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Gemini Trading Launch Does Little to Boost Ether Price
Ether prices experienced only modest movements on 9th May despite its listing on a major US exchange.
Updated Sep 11, 2021, 12:16 p.m. Published May 9, 2016, 10:26 p.m.
Ether prices experienced only modest movements on 9th May despite the high-profile launch of trading support for the digital asset on Gemini, the digital currency exchange owned by investors Cameron and Tyler Winklevoss.
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Announced last week, Gemini began offering both ETH/BTC and ETH/USD pairs at 14:30 UTC today, a launch that coincided with news coverage from Reuters and Bloomberg, among others.
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Despite the visibility, the digital currency opened the day at $9.55, Poloniex data reveals, and later fell to a low of $9.36 at 02:25 UTC. Ether remained at this price level until 04:30 UTC, when it rose to a high of $9.48.
The currency proceeded to climb, reaching a high of $9.69 at 07:20 UTC, but even at this daily peak, it was only 1.44% above the session’s opening value.
After reaching this high, ether moved downward, hitting a low of $9.21 at 17:10 UTC, 3.6% below the opening price of $9.55 and 5% lower than the daily high.
But, while the price remained flat for the day, the news that Gemini is offering its support is the latest sign ether is gaining market momentum alongside the Ethereum network.
In a blog post dated 5th May, Cameron Winklevoss, co-founder and president of Gemini, touted the benefits of Ethereum and the reasons ether was a clear choice for the exchange.
"The Ethereum protocol’s unique features and the wide range of applications being developed by the Ethereum community, along with increased liquidity and market cap, have made ether an obvious addition to the Gemini trading platform," he wrote.
Cameron and Tyler Winklevoss have added additional credibility to the market of late, revealing they have personally invested in ether, though they did not disclose the amount.
Charles L. Bovaird II is a financial writer and consultant with strong knowledge of securities markets and investing concepts.
Follow Charles Bovaird on Twitter here.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
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- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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