Is 2.2 Billion Selling Pressure Coming: Cryptocurrency Exchange Started Payments!
Gemini Earn users received a large amount of cryptocurrency payments after a long wait.
Gemini, owned by technology billionaires Cameron and Tyler Winklevoss brothers, announced on May 29 that Gemini Earn users received back their cryptocurrencies worth $2.18 billion. This was quoted as a $1 billion increase compared to the amount recorded when Genesis suspended withdrawals.
It was noted that the assets paid to users recovered by 232% compared to the period when Genesis stopped withdrawals, and 97% of the missing cryptocurrencies at the beginning of this process were refunded. To support this process, Gemini contributed $50 million to the recovery of Earn users.
Additionally, according to the company, today's initial distributions represent approximately 97% of the digital assets in the Earn program, with the remaining assets expected to be paid out within the next 12 months.
This process took place when Gemini collaborated with Genesis Global Capital, enabling users to get their investments back. The company stated that users are working hard to protect the cryptocurrencies they deserve and that these refunds are an important milestone.
Will it create selling pressure?
When Genesis halted withdrawals, the price of Bitcoin on November 16, 2022 was approximately $16,624. Considering that the current price is around 70 thousand dollars, concerns that investors receiving payments may create selling pressure continue.
On the other hand, despite all this news flow, Bitcoin did not lose its support of 67 thousand dollars. While the fact that the amount is not too large alleviates fears of sales pressure, he thinks that the real big factor will be seen in the refunds of MT.Gox.