• Bitcoin’s price has barely reacted to the news of Genesis, one of the largest crypto lenders in the world, filing for bankruptcy.
• This could suggest that the news was already priced in, and the current price of bitcoin is where it is supposed to be.
• This could mean that a deep pullback from a market correction would be unlikely, putting the cryptocurrency in a position for more upside rather than decline.
Despite the recent news of Genesis, one of the largest crypto lenders in the world, filing for bankruptcy, the price of Bitcoin has barely responded. This could suggest that the news was already priced in and the current price of the digital asset is where it is supposed to be.
The lack of negative movement from Bitcoin in response to the news of the bankruptcy could cement the path of the cryptocurrency to the upside in the coming weeks. Bitcoin investors have already digested the bias and fear that the news would carry, indicating that the digital asset is fairly priced. This means that to trigger a downtrend in the price of Bitcoin, it would have to be a true market-disrupting event.
A fall below $20,000 could be farther away than the bears would like, which could put the cryptocurrency in a position for more upside rather than decline. This could suggest that the market is not expecting any sudden deep pullbacks from a market correction in the near future.
Analysts have been speculating that the news of Genesis’ bankruptcy could result in a massive sell-off, but that has not been the case so far. This could be interpreted as a sign of strength, as Bitcoin remains unfazed by the news. This could be a sign of increased investor confidence, as the digital asset continues to trade around the $20,900 level.
The current market sentiment could be a sign that Bitcoin is ready to take the next step in its bull run and achieve new all-time highs in the near future. The lack of reaction to the news of Genesis suggests that the market is expecting Bitcoin to continue its upward trend, and that investors remain confident in the digital asset.