Genesis' bankruptcy brings trouble for the market: top crypto news analysis

Hi, it's me again,

Vanessa from buidlbee! Coming in hot with the best analysis and news to bring you a step closer to your crypto dreams.

Here's what I have for you today:

• Genesis has officially filed for bankruptcy 😓

• XRP has a bright future ahead of it 😎

• Bonus read! 🤑

Crypto lender Genesis has joined the bankrupt team

For a long time, rumors and proof have been swirling concerning the possible bankruptcy of American crypto-lending giant, Genesis. Well, I'm sorry to start with bad news friend, but the company has officially filed for bankruptcy, joining the long list of other crypto companies that suffered the same fate. 

However, the market wasn't so shaken by the news. Was it expected or do we have bigger fish to fry? Here's all we know:

• Genesis owes its top 50 creditors $3.6B, with a total debt estimate of up to $10B.

• The collapse of Terra/Luna and FTX caused a domino effect that ultimately took 3AC & Genesis down with them.

• Gemini Exchange tried to take its billion-dollar investment back from Genesis. The lender had no choice but to file for bankruptcy as pressure from Gemini surmounted.

So what does the future hold for the market? Tron's founder, Justin Sun, was planning on buying out DCG/Genesis's troubled assets which could finally stabilize the market and continue his takeover of the market, alongside Binance. Proceedings for such acquisitions take a very long time, and with the new bankruptcy announcement, we can't say which way things will go...yet.

On the other hand, Genesis is only the tip of the iceberg. Its parent company, DCG will now face the wrath of owed creditors like Gemini. If DCG or its other subsidiary, Grayscale gets dragged through lawsuits, this could cause a market collapse far greater than the FTX crash. DCG is however making preparations to calm the storm through layoffs, suspensions, and closures. So who's up next? I don't know buddy, you tell me 🤷‍♀️

Ripple's CEO is BULLISH about the future of XRP

Ripple and its XRP token were one of the most renowned names in the crypto market. Prior to the crash, back in 2018, the coin ranked 2nd after Bitcoin then saw a steady decline after a lawsuit by the Securities and Exchange Commission (SEC) in 2020 and the overall market dip. 

All hope isn't lost, however, as its CEO Brad Garlinghouse is optimistic about the future of XRP and crypto as a whole, citing the end of the SEC lawsuit in the first half of the year. The senior VP also chimed in on the matter, assuring users of the company's dedication to building products that have real utility.

To top it off, the Australian Financial Review cited XRP for dominating trading volumes of cross-border payments on Australian leading digital exchanges. The token accounted for 82% of all cash volume on the Independent Reserve Exchange and 62% of all cash volume on Melbourne-based BTC Markets.

XRP currently trades at $0.390818, 89.83% below its record high of $3.84. It is ranked #6 on CoinMarketCap with a real market capitalization of $19,819,683,781 and 50,713,323,547 XRPs in circulation with a maximum supply of 100B coins.

The future of the altcoin could be high as it offers real utility and is listed on most exchanges. Furthermore, if the federal court rules in favor of Ripple against the SEC and new projects arise on the blockchain, XRP's value could go up. 

Alright, friend, that's all for today...or is it? 😏

Here's a new update from the Doge community! Our favorite dog coin is going green and reducing its carbon footprint! Don't we love to see it! 🥳 If you liked the news for today, share it with a friend and enjoy your weekend to the maximum effect! See you on Monday with more tips to help you make it with crypto! 🚀