Crypto markets took an unprecedented turn on Wednesday after transfers worth billions were made by once-market giants Gemini and Mt.Gox. In the past 24 hours, the overall volume of the cryptocurrency market has decreased by 1.96% to $89 billion, but the global market cap has climbed by 1.43% to almost $2.58 trillion.
According to CoinMarketCap, stablecoins comprised 83.39% of the whole 24-hour volume of the cryptocurrency market, or $83.13 billion. The market capitalization of Bitcoin, the biggest cryptocurrency globally, increased to $1.348 trillion in the last 24 hours.
Market bets on the OG-crypto currency turned bullish, despite other pressures keeping the market intact. The early trading session saw BTC trading in the green, though the later part of the trading time saw a reversal in the move. Bitcoin is currently down 1.1% compared to the same time last day, trading at $67,457.36 at press time.
Gemini to Return Earn Group Funds
Gemini, a cryptocurrency exchange, declared on Wednesday that it would reimburse members of the Earn program, for whom withdrawals were suspended in November 2022, $2.18 billion. It comes after the New York Attorney General and Genesis, Gemini's lending partner, reached a $2 billion settlement to restore the wealth of deceived cryptocurrency investors.
Gemini's decision to give the money back to users marks an important step in a sore crypto market that has seen the crash of FTX, Silicon Valley Bank, and many more financial giants.
Commenting upon its decision to return the money, Gemini said,
It’s important to note that the Genesis bankruptcy was not a crypto problem. It was old-fashioned financial fraud compounded by a lack of regulatory clarity.
To ensure this successful resolution, Gemini has also contributed $50 million to the Earn users’ recovery.
Mt. Gox Transfers Bitcoin Worth $9 Billion
The transfer of almost 140k Bitcoin worth more than $9 billion from the defunct Mt. Gox exchange to an unidentified address is the reason behind the selling pressure on the cryptocurrency. By October 31, 2024, Mt. Gox, the largest Bitcoin exchange in 2014, is anticipated to give its creditors back any Bitcoin holdings. After obtaining these bitcoins, which they purchased for about $700, investors are expected to sell some of their holdings.
After its launch in 2010, the Tokyo-based platform acquired traction and by 2013 was handling 70% of all bitcoin deals globally, making it the largest bitcoin exchange. However, when the company halted trading at the beginning of 2014, all withdrawals were halted. After losing more than 800,000 bitcoins, the company filed for bankruptcy protection and the website shortly went dark.
