Crypto exchange Gemini has admitted to a major mistake committed during the Bitcoin price rise journey.
Gemini had said on Wednesday 13th November that it had sent out an incorrect Bitcoin price alert claiming the asset was worth over $100,000. The mistake comes as Bitcoin prices have been climbing continuously to hit a new all-time high value almost every day.
Gemini Apologizes For Incorrect Bitcoin Prices
Following reports from users on X that they received an email on November 13 stating that Bitcoin had reached $110,000, the exchange issued an apology.
In fact, after President-elect Donald Trump’s ascent, market confidence surged, propelling Bitcoin to an all-time high of $93,000. The mistake likely came instead of this ATH level.
Some users hypothesized that the warning might have been set off too soon by an intern or employee. This might have happened as a result of a mistake in the warning system’s setup or a misreading of the market price.
Bitcoin Prices Surge To ATH Over Rise In Optimism
Bitcoin prices reached a new all-time high following the US 2024 elections and MicroStrategy’s significant acquisition of the cryptocurrency.
The prices of Bitcoin have been afloat hitting new all-time highs every day. At the press time, Bitcoin is trading at $90,790.32, up over 3.39% compared to the same time last day. This level came after the biggest cryptocurrency in the world, peaked at $93,480 on Wednesday before reversing its gains.
These movements have emerged as one of the most notable movements in the week following the election.
Bitcoin has achieved this noteworthy milestone after previously surging by an unexpected 8% in a single day, reaching a new all-time high of almost $89,560.
An increasing interest for the cryptocurrency has led to a noteworthy increase in money inflows into cryptocurrency investment vehicles over the past week, which has helped to fuel Bitcoin’s remarkable rise.
During his campaign, Trump embraced digital assets, vowing to build a national Bitcoin stockpile and turn the US into the “crypto capital of the planet.”
Investors in cryptocurrencies believe that Trump will cease the Securities and Exchange Commission’s increasing scrutiny over the sector, and bring a wider scale adoption in the market.
In September, Trump and his sons revealed World Liberty Financial, a new cryptocurrency company making it evident that they were in favor of the advancement of the sector.
Significant institutional investment inflows have been the main driver of the current Bitcoin boom. Investors are progressively moving their allocations from conventional safe-haven commodities like Gold and Silver ETFs to Bitcoin as the cryptocurrency’s market value reached $1.73 trillion for the first time in more than three years.