Loan originations and spot trading volume has nosedived at Genesis In Q3.
Crypto firm Genesis has concluded that the crypto market is devoid of directional momentum as it moves into Q4.
Genesis has experienced a drastic drop in loan originations and trading volumes in Q3 of 2022. According to deductions from the crypto firm’s quarterly report, this is perhaps as a result of the months of instability that has dominated the cryptocurrency industry which has been plagued by lots of bankruptcies and crashes recorded by well established companies.
Genesis reports that the cryptocurrency market has shown a clear lack of directional momentum as most active participants are now taking stock after a summer that was dominated by a long chain of negative and uninspiring headlines. In its comments released by the firm; “Genesis remains prepared for a sustained crypto winter in light of such powerful macro headwinds.”
Genesis loan originations declined to $8.4 billion in Q3 of 2022 which ran from July 1 to September 30. This drop shows a 79% decline from its precious loan originations of $40.4 billion which was recorded in the previous quarter. Genesis has not officially responded to the request to comment on this observation.
Genesis experienced a less pronounced drop in its trading volumes which dipped by 44%. Spot trading went down from $17.2 billion in Q2 to $9.6 billion in Q3.
Prevailing events these past months have seen lots of executives at Genesis step down. Michael Moro, former CEO stepped down in August. Matt Ballensweig, former cc-head of sales and trading left his position in September. Michael Patchen the former Chief Risk Officer also left in October.
As originally reported in (https://www.theblock.co/post/181018/genesis-loan-originations-down-79-during-crypto-winter)