Africa-Press – Angola. Cryptocurrency prices were resilient in weekend trading despite new revelations and commentary that continued to paint the asset class in an unflattering light.
The Financial Times reported that digital asset trading group Genesis and its parent company, Barry Silbert’s Digital Currency Group, owe clients of the Winklevoss Twins exchange 900 million US dollars.
Withdrawals from Genesis and the Gemini’s Earn program, its main loan project, have been suspended for three weeks and there are few signs the suspension will be lifted anytime soon.
Furthermore, Sam Bankman-Fried, whose crash of his FTX exchange caused the latest turmoil in the cryptocurrency market, has continued to speak out in interviews with the FT and the WSJ about allegations of ignorance about the true state of affairs at FTX and its Alameda Research hedge fund affiliate.
However, for the first time in over three weeks, Bitcoin has strengthened above $17,000, while altcoins have also extended their recovery.
Cryptocurrency is entirely virtual money, that is, there is no coin or physical banknote.
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