"We believe this is the first-ever end-of-day Bitcoin exchange auction. Auctions create greater price discovery and liquidity, resulting in a very meaningful final auction price. If you were building a securities exchange today, an auction would be a core feature."
Chris Concannon, Bats CEO, said to Bloomberg in an e-mailed statement:
Tyler Winklevoss, Gemini Chief Executive Officer, said to Bloomberg:
For example, for Wednesday’s auction, you can place orders between Tuesday at 5:00 pm ET and Wednesday at 4:00pm ET. Other currency pairing auctions are expected to begin in the weeks to come.
The auction trades are executed on the Gemini platform, making for a much more seamless operation, unlike over-the-counter trades that can require phone calls, emails, specialized paperwork, risks during funds transfer, etc. And instances of counterparty risk are also removed.
All verified Gemini customers can enter the Auction-Only Market and Auction-Only Limit Orders to buy or to sell beginning at 5:00pm ET on the prior day until 4:00pm ET for that day’s auction.
A level of price stability is gained when you execute a large trade size, similar to over-the-counter (OTC) trading quantities on the exchange without having to worry about price slippage. This is a critical benefit for customers concerned with exchange liquidity.
The very first official auction on Gemini will be a BTC/USD pairing and will occur today at
As auction trades are settled immediately from pre-funded accounts, they are ready for immediate transfer, eliminating the risk of a trade not settling, unlike OTC trades that settle at some later time.
Gemini exchange, based out of New York’s Flatiron District, is launching what may be a first within the Bitcoin ecosystem - daily Bitcoin auctions.
“We view the launch of an end-of-day auction as a significant step forward for Gemini and the Bitcoin industry.”
4:00pm Eastern Time. Future auctions will occur every day, including weekends and holidays, at 4:00pm ET.
Gemini’s auction feature aims to facilitate high volumes of trading by finding the price at which the greatest aggregate buy demand and aggregate sell demand can be fulfilled. Because this occurs at a single final auction price, neither party has to pay to cross the bid–ask spread.
There are several market advantages to creating a feature like this, and, first and foremost, is an ability to reduce the cost of acquiring Bitcoin.
Auctions are new to the world of Bitcoin but are universally implemented by traditional asset exchanges like the New York Stock Exchange, Nasdaq, and Bats.
Analysis: What 2019 Could Bring for Bitcoin
Trading in altcoins was a big part of what made Bitcoin price spike towards the end of 2017. A section of the crypto space argues that while altcoins helped Bitcoin’s market cap swell, they also bro
Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writ
300k User Data from Chinese Auto Finance Platform Sold For One Bitcoin on Dark Web
It is revealed that 300,000 pieces of user data from a Chinese auto finance platform Jiurong were compromised and priced at one bitcoin on the dark web.
According to the leaked data posted, persona
Heyday of Bitcoin Mining Rigs Business at China’s Huaqiangbei is Over Amid Crypto Market Carnage
Bitcoin price slumped to a 13-month low of about $4,300 on Wednesday, making mining the world’s leading digital currency an unprofitable business. A lot of mall miners, mining rigs dealers and minin
Dialogue with Bitcoin Evangelist in Latin America: RSK Labs CEO Diego on Crypto Industry
Diego Gutierrez is the CEO at Koibanx and president of Bitcoin Argentina NGO. In addition, Diego also serves as the CEO of Rootstock/RSK Labs, a smart contract platform built on top of bitcoin.
China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptoc
Bitcoin Miners Sold by Kilo in China Amid Cryptocurrency Crash
The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen
Xiao Lei: 3 Main Reasons of the “Unreasonable” Bitcoin Price Crash
Cryptocurrency markets experienced a havoc in the past few days. Bitcoin, the uncrowned king in the crypto world, has fell as much as 30% over the past two weeks, while other major tokens are all suff