Markets
Bitcoin price drops to four-month low as Mt. Gox makes first repayments
Mt. Gox distributed $148.4 million to creditors via the Bitbank exchange.
Cryptocurrency markets continue to plummet as investors fear an influx of heavy selling pressure from Mt. Gox creditors and the German government.
The combined market capitalization fell below $2.2 trillion for the first time since February, marking a 21% decline since hitting a local high of $2.785 four weeks ago.
The price of Bitcoin Bitcoin briefly dipped below $54,000 after falling 8% in less than 12 hours, before staging a modest rebound to climb back above $55,000, according to CoinGecko. Bitcoin is now down 23% in 30 days.
BTC price. Source: CoinGecko.
Ethereum hit a low of $2,831 after falling 10.6% in 11 hours, and last changed hands at $2,941. ETH price is also down 24% in about four weeks, despite expectations that Spot Ether exchange-traded funds could begin trading in the coming weeks.
Despite the bearish performance of BTC and ETH, both assets continue to regain the upper hand as altcoins suffer brutal losses. Bitcoin now accounts for 52.85% of the combined cryptocurrency market cap, while Ethereum is at 17.7%, up from 44.3% and 14.5% respectively since mid-February.
Notable losses from the top 100 altcoins include Arbitrum (ARB) with the third heaviest loss in the last 24 hours at 14.4%, Optimism (OP) with a decline of 13.9%, Notcoin (NOT) with 13.5%, Polkadot (POINT) Down 4.2% and Solana (GROUND) with a modest 2.5% retracement.
Only two of the top 100 cryptocurrencies bucked the trend and posted a gain over the past 24 hours, with MultiversX (EGLD) up 6.2% and Fasttoken (FTN) up 1.9%.
According to CoinGlass, leveraged traders have suffered liquidations worth $570.5 million in the past 24 hours, including $183 million in BTC positions and $137 million in ETH trades.
Combined market capitalization of cryptocurrencies in 2024. Source: CoinGecko.
Mt. Gox Transfers Trigger Wave of Selling
The bearish momentum coincided with Mt. Gox, the former pioneering cryptocurrency exchange, making its first repayments to creditors more than 10 years after halting withdrawals and filing for bankruptcy.
According to Arkham Intelligence, one of Mt. Gox’s wallets made a large transfer of Bitcoin worth $2.71 billion about 12 hours ago — precipitating the sharp decline in crypto markets, Mt. Gox follow up with a transfer of $148.4 million three hours later, before sending $84.9 million worth of BTC to cryptocurrency exchange Bitbank.
On Reddit, user “mikeplus20”published They said they were reimbursed by Mt. Gox via Bitbank. “BTC/BCC coins are already under my control!” “I received exactly the amount shown in the Mt. Gox chart. I use Bitbank as my exchange.”
On July 5, a notice A press release was posted on Mt Gox’s website saying that some of its creditors had been repaid. It added that further repayments would be made once various conditions were met, asking creditors to “bear with it” — suggesting that it could be some time before further distributions are made.
Oddly enough, the link to the ad now shows a 404 error, meaning the ad has been taken offline.
Are Mt. Gox Fears Overblown?
The drama follows a June 24 announcement from the Mt. Gox rehabilitation trustee revealing that the exchange was preparing to begin distributing payments this month.
Although the exchange holds 141,687 Bitcoin and Bitcoin Cash worth about $8 billion, a July 4 report from CoinShares estimated that only 75,000 BTC and BCH will be paid out in the short term – with the first round of payments reserved for creditors who agreed to receive payment before the resolution of civil litigation proceedings in exchange for forfeiting 10% of the funds owed to them.
Yet, with $3.9 billion worth of BTC potentially about to hit the markets, analysts have assigned The recent wave of declines has raised concerns among investors looking to reduce their exposure ahead of repayments. CoinShares estimates that the value of creditors’ holdings has increased by 13,600% since Mt. Gox was shut down in February 2014.
However, not everyone is convinced that Mt. Gox’s distributions are cause for concern.
“For many, this will be a huge tax event if they decide to sell immediately,” said Luke Nolan, associate researcher at CoinShares. “It’s very likely that a large number of creditors will either choose to sell only a small portion of their holdings or hold on to them for the time being.”
“Many early adopters of Mt. Gox, as well as lenders, are long-time Bitcoin enthusiasts who are less likely to sell all of their Bitcoin right away,” OKX Chief Commercial Officer Lennix Lai told The Defiant.
German Authorities Appear to Have Sold $483.8 Million of BTC in 16 Days
Large Bitcoin transfers from wallets linked to German authorities have also spooked investors.
