Genesis Lent $2.36B To Three Arrows Capital – July 18

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$22,214

Bitcoin price has popped upward to the $22,000 level, testing monthly highs as crypto breaches a one-trillion dollar market cap once again.

Top-20 altcoins are performing spectacularly, as Ethereum gains 11% over the last 24 hours, BNB rises 4% and Polygon surges 26%.

Top Stories for July 18, 2022 🔥

👉 Genesis Lent $2.36B To Three Arrows Capital

Crypto lending company Genesis is reported to have lent $2.36 billion to Three Arrows Capital (3AC), who recently filed for Chapter 15 bankruptcy. Although it was previously reported that Genesis was facing a potential nine-figure loss from exposure to the hedge fund, the exact number was unknown until now.

Genesis initially attempted to have the debt repaid through the American Arbitration Association, but has since halted the proceedings after liquidators Teneo were appointed.

Details of the under-collateralized loans are presented in a 1,157 page legal document by Teneo. Genesis maintains that its company “continues to be well-capitalized” and is conducting business as usual.

👉 Coinbase Halts Affiliate Program Citing Market Conditions

Publicly-traded crypto exchange Coinbase has shut down its affiliate program until at least the end of the year, citing the bear market for its decision. Influencers who were part of the program were notified via email that commissions would end on July 19th.

Some of the community have treated the move as a red flag, pointing to possible liquidity concerns. Coinbase appears to be cutting costs where it can as of late, also laying off 18% of its employees last month.

👉 Ethereum Merge Projected For Mid To Late September

The Ethereum Foundation’s Time Beiko has given Ethereum’s merge to proof-of-stake a “soft” timeline, with the grand event expected to occur the week of September 19th. The estimate was provided in a PoS Implementers call.

The transition from proof-of-work seeks to slash the network’s energy consumption by 99.95%, as well as introduce security and scaling benefits.