The Epic Conclusion of Genesis Crypto Bankruptcy [Gemini Users SAVED!]

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TimeStamps:
00:00 Crypto News Today
00:21 Genesis (& Parent DCG) Reach Agreement w/ Creditors, Gemini
02:28 DCG Is Selling Holdings in Ethereum Grayscale Trust | SEC Filings
04:10 Bitcoin Bull Market Canceled?

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Yes welcome back everybody my name's Austin breaking news if you hold crypto An agreement has been reached we finally Have a conclusion to the Gemini Genesis Fiasco as well as dcg digital currency Group has started to sell assets so both Big stories will go through both Starting with Gemini Gemini and Genesis Reach a 100 million dollar agreement Over their earned program so as you know The winklevi twins have been at war with Genesis since last year and this has Been confirmed that crypto lender Genesis does owe over 900 million Dollars to Gemini's clients so Genesis Lost almost a billion dollars of Gemini's clients money well within the Last 24 hours Cameron winklevos of the Gem co-founder of Gemini has put out a Statement today Gemini reached an Agreement in principle with the Genesis Global Capital as well as Digi digital Currency group and other creditors on a Plan that provides a path for earned Users to recover their assets this Agreement was announced in bankruptcy Court today and why this matters is Because this plan is a critical step Forward towards a substantial recovery Of assets for all Genesis creditors so You will get your money back if you use Gemini earn maybe not a hundred percent Maybe 80 cents on the dollar hopefully Not 50 cents on the dollar but now both

Teams are working together and there is Now a plan in place in addition Gemini Will be contributing up to 100 million Dollars more for earned users as part of The plan further demonstrating Gemini's Continued commitment to help earn users Achieve a full recovery and finally Cameron Winklevoss finished with there Is still much work to be done to Complete this process including further Due diligence of genesis's financials And judicial approval of this plan but We are confident that we can now have a Framework in place to execute on so what This means to me To me this appears to be the beginning Of the end of the bear Market Genesis Was the last big crypto company that may Go belly up they did file for bankruptcy That we just didn't know what was going To happen it was a big unknown and now After the bankruptcy after this Agreement this is a very positive sign No it doesn't mean the selling's over FTX still has assets they're in Bankruptcy court and they're of course Gonna have to sell a lot of that dcg Needs money bad and it turns out they Are selling dcg is selling Holdings in Several grayscale trusts as we know Grayscale operates gbtc grayscale Bitcoin trust which has over 10 billion Plus dollars in assets under management I think grayscale controls maybe it's

Like three percent of the total Bitcoin Circulating Supply regardless they do Own a large part of the Bitcoin Supply And if they need money this is of course Their assets are of course what they're Going to sell well the news today is They are selling some of their Holdings At a steep discount and we do know this This was reported by the financial times Citing U.S Securities filings so they Have to file all this publicly and According to the Financial Times report Citing filings dcg's recent share sales Have focused on their ethereum fund Where the group has moved to sell about A quarter of its stock not all of it Just 25 of it to raise as much as 22 Million dollars in several trades since The end of January and of course these Are being sold at a heavy discount to to Encourage buying the company is selling About eight dollars per share despite Each shares claim to sixteen dollars of Ether so it appears that's 50 cents on The dollar they're worth 16 people are Buying them for eight in a direct quote From dcg they say this is simply part of Our ongoing portfolio rebalancing yes Obviously they're rebalancing their eth Selling their eth for more cash so what This means to me as a crypto investor And keep in mind I'm not a registered Financial advisor nor can I see the Future so make your own decisions but to

Me this just means that while we're Ending we're closer to the end I believe Of this bear Market than the beginning Headlines like this tell me that we're Not going to enter full-on bull market While we have all this cell pressure From all these crypto companies I think 2023 will be times of ups and downs but Probably chop validation at least for These first few months that's what I Believe you tell me down below what you Believe and like always see you tomorrow Make sure you click subscribe as this News comes out I'm going to keep you Updated