

👀 Indeed, after the opening of U.S. stock markets, Bitcoin’s decline stopped, and it even saw a slight increase (now the price of Bitcoin is $55,600), despite previous speculation that once the markets opened for trading, Bitcoin ETF holders would rush to sell and drive the price down further.

A particularly telling example is BlackRock, whose Bitcoin wallets did not offload any BTC yesterday, despite the drop, panic, and FUD. 💪

Donald Trump once again stated that the U.S. government should not sell cryptocurrency. The government considered this and... sold Ethereum. 😂

👀 Trump also reiterated his point that if the U.S. does not engage with cryptocurrency, China will.

“It’s like AI—you like it or not. If we don’t do it, China or other people will. We can’t fall behind, and cryptocurrency is exactly in this sphere,”

- Trump said.

Well, the government agreed. But Ethereum can definitely be sold 🤣

Yesterday, 300 ETH were transferred from a U.S. government address.

The U.S. government currently holds over 50,000 ETH. 😉

The Crypto Fear & Greed Index is at 17 today!

This is the lowest value since June 2022, when Bitcoin was forming the bottom of the bear market after the 2021 peak. 👀

The amount of BTC sold at a loss yesterday was comparable to the period of massive sell-offs following the mining ban in China and the collapse of the FTX exchange. 🧐

As we can see, history teaches us that people do not learn from it. 🤷

Ronin Bridge Hacked Again! 🚨

The Ronin blockchain bridge for Axie Infinity has been hacked once more, with attackers draining 4,000 ETH (nearly $10M), according to PeckShield’s X account. 😱

Remember, the previous breach in 2022 was the largest crypto hack ever, with nearly $600M stolen. 🏴‍☠️💰

The Ronin bridge is temporarily shut down while the team investigates.🛠🔍

💰💥 Binance on Fire! Binance's head, Richard Teng, announced that the exchange recorded a net inflow of $1.2 billion in the last 24 hours! 🚀 This is one of the highest capital inflows of 2024! 🏆

Yesterday, the exchange also saw one of the highest trading volumes of the year. 📈💹

Did you buy or sell crypto yesterday, or were you just chilling? 🤔

Bought - 👍

Sold - 👎

Cool as a cucumber, just waiting for Bitcoin to hit 150k - 🔥

Weekly Bitcoin correction turned out to be one of the harshest in the last decade! 📉🪓

Similar panic sales occurred during the FTX exchange scam against its clients, the March 2020 COVID crash, and the mining ban in China. 🤔

Another market manipulation at play? 🧐

Over the last 30 days, long-term holders have received 404,448 BTC.

This means they’ve snagged a better entry price and further squeezed the circulating supply. 🚀

Experts point to a level where a breakout could trigger a new correction phase 📉

👀 The price of the leading cryptocurrency has reclaimed key support at $56,000, but uncertain trading suggests risks of resuming a downward trend, according to a CryptoQuant report.

Analysts note that the MVRV indicator has fallen below the 365 DMA, which in previous cycles signaled a continuation of price declines. 🧐

A similar situation occurred during the COVID-19 crash in March 2020, during the downturn in May 2021, and at the start of the bear market in November 2021, they added.

"Investors should be monitoring these valuation metrics to assess the possibility of a price bounce or a further correction. If this support fails, the price can go as low as around $40,000, which is the trader realized price minimum band,"

- experts advised.