Markets
Bitcoin Falls Below $68,000 After $9 Billion Mt. Gox Transfer
This article originally appeared in First moverCoinDesk’s daily newsletter, which puts the latest moves in cryptocurrency markets into context. Sign up to receive it in your inbox every day.
Latest prices
(CoinDesk)
Top stories
Bitcoin subsequently fell below $68,000 wallets belonging to Mt. Gox transferred $9 billion worth of BTC at an unknown address, in the early hours of the Asian morning. The settlement is likely part of a plan to repay creditors by October 31. BTC fell to as low as $67,680, a decline of more than 1.5% in the past 24 hours, after trading above $70,000 on Monday. Bitcoin later appeared to shake off the decline to recover $68,000 during the European morning. At the time of writing it is just under $68,500, essentially unchanged in the last 24 hours. Meanwhile, the CoinDesk 20 index (CD20) rose by around 0.3%.
Solana validators are set to get a little more SOL tokens after a governance proposal to give them 100% priority fees it passed Monday night with 77% in favor. In the previous model, half of the fees in a priority transaction were written off while the other half went to the validators. This created a situation where validators were said to make “side deals” with transaction originators to get more SOL, as per the proposal creator’s tao-stones on the Solana governance forum. Giving all priority commissions to validators would ensure that validators are more focused on maintaining the security and smooth operation of the network, tao-stones said. SOL is up about 1.15% over the past 24 hours, trading at around $167.70, according to data from CoinDesk Indices.
Elwood Technologies, the cryptocurrency-focused trade execution and risk management platform Backed by billionaire hedge fund manager Alan Howard, it is in talks to sell part of the businessaccording to people familiar with the situation. Elwood is focusing on its existing portfolio management and risk management software-as-a-service business and less on the trading side, one of the people said. Howard’s ongoing reorganization of his cryptocurrency investment portfolio has led to changes at Elwood, another person said. Earlier this year, Bloomberg reported that Howard was looking to sell his holdings in cryptocurrency exchange Bitpanda and custodian firm Copper to focus on Brevan Howard Digital.
Chart of the day
(CryptoQuant)
-
The chart shows the realized price and profit/loss margin of short-term bitcoin holders
-
This indicates that there should now be less selling pressure from traders as unrealized profits are only 3% compared to 69% when bitcoin reached $70,000 in March.
-
“According to this indicator, the heavy selling has dried up,” Julio Moreno, head of research for CryptoQuant, said in an X post on Monday.
-
Source: CryptoQuant
The story continues
-Jamie Crawley