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Top 5 Crypto Stories to Keep an Eye on This Week — What’s Going on With Nexo and Genesis?

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By Augustine Mbam - - 5 Mins Read
Credit: Pete Linforth via Pixabay |
Bitcoin price and news
Credit: Pete Linforth via Pixabay

Halfway into the first month of 2023, the crypto industry is already filled with exciting and crazy crypto stories. At this market stage, surely most people don't care what is happening in the industry so long as Bitcoin continues its run in the crypto market. 

However, there are concerns about how some firms and crypto companies are faring. A good analysis of this scenario is the drama surrounding Genesis, as they are still at war with several regulatory bodies and fellow crypto firms. 

Brace up as we will walk you through some of the craziest and most joyful crypto stories to keep an eye on for the week. You may also want to check our early expectations for the previous week and see how they played out.

More Drama for Genesis 

Genesis in recent years, especially in the last year, has become so dramatic with regulatory bodies and fellow crypto firms. One of the recent stories about them is their feud with a US crypto exchange, Gemini, and the United States regulators. 

In November last year, the firm created a scene similar to the FTX scandal when they paused withdrawals. However, it quickly looked for new funding to patch up what was reported to be a large multi-billion-dollar hole in the firm. 

Digital Currency Group (the owners of Genesis) and Gemini have recently been at loggerheads over disagreements in several funding procedures. More drama came from the SEC after they accused the crypto firm of conducting an unregistered sale of securities via Earn.

Nexo Under Investigation 

For those who are watching the crypto industry closely, another FTX scenario might be on the corner after Nexo offices in Bulgaria were raided by the local police force. According to information from those who have great knowledge about the matter, Nexo was reportedly found guilty of money laundering and tax evasion crimes. 

This might be one of the craziest crypto stories for the week, as it has raised a lot of dust on how many crypto firms operate. Because of the latest scare on the crypto platform, many people have already started withdrawing their funds. People are trying to get away with any news of the crypto firm halting withdrawal (a similar case with FTX). 

However, Nexo has denied the allegations against them, saying it was a poorly planned accusation by the Bulgarian authorities. "The allegations are absurd — we are one of the most stringent entities regarding KYC/AML," Nexo co-founder and managing partner Antoni Trenchev said. 

Bitcoin is Resurrecting From Death 

Surely those who were advocating and promoting the death of Bitcoin after the bitter bear market of 2022 will be holding their heads in shame, considering Bitcoin movements in the market. 

During the bear market, the apex cryptocurrency was predicted to reach the $10k territory after it tried breaking the $15k level. However, the new year is the resurrection time for the cryptocurrency as it has grown above the $15k level and is currently trading at over $21k. 

This is a massive improvement and one of the crypto stories many have been yearning to hear for a long time. With Bitcoin leading the race, other cryptocurrencies are picking up and showing bullish signs in the market. 

Blockchain to Track Weed 

One of the crazy crypto stories you will come across this week is using blockchain technology to track cannabis (weed). A cannabis nursery known as Mendocino Clone Company announced they would use blockchain technology to track down the weed they have on their farm and those they sell. 

According to them, integrating blockchain technology with their farm slows them to "document the beginning stages of a cannabis plant’s journey to becoming a premium product for consumers based on the gram weight it flowers."

Ethereum's Price Awake From Slumber 

Ethereum and Bitcoin were seriously down, looking at their price and value during the bear market of 2022.

However, things are changing for several cryptocurrencies, including Ethereum, in 2023. The second largest crypto market capitalization has consistently increased since the new year and is trying to break more barriers. 

The cryptocurrency went from hovering around $1,200 to above $1,500. Investors will look forward to continuing with the market's positive trend.