Gemini Co-Founder Escalates Battle With DCG CEO Barry Silbert – January 10

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$17,298

Bitcoin price has held strong above $17,000 over the last 24 hours, as price re-approaches yesterday’s highs.

Top-20 altcoins have seen small pull-backs in price, as Ether drops 1%, BNB retraces 2% and Shiba Inu is one of the few gainers with a 3% rise.

Top Stories for January 10, 2022 🔥

👉 Gemini Co-Founder Escalates Battle With DCG CEO Barry Silbert

Gemini exchange co-founder Cameron Winklevoss has escalated his battle with Digital Currency Group and its CEO Barry Silbert, with an open letter to the DCG board.

Winklevoss alleges that Silbert and DCG subsidiary, Genesis Global Capital, defrauded more than 340,000 users of the Gemini Earn program, lending over $2.3 billion to Three Arrows Capital, which resulted in a loss of $1.2 billion for the crypto firm when the hedge fund failed in June 2022.

He also claims that Silbert and DCG orchestrated a “carefully crafted campaign of lies” to show that DCG had injected funds into Genesis by including a 10-year promissory note as part of its assets. Winklevoss says “there is no path forward as long as Barry Silbert remains CEO of DCG.”

👉 Coinbase Shares Jump In Price, Despite New Round of Job Cuts

Major crypto exchange Coinbase has announced that it will cut 950 jobs, a move that is expected to reduce operating costs by 25% compared to the December quarter.

Despite the cut, Coinbase stock price has risen 7%, while analyst firm Needham maintained its “buy” rating on the stock and a $73 price target. Needham cited the positive impact of the cost reductions and the staking opportunity coming out of the Shanghai Upgrade.

The company also lowered its December and 2022 full-year revenue estimates due to expected lowered volume for retail and institutions.

👉 Grayscale GBTC Shares Rise 12%, Reducing Record Discount

Shares in the Grayscale Bitcoin Trust (GBTC) rose 11.56% on Monday, narrowing its discount from the price of Bitcoin. The OTC-traded security is now at $9.65, which brings the trust’s discount against the net asset value of its Bitcoin holdings to 38.55%, the smallest gap since mid-November.

GBTC is a publicly-listed financial vehicle that gives investors exposure to Bitcoin without needing to buy and hold the asset physically, but it has been trading at a discount rather than a premium since late February 2022.