DCG Is Selling Some Cryptocurrencies At Massive Scale?
The founder of Reflexivity Research believes that some DCG-related cryptocurrencies are experiencing a major sell-off, raising suspicions that Barry Silbert’s company is behind this to save the current situation.
Today, Will Clemente, founder of Reflexivity Research, a crypto analytics agency, tweeted that several cryptocurrencies (FIL, ZEN, ETC, NEAR, etc.) investors suspect that selling pressure comes from DCG itself.
Not only that, CEHV partner Adam Cochran also said that DCG seems to be liquidating due to the drop and trading volume of certain altcoins. FIL is currently at $3.07, down 26.20% in 24 hours. ZEN is currently trading at $8.76, down 14.61% in 24 hours.
As updated in an earlier Coincu News article, Dutch crypto exchange Bitvavo said it was unable to access the nearly $300 million held on DCG.
DCG is a name that has been attracting attention since the collapse of FTX because its subsidiaries are suffering heavy consequences. Subsidiary Genesis was directly involved in the crash of FTX with an exposure of about $178 million. Owner Barry Silbert himself has to admit the company’s difficulty after Genesis was forced to stop all withdrawals into Bitcoin lending on the 16th.
Although it has no direct connection to FTX, Grayscale’s persistent confrontation with the SEC is also frustrating for users. The SEC seems to be hitting back in the case for the GBTC ETF.
GBTC price has dropped by more than 50%, market experts, crypto analysts and investors are worried about a sell-off. GBTC stock is currently trading at $7.93.
This story is still a lot of development. Follow us for the latest updates.
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