Gemini

Bitcoin

when

Bitcoin (BTC) price dropped to $67,000, reflecting a 4% decline from its peak of $70,300 recorded on May 27. This downturn comes when the bankrupt crypto lender <a href="https://news.todayq.com/genesis-to-return-3-billion-amid-bankruptcy-will-market-react/" rel="noopener noreferrer nofollow">Genesis</a> and crypto exchange Gemini have returned over $2 billion in crypto. The payments were made to 232k retail customers involved in their jointly managed Gemini Earn program. Gemini makes crypto payback 
According to reports, the return represents a very high 242% return on assets that were locked up since January 2023. Genesis was able to return the exact cryptos amounts to customers. It is unlike to other bankrupt crypto companies that liquidated assets to repay customers in cash. It mentioned that the customers who had loaned one Bitcoin to Genesis received one Bitcoin back.
Bitcoin was trading below $23,000 in January 2023, however, the biggest crypto went on to hit the all time high (ATH) of $73,750 on March 14, 2024.
Cameron Winklevoss, co-founder of Gemini, acknowledged the challenges faced by customers during this period. He expressed gratitude for their patience and support.&nbsp;
It added that the Gemini customers will receive about 97% of their repayment immediately. The remaining amount will be distributed within 12 months. The firm had earlier estimated a 77% recovery for its customers. Bitcoin price takes a hit 
Bitcoin price has taken a hit recently. BTC price dropped by more than 2% in the last 7 days while it is down by over 3% in the past 60 days. It is trading at an average price of $67,847, at the press time and still up by 54% on year to date (YTD) basis.
Its 24 hour trading volume is down by 5% to stand at $27.23 billion. It is holding at market cap of $1.3 trillion.
BTC’s performance has been influenced by broader macroeconomic trends. The S&amp;P 500 is currently just 1.2% below its ATH. This indicates a strong stock market with 5 year Treasury yield rising to 4.63% from 4.34% two weeks ago. Now, this suggests a shift away from fixed-income positions among traders.
The derivatives market for Bitcoin has also seen significant activity with open interest reaching 516K BTC on May 29. It is being recorded as the highest since January 2023 marking a 6% increase over the past week. This rise in leverage bets indicates increased speculative activity despite the recent price drop.

Bitcoin dips to $67K amid Genesis, Gemini $2B crypto payback

Todayq News

Other articles published on May 30, 2024

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