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Genesis reports downtrend in BTC demand as institutions prefer ETH, DeFi
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‘Tis the season of releasing earnings reports, and the third-quarter growth has not so well for some companies directly engaged in cryptocurrencies. This has been largely thanks to the wild price fluctuations Bitcoin has experienced lately.
For instance, Microstrategy, the world’s biggest corporate holder of Bitcoin, witnessed paper losses from holding the digital asset on its books. Payments giant Square also noted a decline in revenue and gross profit generated from the cryptocurrency had declined on a quarter-over-quarter basis.
Top crypto broker Genesis, which recently released its Q3 earnings report, suffered a similar fate. Despite noting a record-breaking quarter in terms of market activity, its Bitcoin business declined significantly
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