It turns out last week’s rally was short-lived, with bitcoin pulling back after reaching as high as $13,500. People in the industry I’ve spoken with are still mindful of last year’s plunge, and say they would rather see the market gain steam more gradually. “Once a new base is formed, prices are likely to move higher,” said Bill Herrmann, managing partner at the investment management firm Wilshire Phoenix.
After months of relative quiet, crypto exchanges will be grateful for the volatility, which translates into revenue from trading fees. Amid the price action, Gemini said it was opening a Chicago office—picking up where Coinbase left off just a few months ago, with some of the same employees. This week, I caught up with Tyler Winklevoss, Gemini’s CEO, about how the exchange’s plans are evolving, which you can read more about below.