barrons.com
Genesis, the cryptocurrency platform, temporarily suspended withdrawals in its lending business following the collapse of crypto exchange FTX.
FTX filed for bankruptcy earlier this week and founder and Chief Executive Sam Bankman-Fried resigned. The sudden collapse of FTX has caused many to lose confidence in the excitement surrounding digital currencies. The price of Bitcoin, the world’s largest cryptocurrency, fell as much as 6.7% to a low of $15,807 after the announcement of FTX filing for bankruptcy, according to Dow Jones Market Data. Bitcoin at last check was at $16,468, down 2.7% over the past 24 hours.