Crypto Markets in Turmoil as Bitcoin Price Falls Below $21K Following Genesis Bankruptcy Filing

• Crypto markets have started consolidating as the Bitcoin price drops below $21,000 following the possibility of Genesis filing for bankruptcy.
• Many analysts believe that the crypto market is yet to mark the bottom of the 2022 bear market, and the impending crash could be the final nail in the coffin.
• Despite the market turning bullish since the past weekend, some analysts have changed their perspective towards the token due to the pullback.

The crypto market has been experiencing a turbulent period as of late, with the ripple effects of the FTX fallout causing confusion and uncertainty in the space, and the latest news of Genesis, the top lending firm, filing for chapter 11 bankruptcy looming over the market. This news has caused the Bitcoin price to drop below $21,000, resulting in the markets starting to consolidate.

The possibility of Genesis filing for bankruptcy has caused many analysts to believe that the crypto market is yet to mark the bottom of the 2022 bear market, and the impending crash could be the final nail in the coffin. This news has caused some of the analysts who predicted the revival of a bullish trend referring to the upswing ignited in April 2019 to change their perspective towards the token.

Popular analyst, RookieXBT had predicted that the BTC price was at the foothill of a massive explosion, but the fresh bearish clouds hovering over the crypto space has caused him to rethink his prediction. Although the market has turned bullish since the past weekend, the fear of a possible crash has caused many investors to become cautious.

The current situation in the crypto markets is being closely monitored by analysts around the world, and depending on how the markets react to the news of the Genesis filing, analysts are expecting the Bitcoin price to either skyrocket or crash in the coming days. Only time will tell what the future of the crypto markets holds, but one thing is for certain, the crypto market is in for a wild ride.