The short-term cryptocurrency correction may be over

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Cryptocurrency lending platform Genesis Global Capital, part of the Digital Currency Group (DCG), is preparing to file for bankruptcy. According to Bloomberg insiders, the company will do so in the coming days, as Genesis debt levels reach $3 billion.

Genesis’ problems stemmed from hedge fund Three Arrows Capital’s default in June, with the collapse of FTX exacerbating the situation. DCG is considering selling its subsidiary CoinDesk.

The US Department of Justice has arrested the founder of cryptocurrency exchange platform Bitzlato, Anatoly Legkodymov, on charges of laundering $700 million related to closed darknet marketplace Hydra.

Banking group National Australia Bank (NAB) has announced plans to launch the AUDN stablecoin, pegged to the Australian dollar and fully backed. AUDN based on Ethereum and Algorand will be launched in the middle of the year.

In collaboration with Fintech Money, Spain’s central bank will test EURM, a stablecoin pegged to the euro, over the next 16 months.

By FxPro Senior Market Analyst Alex Kuptsikevich

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