Bitcoin Slumps Below $28K; Genesis, FTX Strike Deal for $175M Bankruptcy Claim

Bitcoins, August slump and Genesis and Alameda Research reach a deal. You're watching Coin Desk Daily. I'm your host, Jenna Bitcoin is hitting new Intraday lows trading at its weakest level since June, the coin desk, Bitcoin price XX index is currently below $28,000. The decline is extending a slide that began earlier this week. The stock market is also slumping so far this month with interest rate fears and banking sector concerns leading the reasons to sell. Alameda Research can make a claim worth $175 million from the estate of bankrupt Crypto company Genesis. That's according to a legal deal submitted in Wednesday court filings. It's a significant reduction from the nearly $4 billion. FX originally sought lawyers hope it will help the companies return funds to customers after lender Genesis global capital filed for bankruptcy in January, Genesis and Coindesk both belong to the digital currency group. Digital assets is doubling down on either futures products. The asset manager has filed an application for an Ethereum focused ETF with the SEC. It comes after refilling its spot. Bitcoin ef application back in June joining trad five giants including Black rock and fidelity and taking another stab at the process. Paypal is temporarily pausing crypto purchases in the UK until early 2024. The payments giant says it is because of stricter rules by the country's financial regulator starting October 1st. The ability to make new purchases will be disabled. Customers who have previously purchased crypto through their paypal account can keep them on the platform or sell them at any time. That's a wrap for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.