Is Ethereum ETH Poised for a Comeback After Dipping Below 3000 Once More

Today’s 8.41% drop in ETH can be attributed to significant movements by Genesis Trading, a prominent entity in the cryptocurrency market. The company has transferred $521 million in Ethereum (256,775 ETH) and $1.1 billion in Bitcoin (32,256 BTC) to different addresses. This action is part of the firm’s bankruptcy process, aimed at settling debts with creditors. Genesis Trading filed for bankruptcy in January 2023 due to financial mismanagement associated with the Gemini Earn program. In May, they received court authorization to liquidate $3 billion in assets to compensate impacted customers.