Over the past few months, we talked about Genesis filing for bankruptcy. Today, those conversations became a reality. If you follow my blog, then you remember my warnings about serval changes coming for crypto exchanges. The changes do not mean crypto is on the way out, but it is perhaps the continuation of seeing a new presence of better-known brokerages step in and take over. With regulation looming over the head of exchanges and development teams, change is a must.
The FTX fallout sadly will hurt more people with the issues we are now seeing bankrupt Genesis. I feel like there has been a lot of chatter about Genesis, Binance, and even Kucoin over the last month. The centralized exchanges that were once thought of as top-tier crypto exchanges are now starting to look a little less shiny. Let’s hope Genesis will be the last one to have major issues.
Currently, we are seeing Bitcoin try to bounce back. Recovery would be great for the market! However, people tend to run with their crypto when bankruptcy rears its ugly head. The collapse of crypto exchanges brings about a lot of stress and mistrust, which is why people often warn about cold wallets or hot wallets being the only semi-safe way to store your crypto.
Until regulation shows us how to live and move within a crypto market, things will be risky. I only put what I can afford into my portfolio, and now that my family is getting larger, that amount will shrink considerably. So, now I am off to celebrate the rest of my birthday!