### Just as we were greeted with a strong rally this 2023, we need to remember that the whole mess with Genesis is still precariously hanging over the crypto industry. 

Bloomberg reported that Genesis is preparing to file for bankruptcy. This is definitely not good news for the creditors of Genesis. However, considering that it’s been over two months of a vague ‘pause’ on withdrawals by Genesis, bankruptcy at least provides some forward movement. 

Genesis has been criticized lately for having such an extended ‘pause’ on withdrawals without providing stakeholders with any concrete plans. Cameron Winklevoss publicly accused Barry Silbert of fraud. It was pointed out that Genesis executed a long-term promissory note to ‘repair’ the Genesis balance sheet after it lost huge assets to the crash of Three Arrows Capital. 

Another source of worry is that the Greyscale Bitcoin Trust is part of the same business group of Genesis, both having the same parent company Digital Currency Group (DCG). With so many rumors, accusations and finally a report of looming bankruptcy filing, the level of worry is rising fast! Could the present rally be derailed by bankruptcy filing? It could potentially cause a dip, but may not be quite as bad as the fallout from the bankruptcy filing last year, including FTX. 

Historically, once the bull market begins, bad news barely affects the trend, with Bitcoin and crypto rocketing to higher highs even with the occasional lower lows. 

How should the danger of a Genesis bankruptcy affect decision making in terms of whether to buy or sell crypto? What seems to be the consensus is that the current price levels feel ‘bottom-ish’ and that the present time frame feels like the general time of the cycle that is likely the bottom. 

Thus, even with the looming threat of a Genesis bankruptcy and other threats like potentially lingering inflation, a deep recession, and geo-political conflicts, the crypto price situation is very different from early 2022. 

Presently, bitcoin and crypto have already retraced significantly so the threats serve to us merely as a caution and a reason to not ‘ape in’ just because things feel bottomish. We still believe that a sustainable cost averaging strategy is the safest method. 

One important thing to prepare for though is the time to cost average out. In fact, buying is much easier than selling, because historically the best periods to buy are quite extended but the best periods to sell are so short. 

How are you preparing for the next bull run? Please share your tips in the comments below! 

Just as we were greeted with a strong rally this 2023, we need to remember that the whole mess with Genesis is still precariously hanging over the crypto industry. 

Fri Jan 20 2023

Watch Out. Genesis Is Preparing to File For Bankruptcy

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Revolut to Distribute $1.2 Million in BONK

Fri Jan 20 2023 Watch Out. Genesis Is Preparing to File For Bankruptcy

FTX Creditors File Class Action Against Bankruptcy Law Firm

Revolut to Distribute $1.2 Million in BONK

Starknet Foundation’s Plan to Distribute STRK Token

The Korea Times: South Korea to Remove ‘Unfit’ Crypto Exchanges

DecenTrader Founder Notes Bearish Signal

Revolut to Distribute $1.2 Million in BONK

Fri Jan 20 2023

Watch Out. Genesis Is Preparing to File For Bankruptcy