Markets are rallying and this is causing many people to wonder if it’s the bear market recovery come early. However, I am quite doubtful and that’s because there remains some gremlins in the crypto system that have not yet been flushed out yet.
One of the most troubling of these is of course the trouble facing DCG. If you follow the headlines you will have seen that Gemini’s founder (Cameron Winklevoss) has accused the CEO of DCG (Barry Silbert) of fraud. Indeed, there have been many questions that have been asked about the relationship between DCG & it’s subsidiaries (Genesis & Grayscale).
Things came to a head last week when not only was it reported that the DOJ could be looking into DCG’s intercompany dealings but also because the SEC said that they were taking action against both Gemini & Genesis.
DCG is also feeling the stress as there are rumours that they could be looking to offload at least $3 billion worth of their assets. This could drive the markets lower and particularly damage those assets that they hold in their venture portfolio.
However, the biggest risk is of course what happens to the Grayscale trust. If this were to be unwound, it could lead to catastrophic market impact on the Bitcoin market.
In my latest vid, I take you through the saga, explain what’s going on and what it could mean for the markets.
⛓️ 🔗 Useful Links 🔗 ⛓️
Cameron Letter 1: https://twitter.com/cameron/status/16…
Cameron Letter 2: https://twitter.com/cameron/status/16…
Barry Letter: https://dcgupdate.com/
Justin Sun Makes Offer: https://www.reuters.com/technology/cr…
Valkyrie Offers: https://cryptoslate.com/valkyrie-aims…
3AC Daisy Chain: https://datafinnovation.medium.com/3a…
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.