Bitcoin Price Exceeds $22,000, Genesis Holds Liabilities of Over $5 Billion

With a good start to 2023, Bitcoin and Ether recorded another week of gains. The two biggest cryptocurrencies by market capitalization had increased by 10.15% and 9.92%, respectively, and by 25% and 28% year to date prior to a late-Friday spike. At the time of writing, Bitcoin price is changing hands at $22,566.

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BTC/USD 4-hour chart | Source: TradingView

Bitcoin Price, Ether Top Weekly Leaderboard, but Some Indicators Suggest a Market Retreat

Relatively speaking, BTC and ETH’s seven-day performance placed them for the first time this year towards the top of the list. BTC’s performance placed third among the top 20 cryptocurrencies by market capitalization. Fourth-placed was ETH.

“Bitcoin has now surpassed $22.7k for the first time since August 18, 2022. The price rise has come as the large whale tier group of addresses holding 1,000 to 10,000 BTC has collectively accumulated 64,638 ($1.46 billion) BTC in the past 15 days”, Santiment reported.

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Solana (SOL) and Polkadot (DOT), which increased by 24% and 10.7%, respectively, were the top performers for the week. Litecoin (LTC) and Monero (XMR), which declined 0.57% and 0.64%, respectively, were the two largest laggards.

Over the previous 30 days, there has been a dramatic reduction in the difference between the best and worst performance. This week’s worst-performing asset was practically flat, in contrast to last week when it experienced seven-day losses of more than 15%.

Last year, DCG took on a large portion of that risk by exchanging a 10-year promissory note for Genesis’ $1.2 billion in claims against 3AC. This note is now at the focus of a public dispute between DCG and the cryptocurrency exchange Gemini over the yield product Earn. Gemini is Genesis’ largest creditor, with debt totaling more than $700 million.

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