Genesis bankruptcy and the NASDAQ index provide support for BTC
It was a tough session. The first day of Genesis’ bankruptcy proceedings attracted attention during the afternoon session.
Genesis lawyers and creditors were reportedly optimistic about settling disputes with creditors. Genesis lawyers also told the court that they are exploring the possibility of selling the company to make the creditors whole. It was a friendly start for the crypto market to the bankruptcy proceedings, and supported the bullish start to the week.
The Nasdaq also offered support, with technology stocks in bullish mode. The bullish start to the week came ahead of a busy earnings schedule, with Microsoft (MSFT) and Tesla (TSLA) among the big names to release earnings this week.
The Nasdaq rose 2.01%, with the S&P 500 up 1.19%.
Today, Genesis and FTX news will continue to be major factors. However, in the afternoon session, US economic indicators and corporate earnings will also provide guidance. Preliminary Private Sector PMIs for January should be better than expected to support a bullish session. Microsoft will release results that will also attract interest.
The NASDAQ is down 14.5 points this morning.