Gemini 0.0735 and 20 bitcoin auction
About 5:00 in the morning of January 2nd, Gemini announced that today will be $13411.49 and $13265.72 respectively, 0.0735 and 20 of a bitcoin auction. Then, at about 6:00, Li Qiwei forwarded the announcement and said: “the trading volume is very low, CBOE Gemini bitcoin auction settlement platform based on the price, it is easy to manipulate.
In addition, the Chicago futures exchange settlement is based on index based, it is more difficult to control.” “If someone in the CBOE futures settlement, holding large positions, he will push the high bit coin in Gemini auction price, in order to obtain more profits.
A short futures will do the opposite. So by manipulating the bitcoin auction price can easily affect bitcoin futures prices, will also affect the Gemini spot trading prices, the bit currency prices will be very unstable.”