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Crypto Corner: Bitcoin Drops Further and Gemini Eyes Cryptocurrency Expansion

 

Point Roberts, WA and Delta, BC - March 9, 2018 (Investorideas.com Newswire) 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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