: How the latest crypto bankruptcy might affect bitcoin

by | Jan 21, 2023 | Stock Market

Last year the price of bitcoin plunged 64%. The price was down 19% from Nov. 1 through the end of the year. That action followed CoinDesk’s Nov. 2 report about the “unusually close” relationship between FTX and Alameda Research. Both companies were co-founded by Sam Bankman-Fried and FTX filed for bankruptcy on Nov. 11. So far this year, bitcoin
has risen 27% through Jan. 19.

But late on Thursday, Genesis Global Capital became the latest major player in the world of virtual currencies to file for bankruptcy. Genesis is a subsidiary of Digital Currency Group, which was founded by its CEO Barry Silbert and also owns CoinDesk and Grayscale, which manages the Grayscale Bitcoin Trust
a fund with $13.3 billion in assets under management, invested in bitcoin. GBTC’s shares traded at a 40% discount to the value of the fund’s bitcoin holdings as of the close on Jan. 19, according to Grayscale. In this week’s Distributed Ledger column, Frances Yue looks ahead at how the Genesis bankruptcy might affect bitcoin’s price, while covering other crypto industry developments. More on virtual currencies: When should you begin to receive Social Security payments?

There are plenty of things to consider when deciding when to begin receiving Social Security payments.

Getty Images/iStockphoto

You can begin collecting Social Security payments at age 62, but you do not have to start until you are 70. That raises a difficult question. Take a look at your annual Social Security statement to see the agency’s estimates of how much it will increase for each year you wait. Then you may have more questions, such as this one, which Jessica Hall answers: Should I claim Social Security at 62 and invest it or wait until 70? More on retirement saving and planning: Should you add an extra $30,000 to your retirement with an after-tax automatic Roth conversion?How should you invest your money for the long term?

Even if you have the discipline to build up a nest egg, sticking with your investments during market pullbacks may b …

Article Attribution | Read More at Article Source

Share This