On Wednesday, Bloomberg reported that Genesis, a CoinDesk sister company, was in confidential negotiations with various creditor groups, with Genesis warning it could seek bankruptcy protection if it fails to raise capital. Bitcoin’s price tumbled as low as $20,370, a roughly 5% drop from the previous day, after the U.S. Department of Justice foreshadowed an announcement that it was charging Hong Kong-based crypto exchange Bitzlato with laundering $700 million.

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