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Bitcoin’s Resilience Shines as Prominent Crypto Trader Genesis Shuts Down

Bitcoins, Crypto, Genesis, Prominent, Resilience, Shines, Shuts, Trader

Bitcoin Reaches Highest Price Point This Month

Bitcoin (BTC) closed above $26,500, marking a 1.15% increase from the previous day’s closing price. This brings the world’s largest cryptocurrency to its highest price point this month, defying concerns of a September downturn.

Bulls Eyeing $27,000 Target

Bitcoin’s price remains strong, with a quarter percentage point increase to $26,568 at the time of writing. Bulls are now looking towards the next target of $27,000. However, Binance’s order book shows a strong sell wall at this level, which may pose a challenge to breaking through resistance.

Bitcoin price chart

BTC/USDT is around 1.5% lower over six months – Source:

On the support side, Binance’s order book indicates solid buy-side orders at the $26,000 price point.

Despite Hotter-Than-Expected Inflation Data, Bitcoin Remains Unaffected

Bitcoin continues to show resilience, unaffected by the higher-than-expected inflation data released by the US this week. The consumer price index rose 0.6% in August, its largest monthly gain of the year, surpassing market forecasts for year-on-year inflation.

Genesis Ceases Trading Services

Genesis, once a prominent crypto trading desk, has officially ceased all trading services across its international business entities. This decision comes after the closure of its US operations earlier this month. Genesis cited the collapse of crypto-focused hedge fund Three Arrows Capital in 2022 and subsequent market turmoil as reasons for its closure.

Bitcoin Outperforms Ether

Ethereum (ETH) saw a 1.2% increase, bringing its spot price to $1,626 against the US dollar. Bitcoin remains 1.2% higher week on week, while ether is around 1.1% lower, resulting in an increase in bitcoin dominance back above 50%.

In the wider altcoin space, BNB, Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE) have experienced slight declines, while Tron (TRX) and Toncoin (TON) have outperformed, adding 5.9% and 7.5% respectively.

The global cryptocurrency market cap currently stands at $1.05 trillion, with a slight overnight increase of over 1%.

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