Crypto News Round-Up: Deutsche Bank, Genesis, and Binance

BTC/USD: Do We Have Lift Off or It’s Just a “Dead Cat Bounce”?

Deutsche Bank and Taurus are working together to launch crypto assets custody and tokenization services. This is a major step towards mainstream adoption because Deutsche Bank is Germany’s largest bank and also a name recognized across the world. Taurus is a Swiss start-up that specializes in the safekeeping of crypto assets.

Deutsche Bank’s interests in crypto aren’t new; as early as 2021, a digital asset custody prototype from the bank was highlighted in a World Economic Forum report. Germany is active in developing new crypto regulations and Europe is rolling out MiCA (Markets in Crypto-Assets) guidelines. This allows legacy financial institutions with the needed framework to delve into digital assets.

Binance.US Faces Executive Exits

Binance.US, one of the leading crypto exchanges, is sailing muddy waters with multiple high-level departures. Following the exit of CEO Brian Shroder, two more senior executives, Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya, have parted ways with the company.

Binance.US has faced an uphill battle this year with increased regulatory pressures. Notably, in June, the U.S. Securities and Exchange Commission took legal action against the exchange over alleged breaches of securities laws. This crackdown is compounded by the loss of other key personnel, including Global Product Lead Mayur Kamat and Chief Strategy Officer Patrick Hillmann, among others.

Genesis Halts All Crypto Trading Operations

Once a major figure in crypto trading for institutional clients, Genesis has confirmed the cessation of all its trading operations. This move follows the considerable blows the company faced due to the collapses of Three Arrows Capital and FTX in the previous year.

While initially, the closing was perceived to be limited to its U.S. desk, a company spokesperson clarified that both domestic and international trading services are ending. Their statement emphasized the decision was taken “voluntarily and for business reasons.” Genesis has been grappling with industry challenges, evident from its lending division seeking bankruptcy protection earlier this year.

Chart Analysis – BTC/USD

The main story here is the bounce at $25,000. After a long time of sideways movement and almost zero volatility, Bitcoin dipped to $25,000 support and immediately bounced higher. It is currently trading at $26,550 and fast approaching the resistance at $27,000, which if broken, will provide additional incentives for the bulls to step in.

However, it should be noted that the $27K mark is surrounded by several resistance factors. These include the 50-day Moving Average, the upper Bollinger Band, and the long-term bearish trend line drawn from this year’s high, which was reached in July.

Thus, if the bulls can surpass all the hurdles mentioned above, we might be in for a prolonged period of upward momentum. It’s worth noting that multiple attempts might be made to breach this zone.