The Week in Crypto – Grayscale, Gemini, Genesis, and Jobs
By Mark Hunter
4 hours agoSat Jan 14 2023 10:00:47
Reading Time: 2 minutes
This week saw Grayscale Bitcoin Trust shareholders get fed up with their losses, Gemini and Genesis continue their war of words then hit with a combined SEC charge over the very thing they were arguing about, and the crypto winter continued to take its toll on crypto jobs.
No. 3 – Grayscale Bitcoin Trust Shareholders Plotting a Revolt
Grayscale Bitcoin Trust shareholders are getting so fed up with their lot that they are engaged in a revoltaccording to David Bailey, Bitcoin Magazine owner. Trustnodes reported this week that 20% of GBTC shareholders have now signed up to redeem the trust, essentially asking for it to be unwound, after a terrible performance that has seen the value of trust consistently decrease in value for over two years, leaving it in negative territory compared to the value of its Bitcoin holdings.
No. 2 – Gemini and Genesis Fight Escalates
It’s been quite a week for Gemini and Genesis. The companies have been engaged in a war of words over the Gemini Earn funds trapped on Genesiswith Genesis co-founder Cameron Winklevoss calling for Barry Silbert, the head of the Digital Currency Group, which owns Genesis, to be fired. Genesis called this a “desperate and unconstructive publicity stunt” as Silbert doubled down on his position.
The picture became muddied on Friday when the SEC charged both Gemini and Genesis with unregulated sales of securities…through Gemini Earn. The enemy of my enemy is my friend and all that.
No. 1 – Crypto Winter Hits Hard as Cutbacks Continue
This week saw a plethora of companies cutting back on staff. Blockchain.com, Crypto.com and Chainalysis all announced cutbacks this week, while Coinbase announced that it was following Kraken out of Japan as part of a 950-strong staff cull.
Bitcoin’s price may be boomingbut the crypto winter looks set to maintain its icy grip for a little longer yet.