Gemini has Less Than $100M Worth of Stablecoins Left

Crypto Exchange Gemini Lays off an Additional 7% Of Its Staff
  1. Gemini has less than $100m in Stablecoins.
  2. Cryptocurrency exchanges have faced further pressure.
  3. FTX’s bankruptcy has raised worries of a contagion that might affect the whole industry.

According to a recent report on Twitter, Gemini’s stock of stablecoins is nearly all down to less than $100 million. The ongoing outflow in the market attributed to the FTX debacle has been the driving force behind this.

To be more specific, Nansen, the blockchain intelligence platform disclosed that Gemini once saw the most daily net outflows of any cryptocurrency exchange, totaling $485 million. The overall outflow of funds was $563 million, while the total amount that was brought in was just $78 million.

Additionally, throughout the aftermath of the scandal, Gemini’s millionaire founders, Cameron and Tyler Winklevoss have maintained a very low profile.

Notably, there has been an increase in the amount of pressure placed on cryptocurrency exchanges. This is a direct result of the failure of the large exchange FTX and its corporate brother, Alameda Research.

Above all, conservative investors have been rushing to remove their digital assets from centralized exchanges. According to a study that was published this week by the cryptocurrency research company Delphi Digital, this comes amid “increasing doubts about the solvency of other centralized exchanges.”

According to statistics provided by Nansen, cryptocurrency exchanges Binance, Coinbase, and KuCoin have all lately witnessed significant drawdowns of customer deposits. Over the last several days, withdrawals from a number of lesser-known platforms, including AAX, Liquid, and Salt, have been temporarily suspended.

Due to the fact that this FTX bankruptcy has raised worries of a contagion that might affect the whole industry, investors need to wait and observe how everything develops before making any decisions. The value of almost every kind of cryptocurrency has decreased by more than 60 percent in price.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer