BitMEX Co-Founder: 'If Genesis goes bankrupt, Bitcoin will go back to $10.000'

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BitMEX Co-Founder: 'If Genesis goes bankrupt, Bitcoin could go back to $10k'

Arthur Hayes, the former CEO of BitMEX, believes that Bitcoin could drop to $10.000 if Genesis goes bankrupt.

Arthur Hayes, the co-founder of the BitMEX exchange, tweeted a screenshot of a Bloomberg article regarding the Genesis bankruptcy. According to Hayes' tweet, Bitcoin price could drop to $10,000 if Genesis declares bankruptcy.

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In June, Hayes predicted “the crypto market is about to see bloody carnage,” saying, “The Russia-Ukraine conflict will cause global growth to slow due to rising commodity prices and the world currently in a state of turmoil.” witnessing higher interest rates in response to inflation,” which would fill the stock market and also the crypto market, which he said was “bloody.”

Talking about Bitcoin, Hayes said he will not buy more Bitcoin this year, instead he will choose low-cap Altcoins to accumulate and wait for the next bull cycle.

Genesis stuck with money

Lender Genesis Global Capitals announced last week that due to the default of Three Arrows Capital and the subsequent collapse of FTX, the company is currently experiencing a shortage of capital to sustain operations.

After that, Genesis tried to raise capital for its lending business with the amount of $ 1 billion. It also warned that if Genesis cannot secure the necessary cash, the company could be forced to file for bankruptcy.

It was recently rumored that Genesis might cap its upcoming round of funding to just $500 million after failing to find investors willing to take the risk.

Chahal Verma, a popular analyst on Twitter, said that “the crypto market will be severely affected if Genesis is not saved”, according to Verma because the company has links with so many other companies. industry so the collapse of Genesis would trigger a domino effect, causing many other companies to collapse as well.

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