Bitcoin

Mt. Gox begins paying bitcoin to creditors a decade after collapse

Published

7 months ago

5 July, 2024

SatoshiTimes Staff

The administrator of Mt. Gox, the Japanese bitcoin exchange that filed for bankruptcy a decade ago, said Friday that the company has started making payments in bitcoin and bitcoin cash to some of its creditors.
The announcement goes on to say that refunds to other users of the hacked exchange would be “made promptly” once a certain set of conditions were met.
Customers of the Tokyo-based exchange waited 10 long years to get their money back.

Thomas Trutschel | Photo Library | Getty Images

The administrator of Mount Gox, the Japanese bitcoin stock exchange that went bankrupt a decade ago, on Friday he said that the company has started making payments in bitcoin and bitcoin cash to some of its creditors.

The announcement added that refunds to other users of the hacked exchange would be “made promptly” if they met certain conditions, including passing account verification as well as subscribing to one of the designated digital asset exchanges through which the bankrupt estate is facilitating disbursements in digital tokens.

“We ask creditors eligible for rehabilitation to please wait a while,” the statement continued.

The price of bitcoin has fallen nearly 6% in the last 24 hours.

Customers of the Tokyo-based exchange have been waiting 10 years to get their money back.

Once the world’s largest cryptocurrency exchange, Mt. Gox filed for bankruptcy in February 2014 after a series of heists that saw up to 950,000 bitcoins — worth more than $58 billion at current prices — disappear.

Mt. Gox blamed the bitcoin disappearance on a bug in the cryptocurrency’s structure. While users were receiving incomplete transaction messages when accessing the exchange, the coins may have been illicitly moved out of their accounts by hackers, Mt. Gox said.

After filing for bankruptcy, 140,000 of the missing bitcoins were recovered — meaning that approximately $9 billion worth of bitcoin will be returned to its owners, at today’s prices. Bitcoin was trading at around $600 at the time of the bankruptcy. Today, it is worth over $54,000 — an increase of almost 9,000%.

According to data from Arkham Intelligence, Mt. Gox moved billions of dollars worth of bitcoin from its cryptocurrency wallets on Thursday and Friday ahead of the payment memo.

More than 47,000 bitcoins worth $2.7 billion have been moved from an offline cryptocurrency wallet associated with Mt. Gox, Arkham Intelligence reported Friday.

A portion of the funds, worth $84.9 million, was sent to Japanese cryptocurrency exchange Bitbank, which is listed among the platforms that support refunds for Mt. Gox users, according to Arkham. Another $63.6 million in bitcoin was sent to an unknown counterparty, which Arkham said was “likely a listed refund exchange.”

Mt. Gox wallets continue to hold 138,985 bitcoins, valued at about $7.5 billion at current prices, according to Arkham, meaning billions of dollars worth of cryptocurrency have yet to be paid out.

Analysts previously told CNBC that Expect Mt. Gox Payment Plan to Lead to Some Heavy Bitcoin Sellingalthough this is likely to be short-lived and precede further price gains later this year and into early 2025.

John Glover, chief investment officer at cryptocurrency lending firm Ledn, told CNBC that the windfall for Mt. Gox users would likely translate into large bitcoin selloffs as investors look to lock in gains.

“Many will clearly cash out and take advantage of the fact that having their assets trapped in the Mt. Gox bankruptcy was the best investment they ever made,” said Glover, who was previously a managing director at Barclays. “Some will clearly choose to take the money and run,” he said in emailed comments.

JPMorgan analysts said in a note last month that they expect Mt. Gox customers to sell some of their bitcoins to cash in on the cryptocurrency’s seismic gains.

“Assuming most of the liquidations of Mt. Gox creditors occur in July, [this] creates a trajectory where cryptocurrency prices come under… pressure in July but begin to recover from August onwards,” they wrote.

Ultimately, the total amount owed to creditors — roughly 140,000 bitcoins — represents roughly 0.7% of the total 19.7 million bitcoins currently in circulation.

Analysts say this means that while it is likely to hit prices, there is enough liquidity available to cushion the impact of any sharp sell-off.

James Butterfill, head of research at CoinShares, told CNBC that the billions of dollars worth of bitcoin traded on reputable exchanges daily this year suggests that “there is sufficient liquidity to absorb these sell-offs during the summer months.”

Jacob Joseph, research analyst at CCData, agreed with this point, saying that markets are more than capable of absorbing the selling pressure.

“In addition, a healthy portion of creditors will likely accept a 10% haircut on their assets to get paid early, and not all assets will be liquidated in the open market, reducing overall selling pressure,” he told CNBC in an email.

Fuente

Up Next

Bitcoin (BTC) Price Drops to $53K, Sending Fear and Greed Index to Lowest Level Since Early 2023

Don't Miss

BTC Prices Drop Below $59K, Dogecoin (DOGE) and Solana (SOL) Plunge

SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Click to comment

Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

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.

Fuente

Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

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.

Fuente

Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

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).

Don’t miss a beat – Subscribe to receive email alerts directly to your inbox

To check Price action

Surf Hodl’s Daily Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Image generated: DALLE3

Fuente

Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

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.

Source: TradingView

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.

Source: TradingView SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).

LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward Up to $2,888, use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the writers quoted. It does not represent the opinions of CryptoPotato about buying, selling, or holding any investments. It is advised that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency Charts by TradingView.

Fuente