The failure of Gemini is finally breaking down this illusion that Wall Street will soon want to buy up bitcoins.
This is important because this desperate hope was one of the main things that kept the price from falling.

I think that it will take about a week before it's clear to everyone and then the first miners will start to unload their accumulated coins.
The Winklevii are the kind of snake oil salesmen who believe in their own product, so they just mess up the scam entirely.