Michael Moro, CEO of Genesis Global Trading, said recently that the Ethereum [ETH] platform is not the cause of its price decline.
In an interview with CNBC Fast Money, Moro said that Ethereum represented 28% of the Genesis Global Trading loan book. They fell to about 25% in August and continued to 4% in September. He said:
“So between August and September, we’ve seen a dramatic change in portfolio competitions, and you can read ultimately to find out what Ethereum means at the end.”
Another topic of discussion was that Ethereum had borrowed from the Genesis platform and declined.
Moro also talked about Bitcoin and how it was similar to Ethereum’s case. As Bitcoin prices reach the “magic” level of $ 6,000 to $ 5900, short sellers can start buying again and close their short positions quickly.
Another important topic of discussion was the short circuit of Bitcoin. The discussion focused on the question of whether or not someone could cut Bitcoin to obtain working capital. They also discussed the liability or risk of a company that operates through Bitcoin.
As an example, Moro named CME, a derivatives market that offers risk management options and futures. He explained that after launching CME and the future CBOE, market makers needed access to the cash markets to cover the price they actually took on the future side. He commented:
“Well, if you’re not a long-time marketer, then you can go to the cash side, which is a much more liquid market than the future market.”
He also said that they would lend Bitcoin to some future market makers. Therefore, people who have never entered the cryptocurrency space would have access to the cash markets. This could help them secure their positions efficiently.
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