On January 30, German police announcement They had seized 50,000 BTC ($2.1 billion at the time) in Bitcoin from an individual who worked for Movie2k, a popular website that distributed pirated movies between 2008 and 2013. The individual had been in custody since his arrest on suspicion of money laundering in 2019, and recently agreed to transfer his BTC holdings to German authorities while cooperating with police.
A wallet reported The German government-owned Arkham wallet began making large transfers to cryptocurrency exchanges on June 19, sparking fear in the markets. So far, the wallet has dump 8,774 BTC ($483.8 million at current prices), including 4,774 BTC since the beginning of July.
History of the BTC balance of the German government wallet. Source: Arkham Intelligence.
About four hours ago, the wallet transferred 547,439 BTC worth $30 million to Flow Traders, a market-making company.
“Taking previous law enforcement sales, such as the Silk Road case, as a benchmark, they did not result in a sustained catastrophic drop in prices, indicating that the market tends to hold enough liquidity to absorb the selling,” Lai said.
Over the past 24 hours, Jupiter and JasmyCoin emerged as the top gainers among the top 100 crypto assets, while Bittensor and Mantra plunged as the top losers.
Top Winners
Jupiter
Jupiter (JUP) led the charge among the biggest gainers on July 27.
At the time of writing, the crypto asset had surged 12.6% in the past 24 hours and was trading at $1.16. JUP’s daily trading volume was hovering around $282 million, according to data from crypto.news.
JUP Hourly Price Chart, July 26-27 | Source: crypto.news
Additionally, the cryptocurrency’s market cap stood at $1.56 billion, making it the 62nd largest crypto asset, according to CoinGecko. Despite the recent price surge, the token is still down 42.6% from its all-time high of $2 reached on Jan. 31.
Jupiter functions as a decentralized exchange aggregator that allows users to trade Solana-based tokens. The platform also offers users the best routes for direct trades between multiple exchanges and liquidity pools.
In addition to being a DEX aggregator, Jupiter has expanded into a “full stack ecosystem” by launching several new projects, including a dedicated pool to support perpetual trading and plans for a stablecoin.
JasmyCoin
JasmyCoin (JASMI) has increased by 12% in the last 24 hours and is trading at $0.0328 at press time. JASMY’s daily trading volume has increased by 10% in the last 24 hours, reaching $146 million.
JASMY Hourly Price Chart, July 26-27 | Source: crypto.news
The asset’s market cap has surpassed the $1.5 billion mark, making it the 60th largest cryptocurrency at the time of reporting. However, the self-proclaimed “Bitcoin of Japan” is still down 99.3% from its all-time high of $4.79 on February 16, 2021.
JASMY is the native token of Jasmy Corporation, a Japanese Internet of Things provider. The platform seeks to merge the decentralization of blockchain technology with IoT, allowing users to convert their digital information into digital assets.
The initiative was launched by Kunitake Ando, former COO of Sony Corporation, along with Kazumasa Sato, former CEO of Sony Style.com Japan Inc., Hiroshi Harada, executive financial analyst at KPMG, and other senior executives from Japan.
Kaspa
Kaspa (KAS) saw a 100% increase in trading volume and an 8% increase in price over the past 24 hours, trading at $0.19 at the time of publication.
KAS Hourly Price Chart, July 26-27 | Source: crypto.news
According to data from CoinGecko, Kaspa now ranks 27th in the global cryptocurrency list, with a circulating supply of approximately 24.29 billion KAS tokens and a market capitalization of $4.59 billion.
Kaspa is a cryptocurrency designed to deliver a high-performance, scalable, and secure blockchain platform. Its unique Layer-1 protocol includes the GhostDAG protocol, a proof-of-work (PoW) consensus mechanism that enables faster block times and higher transaction throughput compared to standard blockchains.
Unlike Bitcoin, GhostDAG allows multiple blocks to be created simultaneously, speeding up transactions and increasing block rewards for miners.
Bonk
Bonk (BONK) is the only one coin meme which made it to this list of biggest gainers and jumped 8.6% in the last 24 hours. Trading at $0.000030, the Solana-based meme coin’s market cap has surpassed $2.1 billion, surpassing Floki (FLOKI), another competing dog-themed coin with a market cap of $1.78 billion.
BONK Hourly Price Chart, July 26-27 | Source: crypto.news
BONK’s daily trading volume hovered around $285 million. However, BONK is still down 33.5% from its all-time high of $0.000045, reached on March 4.
Bonk, a meme coin that rose to prominence in 2023, has contributed significantly to Solana’s value increase amid the meme coin frenzy.
