Bitcoin is Calm. But Genesis Bankruptcy Could Cause Lasting Damage to Crypto

Bitcoin and other tokens haven’t budged much in the wake of one of the biggest crypto lending firms filing for bankruptcy protection. But don’t be fooled: The ramifications for Bitcoin, other tokens, and the industry are vast.

Genesis Global Holdco and two of its lending subsidiaries sought bankruptcy protection in New York late Thursday, citing the crypto market downturn and the failures of other large firms in the industry.