Globally-acclaimed prime brokerage firm for the digital currency sector, Genesis has assured investors about the reliability and functionality of its crypto lending infrastructure. On Wednesday, the U.S-based firm released a Twitter post stating that its balance sheet ensures a promising position while the lending activities on its portal continue to meet the demands of the industry. The strategic announcement came right after Genesis’ rival Celsius Network ignited a sudden sell-off by freezing the withdrawals for investors.
With its unpredicted move, Celsius Network created unrest within the global crypto domain pushing investors to resort to sudden sell-offs. Sensing the stressful air clogging the minds of the traders, Genesis came up with its statement giving assurance to them about the safety of their funds. The tweet stated that Genesis will continue to channel all its business operations smoothly despite the surging market volatility. This will be possible with its robust risk management tools and frameworks. The team will remain committed to supporting the clients in not-so-favorable market conditions.
Earlier, on Monday, Celsius announced that it will freeze withdrawals and asset transfers owing to the aggravating market situation. The event prompted sudden crack-ups in the global crypto market followed by warnings from the U.S regulatory watchdogs over unrealistic returns. The price of top-tier coins like Bitcoin plummeted drastically causing turmoil in the sector.
The severity of the incident was so high that crypto firms like Genesis had to come out to assure their investors about the security of their hard-earned money. The price of Bitcoin, on Wednesday, dropped by 7.8% to reach $20,289, its lowest since December 2020. The coin has witnessed a 28% loss in its value since Friday and more than half of its worth in 2022. The crypto industry is known to exhibit high volatility and this often restricts investors to lock their funds in crypto projects.
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