Gemini, a US-based cryptocurrency exchange founded in 2015, will focus on growth in the United States due to its deep capital markets. Crypto exchange Gemini announced its exit from the United Kingdom, European Union and Australia markets on Thursday, as the company slashed its workforce by 25%. Gemini cited artificial intelligence automating labor and making engineers “100x” more efficient, and a more challenging business environment in the UK, EU and Australia, as reasons for the exit, according to Thursday’s announcement: “We don’t have the demand in these regions to justify them. The reality is that America has the world’s greatest capital markets,” the announcement said. Read more
Bitcoin touched new lows under $64,000 as market selling reached a historic level, and analysts warn that the bottom is not in. Does data support analysts’ sub-$60,000 prediction? Bitcoin (BTC) has fallen 13% over the past four days, sliding to $63,844 from $79,300. It is currently trading below $69,000, which is the 2021 bull market high, a level many see as a support level. The drop was matched by a sharp decline in futures activity, with BTC’s open interest falling by more than $10 billion over the past seven days. Analysts are now focusing on the long-term technical zones and onchain indicators that may signal a major turning point for BTC. Read more