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Gemini Exchange Unveils Plans For Crypto Block Trading

gemini winklevoss twins Crypto Block Trading

Gemini, one of the largest bitcoin exchanges, is planning to unveil a service that will allow institutional investors the ability to place large trades, also known as block trades, in cryptocurrencies. The Gemini Block Trading Service is expected to launch at 9:30 AM Eastern Time on Thursday April 12th.

“Any customer can place a block order that specifies: (i) buy or sell, (ii) quantity, (iii) minimum required fill quantity, (iv) and a price limit (the “Indication of Interest”). Market makers only receive quantity, minimum quantity, and the collar price — they do not receive any other information (i.e., side, price limit, etc.) related to the block order,” according to a post on the Gemini blog.

Gemini was founded by Cameron and Tyler Winklevoss. Data from the block trades will be available on Gemini’s feed 10 minutes after trades are completed.

“If a market maker agrees to ‘make a market’ that satisfies the Indication of Interest, the block order will be filled,” said Gemini.

Good Timing

The debut of the Gemini Block Trading Service is potentially well timed and comes as more and more big-name investors are revealing plans to get involved with blockchain and cryptocurrencies. That includes billionaire financier George Soros and the Rockefeller family.

“The service will allow traders to buy or sell large quantities of Bitcoins and other cryptocurrencies and will compete with companies that cater to large institutional traders,” reports Bloomberg. “Block-trading companies have recently popped up in Hong Kong, Australia and other markets to meet demand from hedge funds and similar institutional buyers.”

Gemini currently offers trading in biticoin and ethereum, but there has been some speculation the exchange could expand to offer other digital currencies. Currently, Gemini clients can trade the following pairs: BTC/USD, ETH/USD, and ETH/BTC.

“In accordance with our commitment to an equitable, transparent, and rules-based marketplace, block orders will be electronically broadcast to participating market makers simultaneously, ensuring best execution and price discovery for those participating in the program,” said Gemini.

Gemini is licensed as a trust company by the New York State Department of Financial Services (NYSDFS). The company previously purposed the creation of the Virtual Currency Association (VCA) as a way of further enhancing regulations for the U.S. virtual currency industry.

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Bitcoin

Bitcoin Price Rallies 13% to Break Through $11,000

Within the last hour Bitcoin (BTC) price pushed through the $11,000 level in a high volume surge which saw the price reach a new 2020 high at $11,394.

At the time of publishing the price has pulled back slightly to the $11,150 range but purchasing volume continues to rise on the 1-hour timeframe. This suggests that the top-ranked digital asset on CoinMarketCap may have another go at the daily high.

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

As reported earlier by Cointelegraph, on-chain activity registered a significant spike in exchange inflow as Bitcoin price rallied above $10,000 and Bloomberg analysts now estimate that Bitcoin price will rise above $12,000 this year.

Ether price (ETH) also surged above its previous high by rallying to $333.52 but at the time of writing the top altcoin has pulled back below $330.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $326.7 billion. Bitcoin’s dominance index currently at 63.1%.

Also, don’t miss our upcoming conference Cointelegraph Crypto Traders Live.

More than 30 star speakers including Raoul Pal, John Bollinger, Mike Novogratz, DataDash and Jon Najarian will gather on July 30th to discuss the challenges of crypto trading. Join the show for over 9 hours of crypto trading content!

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Bitcoin

Did Satoshi Nakamoto Just Move 50 Bitcoin?

Key Takeaways

  • 50 Bitcoin that haven’t moved since 2009 were transacted today.
  • Some Bitcoin watchers speculate that these coins belong to Satoshi Nakamoto.
  • The coins were from Bitcoin mining around a month after the network was created.

BTC from the earliest days of the network moved today. Could Bitcoin creator Satoshi Nakamoto be behind the transaction?

Was Satoshi Behind a Recent Bitcoin Transaction?

A 50 BTC transaction representing a block reward from a month after the Bitcoin network launched moved today.

The coins were awarded for mining block 3,654. Several pundits have naturally associated that early mining activity with pseudonymous Bitcoin inventor Satoshi Nakamoto.

Others Are Unconvinced

The Block’s head of research, Larry Cermak, believes the transaction is unrelated to Satoshi Nakamoto, identifying that there were several early miners on the Bitcoin network.

Blocks believed to have been mined by Satoshi have a particular pattern in their nonces, a cryptographic number that can help identify blocks. According to that pattern, these Bitcoin do not appear to have originated from Satoshi.

Patoshi blocks
Courtesy satoshiblocks.info, Patoshi blocks

Another analyst noted that the transaction marks the first time that early 2009-origin Bitcoin has moved since August of 2017.

It’s the first time since August 2017 than someone spent coins from early 2009.

View image on Twitter

Nevertheless, on-chain sleuths will closely watch the path of the coins as the transaction was undoubtedly from an early Bitcoin miner and large holder. If these 50 BTC continue to move, then a lot more about this story will be revealed.

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Bitcoin

Bitcoin price rockets 23% as investors look for a new safe haven. ‘The crypto king is on fire.’

Cryptocurrencies have seen a remarkable resurgence as investors flock to relative safe havens amid a flurry of quantitative easing measures by global central banks.

Central banks including the European Central Bank, Federal Reserve, and the Bank of England have announced asset-purchase schemes in recent days. Bitcoin, a finite cryptocurrency with only 21 million units in existence, has seen a 23% one-day surge. Bitcoin is currently up 21% as of 10.10 a.m. in London (6.10 a.m. ET), per Coindesk.

The cryptocurrency had been down 30% year-to-date amid a sell-off fueled by market uncertainty about the outbreak of coronavirus. However, investors may be looking to digital currencies in the wake of easing measures elsewhere. Other cryptocurrencies like ethereum, XRP, and bitcoin cash all saw major reversals by more than 15% over the same period.

“When it comes to bitcoin, the crypto king is on fire, and we have seen a decent rally,” said Naeem Aslam, chief market analyst at AvaTrade, in a morning note.

“Given the fact that the price has crossed the $6,000 mark — an important level of resistance — the upward momentum is likely to pick up the pace, and if the price crosses the 200-day moving average on a daily time frame, it would be a huge buy signal.”

Volumes at cryptocurrency exchanges have jumped, with Coinbase, Bitstamp, and Bitfinex combined seeing a 19% bump in 24-hour exchange volume, according to data aggregator CryptoCompare.

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