Bitcoin
Cryptocurrency Market Bloodbath as Mt. Gox Bitcoin (BTC) Payout Looms
The world’s largest cryptocurrency has been under pressure lately due to news of the collapse of bitcoin exchange Mt. Gox, which is preparing to distribute around $9 billion worth of coins to users.
Nurphoto | Getty Images
Rival token ether fell about 9% to $2,872.10.
In total, the entire cryptocurrency market has lost more than $170 billion in combined market capitalization over the past 24 hours, according to data from CoinGecko.
On Friday, Mt. Gox bankruptcy trustee Nobuaki Kobayashi said in a declaration which had begun making payments in bitcoin and bitcoin cash to some of the creditors through a number of designated cryptocurrency exchanges.
The Mt. Gox administrator did not specify how much money was transferred to these exchanges.
He noted that the remaining funds would be returned to creditors once a number of conditions were met, including confirmation of the validity of registered accounts and completion of discussions between the trustee and designated cryptocurrency exchanges.
The trustee is still working to ensure that repayments “can be made safely,” Kobayashi wrote, asking that “creditors eligible for rehabilitation please wait a little while.”
This happened after a small amount of bitcoin was moved from wallets associated with Mt. Gox, according to blockchain analytics firm Arkham Intelligence, with the largest movement being a $24 transfer to Japanese cryptocurrency exchange Bitbank.
Bitbank is among the beneficiaries listed to support refunds.
Recently, the world’s largest cryptocurrency has been pressured by news of the collapse of bitcoin exchange Mt. Gox, setting up the distribution of approximately US$9 billion of coins to users.
This dumping of coins into the market is expected to lead to some significant selling action.
The drop in cryptocurrency prices has led to massive liquidations in derivatives markets, according to crypto data firm Coinglass, which suggests that 229,755 traders had their positions worth a combined $639.58 million liquidated in the past 24 hours. Of that, $540.46 million represented long trades — financial positions taken when an investor expects an asset’s price to appreciate in the long term.
Also putting pressure on cryptocurrency markets, the German government on Thursday sold about 3,000 bitcoins — worth approximately $175 million at today’s prices — from a pile of 50,000 bitcoins seized in connection with the movie piracy operation Movie2k, according to Arkham Intelligence.
Arkham, which is monitoring Germany’s bitcoin wallet, noted that the government still holds more than 40,000 bitcoins, valued at more than $2 billion.
Industry experts still expect bitcoin prices to rise again later in the year as expected short-term selling pressure from Mt. Gox payments eases.
Analysts at crypto data and research firm CCData said in a report Tuesday that bitcoin had not yet reached the top of its current appreciation cycle and will likely reach a new all-time high.
Historical market “cycles” have shown that the so-called bitcoin halving event — which cuts off the supply of new bitcoins to the market — has always preceded a period of price expansion that can last between 12 and 18 months “before producing a cycle top,” CCData said in its report.
The last Bitcoin halving occurred on April 19th this year, so these historic deadlines have not yet passed.
“Furthermore, we observed a decline in trading activity on centralized exchanges for nearly two months following the halving event in previous cycles, which appears to have mirrored this cycle. This suggests that the current cycle could expand further into 2025,” CCData said.
Tom Lee, co-founder and head of research at Fundstrat Global Advisors, told CNBC:Sound box“on Monday he Still Sees Bitcoin Hitting $150,000 Despite “Excess” From Upcoming Mt. Gox Disbursement of tokens to creditors.
“If I were investing in crypto, knowing that one of the biggest gluts was going to disappear in July, I would think that would be a reason to expect a pretty sharp recovery in the second half,” Lee said.
Investors are still waiting for the launch of an ether exchange-traded fund in the US, which would occur after the approval of the first US spot bitcoin ETF in January.
In May, the U.S. Securities and Exchange Commission approved a rule change that would pave the way for ETFs that buy and hold ether.
VanEck, BlackRock, Bitwise and Galaxy Digital are among the companies looking to launch their own ether ETFs.
Bitcoin
What to watch for in the markets
Photo: Andrew Harnik (Getty Images)
After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.
Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job
Let’s take a look at what awaits us:
Major companies will release their earnings reports
Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.
Monday
- Verizon will report earnings before the start of operations.
Tuesday
- Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
- Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
- Alphabet and Visa will report results after the market closes.
Wednesday
- AT&T will release its report before the market opens.
- Ford and Chipotle will report earnings after the market closes.
Thursday
- Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.
Trump to speak at Bitcoin conference
Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.
In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.
Ether ETFs are on the way
New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.
Bitcoin
Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency
Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.
That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.
Bitcoin
Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.
Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.
According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.
“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”
Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.
BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.
The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.
Source: Chris BurniskeX
Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).
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Bitcoin
Here’s the next target for BTC before bulls can hold out for $70K
Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.
Technical analysis
Per NegotiationRage
The daily chart
As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.
The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.
The 4-hour chart
Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.
While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.
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