By the year-end, there could be one more bankrupt crypto exchange. Following the FTX collapse, the Genesis crypto broker may face a liquidity crunch. Genesis came into the spotlight when it became known about the company’s problems. Markets instantly reacted to the news, and the fact that the firm had close ties to the now-bankrupt FTX exchange only fanned the flames. Bloomberg, citing trusted sources familiar with the situation, predicts the imminent bankruptcy of Genesis. Serious liquidity issues and ties to the infamous FTX are clear signs the company is in trouble. Genesis is currently seeking an emergency loan of $1 billion from investors. At the same time, potential investors are warned that the firm may need to file for bankruptcy if its efforts end up in vain. Genesis, however, did not publicly confirm this information but reassured clients it would find a way out of the situation.
According to Bloomberg, Genesis is also in talks with Binance. Yet, the crypto exchange gave no comments about that. On November 11, it became known that FTX filed for bankruptcy in the United States after facing a liquidity crisis. Its founder, Sam Bankman-Fried lost his fortune of $16 billion and stepped down as the company’s CEO.
Europe deepens reliance on US energy
According to Germany's news magazine Focus, enhanced cooperation in energy between the EU and the US entails a number of political and economic challenges.An increase in EU imports of US liquefied natural gas carries a number of risks. Over the past 10 years, European companies have signed at least 33 contracts for the supply of American LNG, analysts at Investigate Europe estimated.
14:21 2023-02-03 UTC+00
Elon Musk pumps up his fortune by $11 billion in two days
Elon Musk’s wealth is as volatile as risky assets. Compared to other billionaires, the contemporary genius can hardly be defined as an owner of steady capital. So, the rank of the outstanding entrepreneur and investor may shift with a wide margin both up and down from the other rich and privileged.
12:23 2023-02-03 UTC+00
Shell to exit UK, Netherlands, and Germany
According to Reuters, Shell, the largest oil and gas company, is mulling over exiting its home energy retail businesses in the UK, Germany, and the Netherlands due to "tough market conditions."In 2022, European energy suppliers struggled with sharp fluctuations in wholesale prices and efforts taken by governments to protect consumers from rising bills.
11:57 2023-02-03 UTC+00
Tesla still holds BTC despite market turmoil
Electric vehicle manufacturer Tesla still holds an estimated 9,720 BTC on its balance sheet, according to its Q4 earnings report for 2022. Due to a steep decline in bitcoin’s price at the end of last year, the company lost $34 million, Cointelegraph reports.
11:49 2023-02-03 UTC+00
Democrats and Republicans could cause US to default on its debt
The feud between Democrats and Republicans may trigger a default in the United States, which in turn will harm the nation’s economy. Meanwhile, the constantly growing public debt that hit a record $31.4 trillion fans the flames. In this light, the GOP advises the government not to pay social and medical aid to people, while the Democratic Party invites it to increase the debt limit.
05:18 2023-02-03 UTC+00
US may peg national debt to GDP
The US government is trying to solve the long-lasted and painful problem of soaring public debt. Recently, the US Republican Party in Congress has proposed tying the debt to the county’s GDP. In recent years, the government debt has been settling higher, posing considerable risks for the US economy. Therefore, the US Congress was forced to increase the debt ceiling.
13:45 2023-02-02 UTC+00