Bitcoin To Regain $21k Amidst Genesis Rumors

There are a lot of optimistic predicitons about the price of Bitcoin these days. Check out the latest ones below.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $21,096.

Bitcoin (BTC) is on the cusp of regaining $21,000. This is happening as charges are filed against a little-known crypto exchange platform and rumors swirl around embattled crypto lender Genesis.

In a new press release, the U.S. Department of Justice (DOJ) is announcing charges against Hong Kong-based crypto exchange Bitzlato and its founder, Russian national Anatoly Legkodymov.

“The DOJ alleges that Legkodymov failed to maintain proper regulatory safeguards, including having substandard anti-money laundering practices,” the online publication the Daily Hodl notes.

As stated by Assistant Attorney General Kenneth A. Polite in the press release,

“As alleged, the defendant helped operate a cryptocurrency exchange that failed to implement anti-money laundering safeguards and enabled criminals to profit from their wrongdoing, including ransomware and drug trafficking.

Regarding the crypto lender Genesis, a new report by Bloomberg details how the embattled firm is gearing up to file for bankruptcy as early as this week.

BitMEX founder Arthur Hayes has been addressing the most likely paths forward for Bitcoin (BTC) after the king crypto’s rapid 30% rally.

In a new Medium post, Hayes says where BTC is headed next depends on what’s driving the recent surge.

Hayes says, if the surge is a “natural” bounce off recent lows, Bitcoin is likely to trade sideways at a new higher price level. This would reportedly happen until financial market conditions improve.

“Rally Catalyst Scenario 1: Bitcoin is simply experiencing a natural bounce off the local lows of sub $16,000. If this rally is really just a natural rebound off of local lows, I expect that Bitcoin will subsequently find a new plateau and move sideways until USD [US dollar] liquidity conditions improve.”