Bitcoin
Bitcoin (BTC) Price Shrugs Off Another $2 Billion Mt. Gox Distribution
Bitcoins (BTC) the price barely budged after Mt. Gox, the now-defunct Japanese exchange, unloaded another $2 billion worth of tokens on Tuesday night, moving closer to completing its $9 billion asset distribution that has been a major source of concern for investors.
Blockchain data from Arkham Intelligence shows that addresses linked to Mt. Gox moved 47,229 BTC worth approximately $3.1 billion between internal wallets and then transferred nearly 34,000 BTC worth $2.3 billion to new addresses shortly before midnight UTC on Tuesday. Arkham analysts said the recipient was likely BitGo, the last of five cryptocurrency service providers where creditors will be able to recover their funds.
Following today’s moves, Mt. Gox wallets held $3 billion worth of BTC, down from $9 billion last month, according to data from Arkham.
Previous instances Large transfers from Mt. Gox triggered price declines, but today’s steady price action signals that traders may have overcome fears of selling pressure. Bitcoin fell 0.4% from $66,000 immediately after the transaction during the Asian trading session, but later recovered to around $66,500 by U.S. time.
The distribution of a total of $9 billion in bitcoins – and a smaller amount of bitcoin cash (BCH) – Mt. Gox, once the largest bitcoin exchange before it imploded in 2014 due to a hack, has weighed on cryptocurrency market sentiment as investors worry that creditors are selling assets to realize profits from 10 years of price appreciation. The fund that manages Mt. Gox’s assets began distributing assets in July by sending tokens to exchanges including Kraken and Bitstamp to creditors who opted to receive their claims in digital assets rather than fiat money.
“From a psychological perspective, this represents the final chapter in a major market overload on the industry,” Glassnode said. report said this week.
Glassnode analysts examined the cumulative volume delta (CVD) on Kraken and Bitstamp, and saw only a small increase in BTC selling following the days when lenders received tokens on the platforms. CVD measures the net difference between spot buying and selling volumes on centralized exchanges.
“This adds a bit more evidence to our thesis that creditors may be best viewed as having the mindset of long-term holders for now,” the report added.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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