“Ready to Run” – Cryptocurrencies Prepare for a $10 Billion Earthquake Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, Solana Soar Price

Bitcoin BTC and other major cryptocurrencies have skyrocketed this week, adding nearly $200 billion to the combined crypto market (with some betting that the rally is just beginning).

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The bitcoin price is up 20% since this time last week, rising by more than $20,000 per bitcoin for the first time since the sudden FTX exchange crash in November. Ethereum ETH and other major cryptocurrencies BNB BNB, XRP XRP, cardano, dogecoin, polygon and solana also rose – although some of the smaller coins left them in the dust.

Now, as traders and investors cheer bitcoin’s rally, the sprawling $10 billion digital currency giant (DCG) cryptocurrency market is poised to begin unloading assets after troubles at cryptocurrency lender Genesis and a devastating regulatory lawsuit.

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More From Forbes Fear and Greed: Why the Huge Bitcoin and Cryptocurrency Price Pump Could Just Begin

The price of Bitcoin rose higher this week, which led to a rise in the price of Ethereum,

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DCG’s Genesis froze customer withdrawals in November in the wake of FTX’s collapse to avoid bankruptcy and reportedly owes its creditors more than $3 billion.

The Securities and Exchange Commission (SEC) this week mandated Genesis to offer unregistered securities through a program run with cryptocurrency exchange Gemini that promised investors high interest on deposits.

Securities and Exchange Commission Chairman Gary Gensler said in a statement that Genesis and Gemini exceeded “disclosure requirements designed to protect investors.” Last year, the Securities and Exchange Commission reached a $100 million settlement with now-bankrupt crypto lender BlockFi.

DCG, which also owns crypto media outlet Coindesk, investment manager Grayscale, bitcoin mining operation Foundry, and cryptocurrency exchange Luno, has begun exploring selling some of its assets to raise funds, the Financial Times reported this week.

Grayscale, the manager of the world’s largest bitcoin fund, has seen the Grayscale Bitcoin Trust (GBTC) share price crash well below the value of the underlying bitcoin in recent months as investors worry about its future.

This week, Tron founder and cryptocurrency entrepreneur Justin Sun told Reuters that he would be willing to spend up to $1 billion to buy some of DCG’s assets, “depending on their assessment of the situation.”

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More FORBESGoing ‘Negative’ – Bitcoin Price Explained Worst Scenario by Billy Bambrough

Bitcoin has soared so far this year, adding $200 billion to the aggregate crypto market… [+] Capitalization as the price of Ethereum, BNB, XRP, solana, cardano, polygon and dogecoin goes up.

Forbes Digital Assets

Despite the troubles for DCG and concerns revolving around the world’s largest cryptocurrency exchange Binance, long-suffering bitcoin and cryptocurrency investors are hoping that this week’s rally means the end of the crypto winter that has dominated the bitcoin and cryptocurrency market for over a year.

“Cryptocurrency winter is melting amid growing signs that inflation is cooling,” said Nigel Green, crypto investor and CEO of financial advisory firm De Vere Group, in emailed comments.

“Of course, the cryptocurrency market will not go in a straight line — there is no market at all — but we expect the bears to hibernate and the bulls ready to run. Technically we are still in a bear market, but the signs are that the bulls are On the rise they are starting to regain control.”

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

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