Genesis Global Capital, Gemini Earn Suspend Redemptions – November 16

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,504

Bitcoin price continues to range within the $16,000s, despite an onslaught of news on struggling centralized crypto firms.

Top-20 altcoins are mostly down over the last 24 hours, as Ethereum drops 4%, BNB falls 3% and Uniswap loses 7% after a good run.

Top Stories for November 16, 2022 πŸ”₯

πŸ‘‰ Genesis Global Capital, Gemini Earn Suspend Redemptions

Genesis Trading’s lending arm, Genesis Global Capital, has suspended redemptions for its customers, citing “extreme market dislocation and loss of confidence” after FTX’s fall.

Crypto exchange Gemini’s interest-generating program, Gemini Earn, has also announced that it will not be able to process all withdrawals within the service-level agreement of five business days.

Genesis was previously the largest prime broker in the industry, with $14.6 billion in active loans in March of this year before the Terra collapse.

πŸ‘‰ DeFi Protocols See Spike In Popularity As Centralized Platforms Decline

Decentralized Finance (DeFi) protocols are seeing a surge in popularity, as centralized exchanges see an increase in outflows amidst FTX contagion.

Data from analytics platform Nansen shows double-digit percentage growth in users on major DeFi platforms, including a 99% increase in users on DeFi derivatives platform dYdX.

On the other hand, centralized exchanges have seen large outflows, including a $1.44 billion net outflow over the last 7 days.

πŸ‘‰ StarkWare Deploys StarkNet Token On Ethereum

Ethereum Layer-2 scaling platform developer StarkWare has deployed its StarkNet Token (STRK) on Ethereum mainnet, which will assist with governance and fee payments.

The platform as a whole is aimed at fixing Ethereum’s scalability issues, through a technology called rollups. StarkWare was valued at $8 billion during a funding round earlier this year.