DCG Bankruptcy Is Imminent? Proof Of Asset Transactions

DCG Bankruptcy News: With the Digital Currency Group (DCG) experiencing huge liquidation in the last 24 hours, speculation is rife about the stability of the platform. The crypto market is still not out of danger from the FTX related contagion. Following the bankruptcy of FTX, the market is still not sure about the stability of Genesis and Grayscale. This sentiment is in line with the negative price trend with the cryptocurrency prices.

Also Read: Bitcoin Price Prediction: Is $19K Still Possible Or BTC To Fall Below $15K?

Massive Liquidation

Earlier, it was reported that DCG’s assets were witnessing a massive selloff. The transactions were seen related to cryptocurrencies: Filecoin, Flow, Stacks, Livepeer, Ethereum Classic, Decentraland, and others. Meanwhile, there are concerns that Genesis liquidation and may cause its parent company Digital Currency Group (DCG) to fall in danger of bankruptcy.

“There is speculation that DCG is dumping assets based on below. It could mean 2 things;

1. They are trying to repay the $1,5bn loan to Genesis. The loan may be recalled in case of a bankruptcy.

2. They are entering chapter 11. To do so they must first exhaust all liquid assets.”

Also Read: Ethereum Price Prediction: Why ETH Price Could See Major Selling Ahead?

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.