Categories: CryptoNews

Daily Bitcoin Auction At Gemini Sees Volume Drop-off As Price Increases

Ever since the Gemini Bitcoin exchange launched their daily Bitcoin auction, there has been significant media coverage about this feature. But it looks like the majority of traders is already cooling off on the project, as the auction quantities continue to drop. The peak was reached on the third day, although we are looking at less than 800 Bitcoin changing hands yesterday.

Gemini Bitcoin Auction Running Out of Steam?

There are two interesting trends taking place where the daily Bitcoin auction on Gemini is concerned. On the one hand, the average auction quantity is showing a significant decline as of late. Things started out well with over 2,0000 and 3,000 Bitcoin being purchased respectively, but it has been going downhill pretty fast ever since.

Over the past three auctions, the Bitcoin volume has dropped from 3,098 Bitcoin to 1,050- 1,002 and 793 Bitcoin respectively. This is a rather significant downfall, although there is no clear indication as to why the drop-off would occur in the first place. Having a bad day is always possible, but this is a rather dramatic decline in the first week of being launched.

At the same time, there is a positive trend to be noted as well. The average price per Bitcoin for each auction has been increasing every day. It is always positive to see the value per single Bitcoin go up, as a

Related Post
price increase has been looming for quite some time now. That being said, the difference between the first-day auction and yesterday’s auction is “only” US$11.345.

While some people may argue a higher Bitcoin price makes it less appealing for investors to buy into these auctions, that may not necessarily be the case. Granted, everyone wants to buy in as cheap as possible and make a profit yesterday rather than tomorrow, but even at the US$605.015 value per Bitcoin during yesterday’s auction, that is still a very low price compared to its potential value over the next few years.

One thing to keep in mind is how the Bitcoin auction project on Gemini has been live only for a week. In fact, today will be the seventh auction to take place. A lot can happen between now and a year from now, assuming the Winklevii will still offer this feature by then.  The most important part is that Bitcoin is changing hands in exchange for US Dollars.

Image credit 1

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Binance Coin Price Dips: BNB Holders Rush To Lunex Presale To Hedge Their Long Positions

While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…

4 mins ago

Crypto Stalwarts Forecasted 800% Growth in Innovative Projects: VeChain, Rollblock and Polkadot!

This blazing crypto bull run has investors looking for the next top altcoins set to…

9 mins ago

Dogecoin Price Set To Recreate 36,000% Rally From 2021 After Pennant Formation

The Dogecoin price is back in the limelight, captivating the crypto world with its recent…

14 mins ago

Is XRP About to Explode? How Trump’s Victory Is Affecting XRP Price Amidst JetBolt Growth

Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…

21 mins ago

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

3 hours ago

Top 5 Best Crypto Presales to Grab Now: Don’t Miss These December Week 1 Gems

The crypto market is a buzz with promising presales as 2024 draws the curtains. With…

4 hours ago