Bitcoin
Bitcoin Rebounds 5% as Analysts Argue Mt. Gox Fears Are Overblown
Investors can breathe a sigh of relief as net inflows into US spot Bitcoin ETFs have exceeded net outflows worth US$31 million for the first time in two weeks, according to data analytics platform SoSovalue.
This new vote of confidence in Bitcoin by institutional investors coincided with the Bitcoin Price recovering from $59,495 to $61,485 at the time of writing, a 3.5% increase after Bitcoin surpassed the $60,000 mark on June 25.
Fidelity’s FBTC fund saw the largest inflow of US$49 millionwhile Bitwise’s BITB fund witnessed an influx of US$15 million. Meanwhile, Grayscale’s GBTC fund recorded the largest outflow of US$30 million.
Bitcoin ETFs had a huge sell-off, with net outflows in US$714 million in the previous five trading sessions. The liquidation intensified on June 24, when the trustees of Mt. Gox announced that the creditors of Monte. Gox would start receiving refunds starting next week.
Another factor in the rise in Bitcoin’s price is the likely liquidation of derivatives. Almost US$ 62 million amounts in short positions were liquidated, which represented the vast majority of total liquidations that occurred in the last 24 hours.
A note from the Off the Chain Capital trading desk shared with Decrypt suggests that Mt. Gox’s creditors, who will begin receiving refunds from next week, may not be too keen on offloading their decade-old assets.
“After Mt. Gox distributions are made, I believe the market will generally not begin dumping the assets immediately because I do not see as many credit holders selling their Bitcoins once received as might have happened if they had received them several years ago. ”Brian Dixon, CEO of Off the Chain Capital, wrote in the note.
The reason, he added, is that Bitcoin has matured considerably since Mt. Gox filed for bankruptcy in 2014.
“The claim holder should ask themselves if they need this money for anything or if they are better off holding Bitcoin as a long-term store of value,” Dixon wrote, adding that BTC has been the best-performing asset in 12 of the last 15 years.
The sentiment was shared by Alex Thorn, head of research at Galaxy Research.
“Creditors have been stuck in Mt. Gox bankruptcy for over 10 years – finally administrator says in-kind distribution of #BTC #BCH will begin in July. We believe that fewer coins will be distributed than people think and that this will cause less #bitcoin selling pressure than the market expects,” Thorn tweeted.
In a follow-up tweet, Thorn stated that individual creditors are unlikely to sell their earnings as they are long-term holders and noted that they have had the option to sell their claims for nearly a decade. He added that the sale of recovered BTC would also incur significant capital gains tax for US creditors, as Bitcoin has soared substantially over the past decade.
Edited by Stacy Elliott.
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.
Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market
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.
Getty Images
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.”
Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious
Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
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.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.
CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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.
“The evaluation of $ 18 trillion of Bitcoin is just around the corner” – Larry Lepard
Lyn Alden – “Many are not aware of what is really happening with Bitcoin and Crypto”
“A huge BTC rally is coming! There will be many surprise” – Jeff Booth
“The strategic battle of the BTC reserve has started! Millions will buy Crypto” – Raoul Pal and Dan Morehead
James Lavish – “How Trump’s Bitcoin Plan Could Make America the Financial Superpower”
Bitcoin soars above $63,000 as money flows into new US investment products
Ethena downplays danger of letting traders use USDe to back risky bets – DL News
Zodialtd.com to revolutionize derivatives trading with WEB3 technology
FRA Strengthens Cryptocurrency Practice with New Director Thomas Hyun
Bitcoin Fails to Recover from Dovish FOMC Meeting: Why?
“The evaluation of $ 18 trillion of Bitcoin is just around the corner” – Larry Lepard
Lyn Alden – “Many are not aware of what is really happening with Bitcoin and Crypto”
“A huge BTC rally is coming! There will be many surprise” – Jeff Booth
“The strategic battle of the BTC reserve has started! Millions will buy Crypto” – Raoul Pal and Dan Morehead
James Lavish – “How Trump’s Bitcoin Plan Could Make America the Financial Superpower”
-
News6 months agoBitcoin soars above $63,000 as money flows into new US investment products
-
DeFi6 months agoEthena downplays danger of letting traders use USDe to back risky bets – DL News
-
DeFi6 months agoZodialtd.com to revolutionize derivatives trading with WEB3 technology
-
News6 months agoFRA Strengthens Cryptocurrency Practice with New Director Thomas Hyun
-
Markets6 months agoBitcoin Fails to Recover from Dovish FOMC Meeting: Why?
-
DeFi9 months ago👀 Lido prepares its response to the recovery boom
-
DeFi8 months agoPancakeSwap integrates Zyfi for transparent, gas-free DeFi
-
Videos8 months agoBlackRock and Wall Street ready to take Bitcoin directly to $200,000 – Anthony Scaramucci
-
DeFi9 months ago
🏴☠️ Pump.Fun operated by Insider Exploit
-
Videos9 months agoThis is the exact and unique time to sell your crypto asset – Raoul Pal
-
Videos9 months ago“BlackRock HAS UNLEASHED a massive multi-trillion monster” – Lyn Alden and Eric Balchunas
-
DeFi9 months ago
🚀 S&P says tokenization is the future