It is impossible to overlook bitcoin’s current bullish momentum. Demand for bitcoin is increasing all over the world. Even the recent USD issues affecting some exchanges are not driving prices down. The Gemini exchange set a new daily bitcoin auction record, totaling US$2.8m as of yesterday. All signs are pointing toward a favorable future for bitcoin.
Another Daily Bitcoin Auction Record For Gemini
It is quite interesting to see how successful Gemini is with their daily bitcoin auctions. Until a few months ago, there appeared to be very little interest in this offering. The exchange stuck with it, however, and their approach is starting to pay dividends. In fact, ever since the platform added a second daily action, things have been heading in the right direction.
To be more specific, the exchange set an auction record last Friday. At that time, the record was US$2.51m. Quite a significant amount for just two daily bitcoin auctions, to say the least. It is apparent demand for bitcoin continues to grow. Even the bitcoin ETF rejection is not stopping bitcoin’s momentum right now. It is good to see this growing interest in cryptocurrency from institutionalized investors, though.
Fast forward to yesterday and the exchange set a new daily bitcoin auction record. The two separate Gemini auctions brought in US$2.79m. One lot sold 1,000 BTC at the price of US$1,195 each. The second lost sold 1,325 BTC at the price of US$1,201 each. It is evident there is a big demand for bitcoin regardless of the price. The bigger question is who is buying bitcoin in such large quantities at these high prices. For now, that question remains unanswered.
While Gemini is firing on all cylinders with daily auctions, consumers are still struggling to get accounts verified. Various Reddit users claim the verification process takes way too long. Signing up for Gemini and having to wait three weeks or more before documents are checked is not a fun experience. Then again, it is one of the struggles to deal with when relying on centralized exchanges. We can only hope Gemini finds a way to speed up this process in due time.
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