As part of our mission **_to build the future of money_**_,_ we have built an institutional-grade exchange that operates on the principles of security, regulation, and compliance while providing our customers with speed and reliability. This has made Gemini a cornerstone of cryptocurrency markets and we believe it is important that our market data helps power and enhance cryptocurrency indices and financial products that are integral to moving our industry forward.

To that end, we are excited to announce that we will be joining the **CME CF Bitcoin Reference Rate (BRR), CME CF Bitcoin Real Time Index (BRTI),** and six other cryptocurrency indices provided by CF Benchmarks.  As a constituent of the BRR, Gemini’s market data will be used to help price the CME Group’s Bitcoin Futures contract ([contract specifications](https://www.cmegroup.com/trading/equity-index/us-index/bitcoin_contract_specifications.html) | [fact sheet](https://www.cmegroup.com/trading/bitcoin-futures.html)).

Implementation is scheduled for Friday, **August 30th**, **2019 4:30pm BST**.

As part of joining the BRR, we had to meet the CME Group’s eligibility criteria for quality of data submitted, market surveillance practices, security, and regulation. We appreciate these standards and look forward to continuing to build trust in crypto; **trust is our product**.

Please visit our website to learn more about accessing our [APIs and consuming Gemini market data](https://docs.gemini.com/rest-api/), and our [institutional offering](https://gemini.com/institutions/) as well as cross-connects to our matching engine.

Onward and Upward,

Team Gemini

Gemini will join the CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real Time Index (BRTI)

The secure way to buy, sell, store and convert crypto. Millions use Gemini to diversify their portfolios.

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Weekly Market Update

031524

Crypto Continues to Waver Amid Broad Selloff, While Centralized Exchanges See Uptick In Trading Volumes

In Gemini’s latest analyst note, [“The Fed & Crypto: Lessons From Previous Easing Cycles,”](https://www.gemini.com/institutions/insights) we look at the relationship between the Federal Reserve’s interest rate policy and cryptocurrency prices.

The report, produced in conjunction with research firm Praxis Veritas, had a few key takeaways: 

- __Markets respond positively to mid-cycle rate cuts:__ Historically, markets have reacted well to mid-cycle rate cuts, less so when they cut during a recession or external event that forces their hand. The expected rate cut in September is an example of the former, which bodes well for a spectrum of risk assets including crypto. 

- __Current economic data is not pointing to a recession:__ Despite the recent slowdown in hiring and other concerning  economic indicators, the likelihood of a recession remains low when combining available information about the state of economic growth drivers. Financial conditions should remain accommodative or ease further if previous experience holds. 

- __There’s a long-term inverse relationship between financial conditions and crypto prices__: When there was significant easing in financial conditions in 2016-17 and 2020-21, the price of bitcoin appreciated significantly (as well as in 2019 and late 2023). On the other hand, episodes of significant tightening in the FCI occurred around the bear markets of 2018 and 2022. The upcoming easing in financial markets should be a greenshoot for crypto. 

- __Easing financial conditions could hurt bitcoin’s dominance:__ Over the past six or seven years, bitcoin has shown to be less dominant when federal monetary policy eases, while alt coins make up a larger share of the market. Historically, it has taken about nine months for the changing fiscal policy to impact the crypto market. 

Onward and Upward,<br> 
Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

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View the full report for a comprehensive analysis of factors driving long-term crypto growth.

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Gemini will join the CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real Time Index (BRTI)

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Crypto Continues to Waver Amid Broad Selloff, While Centralized Exchanges See Uptick In Trading Volumes

The Fed & Crypto: Lessons From Previous Easing Cycles

Harris Campaign Weighs In On Crypto, Bitcoin Volatility Remains High, and Wall Street Giants Load Up on Spot BTC ETFs

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