The crypto world took a nosedive recently, with Bitcoin and Ethereum leading the charge. Prices plummeted, causing a ripple effect across the entire market.
What Triggered the Crash?
The main culprit? A bankrupt crypto lender called Genesis Global Capital. They’re finally paying back their creditors after a three-year wait, and they’re doing it by handing out a whopping $4 billion in crypto and cash.
This massive payout included over $1.5 billion worth of Bitcoin and Ethereum, which sent shockwaves through the market. Many investors, seeing this influx of money, decided to sell their own holdings, pushing prices down even further.
Who Got Paid?
Some big names got a piece of the pie. Billionaire Mark Cuban received $19.9 million worth of Ethereum, for example.
The Aftermath
The market reacted badly, with prices dropping by over 5.7% in just 24 hours. Bitcoin fell below $60,000, and Ethereum dipped below $2,900.
It’s not just Genesis making these big moves. Another bankrupt crypto company, Mt. Gox, is also repaying creditors. So, we might see more market volatility as these payments continue.
