Genesis Prepares for $33.6 Million Altcoin Sale: Discover Which Cryptocurrencies Are Included!

  • Bankruptcy-bound crypto lending company Genesis is preparing to sell altcoins.
  • Genesis Trading has deposited $33.67 million worth of altcoins to Gemini.
  • The sale is expected to occur over time through bots to avoid market dumping.

Genesis, a crypto lending company on the brink of bankruptcy, is gearing up to sell its altcoin holdings, with a recent deposit of $33.67 million worth of altcoins into Gemini.

Genesis Prepares for Altcoin Sale

Genesis, a crypto lending company facing bankruptcy, is reportedly preparing to liquidate its altcoin holdings. According to a post by Lookonchain, Genesis Trading has deposited $33.67 million worth of altcoins into Gemini within a day. The transfer included over 30 different altcoins, indicating a significant move by the company.

Details of the Altcoin Transfer

The altcoins transferred were listed as follows:

  • 16.4 million GRT ($4.69 million)
  • 396 million AMP ($2.94 million)
  • 123,000 INJ ($2.93 million)
  • 32,331 AAVE ($2.88 million)
  • 970 PAXG ($2.26 million)
  • 9.19 million BAT ($2.25 million)

In addition to these, popular altcoins like CRV, APE, LINK, and SUSHI were also included in the transfer.

Genesis’s Current Crypto Holdings

Lookonchain also listed the cryptocurrencies currently held by Genesis. These include Bitcoin (BTC), Ethereum (ETH), Compound (COMP), Avalanche (AVAX), SHIB, RNDR, MKR, and others. The total value of Genesis’s current holdings is estimated at $2.41 billion.

Expected Sale Strategy

The sale of these altcoins is expected to be staggered over time, facilitated by bots, in order to prevent a market dump. This strategy is commonly used by large-scale traders to avoid causing a sudden drop in the market price of the assets being sold.

Conclusion

As Genesis prepares to sell its altcoin holdings, the crypto market could see some fluctuations. However, the company’s strategy to stagger the sales should help mitigate any potential negative impacts. This development underscores the volatile nature of the crypto market and the importance of risk management in crypto trading.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Shiba Inu (SHIB) Price Nears March Peak: Key Factors Driving the Surge

After breaking out of a bullish pattern, SHIB's...

Bitcoin ETFs Surge: $1.3B Inflows in May for BTC, Reversing April’s $344M Losses

Spot Bitcoin ETFs rebound with $1.3B inflows in...

Exploring Potential: Floki (FLOKI) Investors Shift to Crypto Casino Ventures, Eyeing 100x Growth in 2024

Floki holders are increasingly investing in a promising...

Dogecoin (DOGE) Rally Excites Crypto Community: Key Insights into Surging Investor Interest

Dogecoin (DOGE) has recently delighted its investors with...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Unlock Crypto Potential: Expert Analysis on Surging Bitcoin (BTC) and Altcoin Trends

One widely followed crypto analyst believes digital assets...

Expert Analysis: Solana (SOL) Price Prediction for End of May Revealed

Syncracy Capital's co-founder Daniel Choung recently shared his...

XRP (XRP) Surges: A Detailed Analysis of Its Robust Market Comeback

XRP has recently shown a strong comeback, bouncing...

May 17, 2024 Market Movers: Mahindra & Mahindra (M&M), Grasim, TCS, Cipla Lead Active Stocks – Full Analysis Inside

```html Today's stock market saw notable movements, with indices...

Ether (ETH) Shows Promise on Coinbase Amid Bitcoin (BTC) Withdrawals: An In-Depth Analysis

In a recent analysis, Coinbase highlighted Ether's underwhelming...
Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Shiba Inu (SHIB) Price Nears March Peak: Key Factors Driving the Surge

After breaking out of a bullish pattern, SHIB's price turned bearish, signaling potential shifts in market dynamics. Despite recent declines, some analysts suggest...

Bitcoin ETFs Surge: $1.3B Inflows in May for BTC, Reversing April’s $344M Losses

Spot Bitcoin ETFs rebound with $1.3B inflows in May, reversing April's outflows and bringing net value to $12.3B since launch. Bloomberg's senior ETF...

Exploring Potential: Floki (FLOKI) Investors Shift to Crypto Casino Ventures, Eyeing 100x Growth in 2024

Floki holders are increasingly investing in a promising crypto casino project, Mega Dice, amid expectations of significant returns. Recent economic indicators and the...