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By rebounding off the double-bottom support at $15,650 during the European session, bitcoin finally gained some upward momentum.
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Due to a spike in withdrawal requests following the FTX collapse, one of the biggest cryptocurrency lenders, Genesis Global Capital, stopped allowing customers to withdraw money.
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Genesis declared on November 16 that withdrawals would temporarily stop due to "unprecedented market turmoil" after FTX's demise.
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On November 10, the business made it known to the public that it had about $175 million in funds held in FTX trading accounts.
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Potential investors were being contacted by the struggling crypto investment bank in an effort to raise an additional $1 billion.
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Genesis stated it had "no plans" to file for bankruptcy anytime soon and would work to find an "agreeable" resolution on November 21.
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As the dust settled following the FTX crisis, the recent bitcoin decline surprised the majority of market participants.
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The First Cryptocurrency Explained, Still Struggling To Maintain Its Value
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On November 21, Sentiment, an analytical company, tweeted about the declining BTC/USD exchange rate.
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Due to growing apprehensions about centralised exchanges in the wake of the FTX crisis, the research firm claims that FUD caused the first decline in two years to $15,800.
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