Gemini cryptocurrency exchange, founded by the brothers Winklevoss have added a new feature that reduces the impact on the bitcoin price major bids for the purchase and sale of cryptocurrencies.
According to the announcement, released on Monday, Gemini Block Trading will allow cryptocurrency «whale» to make transactions with the cryptocurrency on the exchange outside of the constantly updated book orders, where one transaction can have a negative impact on the overall market.
Using the new platform, customers can place orders, which are published only for market-makers to decide whether to change the market to demonstrate the interest of traders. Transactions on the new platform will be published with a ten-minute delay, ensuring that all market participants have access to information about prices and liquidity. It will also help to reduce the tendency of such data to cascading effect on the price of bitcoin (or ether, since the Gemini supports both coins).
In recent months, the market was forced to endure at least three large sales that have demonstrated the need for the appearance of such platforms. In March managing the assets of the bankrupt exchange MtGox, Nobuaki Kobayashi (Nobuaki Kobayashi) announced the sale of BTC and BCH totaling $ 400 million. Despite the adoption of Kobayashi that he tried to avoid the impact on the market, such a large sale could hardly pass unnoticed. In addition, the taxpayers of the United States and other regions have brought at least $ 25 million to pay income taxes for the 2017 fiscal year. It is also reported that Fortress Investment Group sold their bitcoins in the amount of $ 200 million. While the recent selling is likely to have occurred via the OTC platform, such as the one that launches Gemini, the other two were committed in the books of orders.
Tom Lee (Tom Lee), founder of Fundstrat strategic company, recently noted that every dollar converted from cryptocurrency to Fiat, has an impact of $ 25 for the capitalization of the cryptocurrency market.