Genesis Global Halts Withdrawals

G'day ladies and gentlemen, welcome to the Trade of Code Crypto Podcast. Okay, so we've got more information coming out about, well, I guess stress on a lender or platform. This time it is Genesis Global. Now one thing I wanna make clear is that, if, okay, so what's happening here is that with all the recent turmoil, obviously there's a lot of exchanges and holders of assets, people

are moving to their, you know, they're cold storage to keep there what they have safe, totally understandable in these very trying times. Now what this is called is a run on liquidity. Now this is different. I know in crypto, we've only got a crypto perspective at the moment where we sort of, sort of looks like at the moment wherever there's smoke, there is fire, which we

have seen to be not the case so far with the likes of, I think it was crypto.com. There was a talk of a run on them. It appears that it is eased up. I'm not 100% down with all of what's going on everywhere in the market. But it doesn't necessarily mean it's a bad thing. Now if you take this example to your local bank, let's say

you've got $100,000 in the bank. And you go to that bank and you say, hello there, Mr. or Mrs. Bankteller person, I would like to withdraw $100,000 in cash. And they say we don't have that. You know, you can't just take a hundred grand out today. Well, it's your money and you want it today. Now of course, that is a reality that banks face. Don't forget

what banks do is they take our money. They then lend that money out and use that money for their various different activities. And then we get a small interest rate on it. Very much so. The same is what Genesis does. Very much the same. We've got a lot of these yield providing platforms in crypto. Do there is a difference. The bank is still operating and banks

tend to get bailed out by us. The tax payer, whereas in crypto, you don't. It's another crypto company that looks to bail out if no one else comes to the rescue. So yeah, it's it whilst it's a concerning factor. Excuse me. I just wanted to give a little bit of perspective there. So I need some water. Well, so it doesn't look great. Definitely. They they have

said that I'll read from coin telegraph. The firm science had unprecedented market turmoil related to the collapse of troubled cryptocurrency exchange FTX, resulting in an abnormal resulting in abnormal levels of withdrawals that Genesis global claims to have exceeded its current liquidity. It doesn't mean they're going under. It may mean that. It could do. But it's just a run on funds. The same is what happens with

So whilst it's not good news. I look at the market to see what is the market's reaction. You know, because Genesis obviously connected to a lot of different providers and what not is a very, very large company. What is it actually meant as far as our market goes? Well, so far not much at all. Now, obviously, if this does continue to unfold and we see more

coming of information that puts them in a worse position. I suggest we probably will see more downside on Bitcoin, but it's only down. 4% of a day. It's sitting at 16,573 dollars yesterday. We did close down as well. But only 1.35%. And as I've been doing my scans this week, it's become very apparent that the market is kind of just looking a little bit scared. Naturally,

understandably. But it's also sitting there and we're going, oh, we're too next. The market in one word, I would say, looks shell shocked. It does definitely look shell shocked and concerned. And not knowing what's going to come next does breed uncertainty, uncertainty, tensile lean towards the selling side of the moment. We're not seeing much upside in much out there in a market. So as I say,

Bitcoin down, down, 0.4%, 16,574. On of the theory of next, which sold off yesterday, 2.9%, it's currently down half percent at $2808. And again, looking very jumbo. There is a four hour downtrend in motion, but it's not really the nicest four hour downtrend. It's a very fresh downtrend. And the two hour doesn't really fill me with any, you know, interest in trading at this stage with

the funds that I do have available. From there, we're at 12,08, down half percent. Binance, flat on the day, did nothing so far during this session, down 1.8% yesterday, sitting at $271.76. Another chart here where it does have a very slow four hour downtrend. The two hour didn't pull back in clean enough for me to be able to trade it. So again, being left behind. XRP

is up 1% today. After closing down yesterday, 3% down. 3.43% is sitting at 37.8%, not much to speak of there either. Doge is up half percent after selling off yesterday 1.8%. Of course, Doge still up about 44% from where it was, you know, recently is the 25th of October. Crazy world that we live in in crypto is at 8.5 cents. Cardano is down 0.4% at 33

cents on the nose. A little four hour downtrend starting to come in to play right there. Again, not tradable there for me at this stage. It doesn't look all that clear to me trend wise. Yesterday it sold off 1.5%. Magic yesterday was down 4.6%, it's down 0.1 today at 89 cents. Nothing to speak of from a trader's point of view. On the dot, which is at

$5.69, down 0.2% today, sold off a bit yesterday, 3.6% down at the close on dot. Next is Salana, which was up, well, it was basically flat yesterday to be absolutely honest. And it's really gone in a go slow mode for Salana. Completely sideways. Very little happening on the four hour chart. When there's not much happening on the four hour chart, you can be sure that it's

very, very quiet. It's at $14.30.1 of a percent. And finally, we moved to Shiba Inu, which is up 4.44%. I'm not going to read out the number because I can't read that many zeros, but it was down yesterday at 1% as well. So across the board, it does look very, very slow, very, very sketchy. And we'll have to see how this genesis situation now unfolds. If

you are with FTX, Australia, that is if you have funds there or withdraw your waiting for processing, please make sure you check your inbox. Now I would love to be able to talk about this in more detail with what they've sent out, but it is a strict policy of which I am not allowed to. I have reached out to them to ask if I do have

permission to speak on this to my discord community as many are affected in there. So I'm going to wait their response. It's going to be a yes or it's going to be a no. But either way, I need to make sure that I ask permission before I speak of this in any detail. Make sure you check your junk inbox. If you have not got it directly

to your actual inbox, because this is where you're getting your information in relation to the FTX Australia situation that is unfolding with the administrators. Anyway, it's been a dark week and group day last week was even more dark this week. We'll see what unfolds. Of course, there's always a knock on effect. We'll have to wait to see how this goes. For the time being though, I

would definitely say that I feel more comfortable looking at short options than I do with long. To have an unexpected collapse or an unexpected next event, I would suggest that we probably see the market sharply move lower. So be aware of that. Be safe. And as always, look after yourself and become a people. Have a great day. I'll speak to you again tomorrow, guys. Bye for

now.