The bankruptcy of Genesis, the return of FTX and the metaverse are among the highlights of the week

Genesis is the latest victim of the crypto winter. Weeks after the crisis, a cryptocurrency lender has filed for bankruptcy in the United States.

Surprisingly, FTX, one of those responsible for the collapse of Genesis, can rise from the rubble according to its new CEO. Doubts also plague the metaverse sector, which, despite its expansion, continues to generate distrust from investors and users.

Despite closing another week higher, Ethereum (ETH) made headlines due to the next hard fork, which should arrive soon. Finally, major news from the Brazilian cryptocurrency market completes our list of highlights for the week.

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Fall of Genesis

Rumors that Genesis would wind up intensified earlier this week after its parent company, DCG, suspended dividend payments to its shareholders. Indeed, the collapse has already come. The cryptocurrency lender, which has been in trouble since the collapse of FTX in November 2022, filed for bankruptcy on Friday (20).

Now, the market fears that the crisis will affect the entire DCG group, which controls other large companies in this sector. CEO of Gemini, one of the companies hardest hit by the Genesis crisis, lawsuit against the console.

The light at the end of the tunnel for FTX?

Could FTX return to operations? For the exchange’s new CEO, John J. Third Ray, this possibility exists. The businessman and his team even discuss the best way to get the company to turn around. However, the task would not be easy, as there were difficulties in forming a legal team.

Solana (SOL) on the stock exchange front has still fully recovered from the infection, with its native token up more than 150% this year. Binance has already released new plans to not follow the same path as its competitor.

Metaverse: Heresy or the Future?

After Bill Gates said the metaverse isn’t that big of a deal last week, a survey shows that game developers are also skeptical that the technology is anything revolutionary. In addition, experts warn that large companies may monopolize this new market.

However, not everything was negative. Microsoft has once again endorsed the technology, while the token of one of the metaverse’s largest crypto projects was one of the assets that rose the most this week.

Will a Shanghai Hard Fork Be Good or Bad for Ethereum?

In addition to its 14% rally, ETH has turned to deflation again this week. Moreover, the analysis suggests that its price could rise significantly in anticipation of the Shanghai hard fork scheduled for March. However, doubts arose after the developers claimed that it would be better to delay the update.

Crypto Big Brother Brazil

The country’s biggest reality show kicked off this week, and for fans, there’s nothing better than remembering the former BBBS who actually got involved in the cryptocurrency market. In addition, it is possible to bet bitcoin and other cryptocurrencies on the winner of the program.

Speaking of making money, the cryptocurrency market offers good opportunities for investors who have been affected by the Americana crisis. To close the topic of Brazil, a former Brazilian national team player, who had already had controversial passages in the crypto world, was arrested this week.