Ethereum and DeFi, Not Bitcoin, Boosting Genesis’ Lending – Coindesk

Ethereum and DeFi, Not Bitcoin, Boosting Genesis’ Lending – Coindesk

The report also attempts to explain the crypto market crash this spring, which saw bitcoin plummet from highs of nearly $65,000 in April to $35,000 at the end of the first quarter. Tweets from Tesla CEO Elon Musk that the car maker would no longer accept bitcoin as payment, concerns about the impact bitcoin mining has on the environment, a “dangerously levered market,” regulatory scrutiny, “a spate of negative headlines” and crackdowns on crypto miners in China were all cited as triggering a “cascade of liquidations and exhausted order book bids.”