You hope that everyone would be none the wiser. “In reality, DCG absorbed none of these losses and instead entered into a bogus long-dated promissory note to make it look like it did so without ever sending as much as a penny to Gemeni,” reads the letter.Ĭameron Winklevoss alleges that Silbert and DCG engaged in this fraudulent transaction and subsequent accounting fraud to buy time to dig themselves out of the $1.2 hole that 3AC blew into Genesis.
Please visit our Cryptopedia Site Policy to learn more.$0.00028623 -0.55% Terra Classic (Wormhole)Īccording to the letter, in June and July 2022, Silbert, DCG, and Genesis “knowingly lied” to creditors, Earn users, and Gemini to make them believe that DCG absorbed the $1.2 billion the crypto lender incurred from the collapse of Three Arrows Capital (3AC).
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A qualified professional should be consulted prior to making financial decisions.
The information provided on the Site is for informational purposes only, and it does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. The opinions and views expressed in any Cryptopedia article are solely those of the author(s) and do not reflect the opinions of Gemini or its management. In general, arbitraging cryptocurrency trading pairs is an advanced trading strategy and not recommended for novice cryptocurrency traders.Ĭryptopedia does not guarantee the reliability of the Site content and shall not be held liable for any errors, omissions, or inaccuracies. This creates illiquidity in the market, which in turn creates an opportunity for arbitrage. However, correlation tends to decrease if you’re using trading pairs with limited trading volume or trading on an exchange that isn't widely used. BTC is the most widely traded digital asset and the most integrated into the cryptocurrency market. Some cryptocurrencies are more correlated with one another across exchanges than others, and arbitrage opportunities arise when correlation is low. Which Cryptocurrency Pairs Aid in Arbitrage Opportunities?Ĭhoosing cryptocurrency pairs to implement an arbitrage trading strategy can be complicated. In addition, many exchanges offer stablecoin trading pairs, usually pegged to USD. Before diving into trading pairs, investors should confirm which base currencies are accepted at their exchange of choice as well as which trading pairs the exchange offers. In most cases, the most popular cryptocurrencies (BTC, ETH) serve as base currencies, but accepted base currencies will vary for each exchange. If you’re seeking a lesser-known crypto on an exchange, you’ll likely need to own one of the base currencies listed in a pair before you can trade. The same principles apply to crypto assets. In this case, the USD serves as the base currency. An American traveling to Italy will want to convert USD into the Italian currency, the Euro. Base currencies are a common tool for comparing exchange rates across fiat currencies in different countries. A base currency is a way to denote an agreed-upon value of different assets.
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To take full advantage of crypto trading pairs, you need to understand base currencies. What Is a Base Currency and Why Is It Important? Many crypto exchanges offer pairings for cryptocurrencies and fiat currencies like the U.S. The most versatile cryptocurrency pairs to trade are usually BTC and ETH, as they’re offered by most exchanges.
For example, if you own BTC, then you can trade with any pairing listed on an exchange that includes BTC. Exchanges usually offer several pairing options, which gives you the chance to choose a pairing based on currencies you already possess. These pairings help illustrate the relative worth of specific crypto assets - e.g., how much BTC equals in ETH, and how much ETH equals in BCH. Cryptocurrency pairs allow you to compare costs between different cryptocurrencies.
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