Cryptocurrencies
Bitcoin Dips Below $63,000; Genesis Begins Token Distributions
- Genesis dispenses $4 billion while exiting from bankruptcy
- Weak US employment report raises concern of recession
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Bitcoin dropped below $63,000 as risk aversion swept through financial markets and Genesis began distributing digital assets to creditors after completing its bankruptcy restructuring.
The largest cryptocurrency fell as much as 3.5% to $62,411 after the July US employment report raised concern that the world’s largest economy is at risk of recession. Less easily traded smaller tokens such as Solana and Cardano fell more.