Cryptocurrency prices mixed after Gemini workforce cuts, Bitcoin above $22K.
Monday evening saw mixed performance from major cryptocurrencies. Bitcoin (BTC/USD) was trading below $23,000, Ethereum (ETH/USD) was at $1,630, and Dogecoin (DOGE/USD) was down 0.65%. U.S. equities closed on a high note, with the Nasdaq Composite rising 2%, the S&P 500 climbing 1.1%, and the Dow Jones Industrial Average (DJIA) up 0.7%.
Cryptocurrency exchange Gemini has been affected by the bankruptcy of crypto lending giant Genesis Global Capital, leading to the exchange cutting 10% of its workforce. This has left behind over $900 million in debt and has caused tension between Gemini and its parent company, Digital Currency Group.
Despite this, Bitcoin has tentatively found a home above the $22,500 level due to healthy risk appetite. Crypto analyst Michaël van de Poppe has predicted that Bitcoin could drop down to a price of $21,410, while Rekt Capital has suggested that the current level of around $23,400 could fail to act as support.
Overall, the current bullish momentum and the emergence of bearish divergence could cause Bitcoin to drop down to a price of $21,410. However, the healthy risk appetite has allowed Bitcoin to tentatively find a home above the $22,500 level. It remains to be seen how the broader market will affect the performance of cryptocurrencies.