Some market analysts believe that the fall of Genesis could lead to a major carnage in the cryptocurrency market, according to Peter Berezin, chief global strategist at BCA Research Inc.
Peter Berezin believes that much of the cryptocurrency industry is "built on a rickety foundation of fraud and greed, which no amount of technical ability can hide".
Berezin also reiterated his long-term target for Bitcoin at $5,000, which means that Bitcoin could see another price correction of 66% from the current levels.
