Can Ethereum ETH Bounce Back Above 3000 Following Another Drop

Genesis Trading, a prominent participant in the cryptocurrency market, has recently transferred a significant amount of Ethereum and Bitcoin to different addresses. The transfer involves 256,775 ETH (equivalent to $521 million) and 32,256 BTC (equivalent to $1.1 billion). This action is a crucial step in the company’s bankruptcy proceedings, as it seeks to repay its creditors. In January 2023, Genesis Trading filed for bankruptcy due to the mishandling of funds associated with the Gemini Earn program. In May, the court approved the company’s request to liquidate assets worth $3 billion in order to compensate affected customers.