#CryptoCorner; Bitcoin Drops Further and Gemini Eyes Cryptocurrency Expansion
#CryptoCorner; Bitcoin Drops Further
and Gemini Eyes Cryptocurrency Expansion
Point Roberts, WA, Delta BC – March 9, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner – March 9, 2018
By Samuel Mowers at Investorideas.com
Bitcoin Drops
Further and Gemini Eyes Cryptocurrency Expansion
The
price of Bitcoin fell further yesterday reaching as low as $8300 USD. This
means that in a 48-hour span, Bitcoin went from $10,600 USD to $8300 USD,
making for a $2300 USD drop. As Bitcoin fell, the three next largest
cryptocurrencies, Ethereum (ETH), Bitcoin Cash (BCH) and Ripple (XRP), declined
11 percent each as well.
Many
attribute this to
a Mt. Gox trustee selling off some 40,000 bitcoin, or roughly $400 million USD
at the time of sale, on a cryptocurrency exchange. Supposedly the trustee has
an additional $1.7 billion USD left to unload, though it is unclear whether it
will also be sold on a cryptocurrency exchange as opposed to an
over-the-counter (OTC) platform. It is possible that if the selling off onto
exchanges continue, the price of Bitcoin and other cryptos may continue to
drop.
Tyler
and Cameron Winklevoss, founders of Gemini, are considering expanding the
exchange to other coins. They made comments about this at the CBOE Risk
Management Conference in Florida yesterday, according to a report from
Bloomberg. The Bloomberg article states:
Their
comments have significance for Cboe Global Markets Inc., Gemini’s partner on
Bitcoin futures. Cboe, a Chicago-based exchange, has signaled
it wants to offer futures contracts on digital currencies besides Bitcoin, but
it needs Gemini’s help.
Gemini
has an exclusive deal to supply the data used to calculate Cboe’s Bitcoin
contract. Cboe could presumably add Ethereum now, given Gemini trades that, but
expanding further would require Gemini widening its roster. Tyler Winklevoss
said the licensing agreement with Cboe is scalable, and they entered into the
deal knowing
it could expand in terms of offerings.
According to the Tyler Winklevoss, new cryptocurrency
candidates for the exchange “are from the Satoshi Nakamoto family
tree -- Bitcoin cash, Litecoin”.
South Korean cryptocurrency exchange Bithumb has
partnered with the country’s largest hotel booking platform, Yeogi Eottae, to
allow booking to be paid for with crypto. According to TokenPost, this
was announced March 6. This partnership may mean that the booking platform will
accept any of the cryptocurrencies that Bithumb lists in its exchange,
including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP) and
Litecoin (LTC).
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