$7 million of Ethereum (ETH) Moved from Gemini, Confidence or Dump impending?

By Dalmas Ngetich
Published February 13, 2020 Updated February 13, 2020
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$7 million of Ethereum (ETH) Moved from Gemini, Confidence or Dump impending?

By Dalmas Ngetich
Published February 13, 2020 Updated February 13, 2020

26,000 Ethereum (ETH) coins worth $7.08 million has just been moved from Gemini to an unknown wallet.

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This is according to a new alert by whale watching account, Whale Alert. There is no specific reason why the coins were moved neither has the true identity of the receiver divulged.

Ethereum-ETH-Gemini
26,000 Ethereum (ETH) moved from Gemini

Ethereum (ETH) is up 118% this year

Ethereum (ETH) at the time of press is leading in the top 10, adding an impressive 11% and pushing this year’s gains to triple digits.

Gemini describes itself as a fully regulated exchange and is backed by the Winklevoss twins who are millionaires. The twins are serial investors and were one of the few early adopters of Bitcoin.

With a great fortune from their savvy investments, they continue to build supportive infrastructure, agitate for regulator compliance, and remain upbeat of Bitcoin and crypto prices.

In the wave of heavy losses related to hacks and blatant theft, the exchange said it would insure against digital asset losses to the tune of $200 million.

To reach more clients, it has announced plans of expanding to Asia and Europe. They have also integrated Trading View.

Investing in Bitcoin is being an early adopter

As the market began printing higher high, Cameron Winklevoss said it is still time to an early adopter since there are only 21 million Bitcoin in circulation.

Already, over 18 million have been mined and circulating, while the three million would be distributed until the last coin is mined sometimes in 2140.

“There are less Bitcoin (21 million) than there are millionaires in the world today (~36 million). It will pay to be an early Bitcoin adopter.”

Support of other coins including ChainLink

Aside from their belief in the store of value currency, they are also supportive of other projects including Tezos, which like ETH continues to explode, more than doubling in three months.

The regulated exchange has also listed ChainLink, Orchid, Golem, Storj, and Numeraire.

This expands the options available for their clients and institutional grade investors who are attracted to the exchange’s high-level compliance.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Dalmas Ngetich
335 Articles
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich

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