Bitcoin (BTC) has fallen back below $26,000, losing 0.73% on the day, reflecting generally bearish sentiment among crypto traders and a lack of bullish catalysts to rally markets, said Institutional crypto exchange LMAX Digital. Etoro analyst Simon Peters added that softness in the market is also being seen in other asset classes, such as equities. Digital Currency Group (DCG) has reached an in-principle deal with Genesis creditors to resolve the claims brought up in Genesis’ bankruptcy, according to a court filing on Tuesday. This could result in the recoveries of 70%-90% in USD equivalent for unsecured creditors and 65%-90% recovery on an in-kind basis depending on the denomination of the digital asset. Meanwhile, FTX founder Sam Bankman-Fried’s team wants to exclude a financial analysis expert proposed by the Department of Justice because his proposed testimony may not be allowed under the rules.
Bitcoin’s price has been in a tight range in recent sessions, with the potential for a surge in volatility. Softness in the market is being seen in other asset classes, such as equities, as investors pay close attention to the discussions at Jackson Hole. DCG has reached an in-principle deal with Genesis creditors to resolve the claims brought up in Genesis’ bankruptcy, potentially resulting in recoveries of 70%-90% in USD equivalent for unsecured creditors. FTX founder Sam Bankman-Fried’s team is attempting to exclude a financial analysis expert proposed by the Department of Justice.