Cryptoquant Data Shows Sharp Decline on Gemini Exchange Activity

Data from Cryptoquant, the platform for on-chain information analysis reveals a sharp decline in exchange activity on Gemini. As reported on its Twitter account, all essential indices investigated returned negative signals.Cryptoquant’s newest

report reveals that Gemini’s cryptocurrency reserves are presently at multi-year lows. BTC deposits from other exchanges into Gemini are also on the decline. Such shows the waning self-confidence amongst users over the stability of the crypto exchange. Another essential index with an unfavorable reflection on Gemini is the trading volume. As of December 2022, the trading volume on Gemini was down by 52%YoY. It reveals the increasing lack of trust amongst

users, the majority of whom may be stressed over the security of their funds.Gemini exchange has been in the spotlight given that the collapse of FTX. According to reports, its major lending partner, Genesis, was involved with the now-bankrupt FTX. Shortly after FTX stopped working, users of Gemini’s Earn

program started to experience troubles in funds withdrawals.Up to$900 countless investors’funds is trapped in the Genesis-powered program which guarantees interest payments on crypto deposits. According to reports, some users with big deposits have currently taken Gemini to court. They are asking for a return of their funds.Cameron Winklevoss, co-founder of Gemini has accused Barry Silbert(CEO of Digital Currency Group, the moms and dad company of Genesis) of postponing negotiation to deal with the problem.

Winklevoss did so in an open letter published on January 2, 2023. The Gemini-Genesis crisis is among numerous casualties connected to the collapse of FTX. Soon after FTX filed for bankruptcy, reports emerged of BlockFi’s intention to do the same. Ontario Teachers’ Pension Plan likewise revealed to have

lost a$95 million investment with the collapse. More reports of affected crypto users might emerge as the ripple effect of the unfortunate scenario continues to unfold. However, regardless of existing struggles, exchange user withdrawals on Gemini

have actually continued without complications.Data from Cryptoquant, the platform for on-chain information analysis reveals a sharp decline in exchange activity on Gemini. As reported on its Twitter account, all key indices examined returned

unfavorable signals.Cryptoquant’s latest report reveals that Gemini’s cryptocurrency reserves are presently at multi-year lows. BTC deposits from other exchanges into Gemini are likewise on the decrease. Such shows the waning confidence among users over the stability of the crypto exchange. Another essential index with a negative reflection on Gemini

is the trading volume. Since December 2022, the trading volume on Gemini was down by 52% YoY. It shows the increasing absence of trust among users, the majority of whom might be worried about the safety of their funds.Gemini exchange has actually been in the spotlight given that

the collapse of FTX. According to reports, its major lending partner, Genesis, was involved with the now-bankrupt FTX. Soon after FTX stopped working, users of Gemini’s Earn program began to experience difficulties in funds withdrawals.Up to$900 countless financiers ‘funds is trapped in the Genesis-poweredprogram which

guarantees interest payments on crypto deposits. According to reports, some users with large deposits have already taken Gemini to court. They are asking for a return of their funds.Cameron Winklevoss, co-founder of Gemini has actually accused Barry Silbert(CEO of Digital Currency Group, the moms and dad business of Genesis)of

postponing settlement to solve the concern. Winklevoss did so in an open letter released on January 2, 2023. The Gemini-Genesis crisis is among numerous casualties connected to the collapse of FTX. Soon after FTX applied for bankruptcy, reports emerged of BlockFi’s intent to do the very same. Ontario Teachers’ Pension Plan also announced to have lost a$95 million financial investment with the collapse. More reports of impacted crypto users might emerge as the ripple effect of the regrettable circumstance continues to unfold. Nonetheless, in spite of present battles, exchange user withdrawals on Gemini have actually continued without problems.