Bonk started out as a simple dog-themed coin. It has since expanded its features to include integration with decentralized finance. The project also partners with cross-chain communication protocols, NFT marketplaces, and various other cryptocurrency ecosystems.
BONK trading pairs are now listed on major exchanges including Binance, Coinbase, OKX, and Bitstamp.
The big losers
Bittensor
Bittensor (TAO) was the biggest loser among the 100 largest crypto assets, according to data from CoinGecko.
At the time of writing, TAO, the native token of decentralized AI project Bittensor, was down 5%, trading around $344. The crypto asset had a daily trading volume of $59 million and a market cap of $2.43 billion.
TAO 24 Hour Price Chart | Source: CoinGecko
Bittensor, created in 2019 by AI researchers Ala Shaabana and Jacob Steeves, initially operated as a parachain on Polkadot before transitioning to its own layer-1 blockchain in March 2023.
Mantra
Mantra (OM) fell 6%, trading at $1.13 at press time. The digital currency’s market cap fell to $938 million. Additionally, the 82nd largest crypto asset has a daily trading volume of $26 million.
OM Price Hourly Chart, July 26-27 | Source: crypto.news
Mantra is a modular blockchain network comprising two chains, Manta Pacific and Manta Atlantic, specialized in zero-knowledge applications.
Coat
Coat (MNT) also saw a 2.4% drop in price, now trading at $0.8413. Currently, Mantle has a market cap of around $2.75 billion, which ranks 36th in the global cryptocurrency rankings by market cap, according to price data from crypto.news.
MNT Hourly Price Chart, July 26-27 | Source: crypto.news
Over the past 24 hours, MNT trading volume also fell by 6%, reaching $240 million.
Mantle, formerly known as BitDAO, is an investment DAO closely associated with Bybit. The MNT token is essential for governance, paying gas fees on the Mantle network, and staking on various platforms.
Built on the Ethereum network, Mantle provides a platform for decentralized application developers to launch their projects. It has become particularly popular for GameFi applications, leading to the formation of an internal Web3 gaming team.
Markets
Bitcoin Price Drops to $67,000 Despite Trump’s Pro-Crypto Comments, Further Correction Ahead?
Pioneer cryptocurrency Bitcoin has registered a 1.13% decline in the past 24 hours to trade at $67,400. Despite a strong pro-crypto stance from US presidential candidate Donald Trump at the Bitcoin 2024 conference, this massive selloff has raised concerns in the market about the asset’s sustainability at a higher price. However, given the recent three-week rally, a slight pullback this weekend is justifiable and necessary to regain the depleted bullish momentum.
Bitcoin Price Flag Formation Hints at Opportunity to Break Beyond $80,000
The medium-term trend Bitcoin Price remains a sideways trend amidst the formation of a bullish flag pattern. This chart pattern is defined by two descending lines that are currently shaping the price trajectory by providing dynamic resistance and support.
On July 5, BTC saw a bullish reversal from the flag pattern at $53,485, increasing its asset by 29.75% to a high of $69,400. This recent spike followed the market’s positive sentiment towards the Donald Trump speech at the Bitcoin 2024 conference in Nashville on Saturday afternoon.
Bitcoin Price | Tradingview
In his speech, Trump outlined several pro-crypto initiatives: he promised to replace SEC Chairman Gary Gensler on his first day in office, to establish a Strategic National Reserve of Bitcoin if elected, to ensure that the U.S. government holds all of its assets. Bitcoin assets and block any attempt to create a central bank digital currency (CBDC) during his presidency.
He also claimed that under his leadership, Bitcoin and cryptocurrencies will skyrocket like never before.
Despite Donald Trump’s optimistic promises, the BTC price failed to reach $70,000 and is currently trading at $67,400. As a result, Bitcoin’s market cap has dipped slightly to hover at $1.335 trillion.
However, this pullback is justified, as Bitcoin price has recently seen significant growth over the past three weeks, which has significantly improved market sentiment. Thus, price action over the weekend could replenish the depleted bullish momentum, potentially strengthening an attempt to break out from the flag pattern at $70,130.
A successful breakout will signal the continuation of the uptrend and extend the Bitcoin price forecast target at $78,000, followed by $84,000.
On the other hand, if the supply pressure on the upper trendline persists, the asset price could trigger further corrections for a few weeks or months.
Technical indicator:
- Pivot levels: The traditional pivot indicator suggests that the price pullback could see immediate support at $64,400, followed by a correction floor at $56,700.
- Moving average convergence-divergence: A bullish crossover state between the MACD (blue) and the signal (orange) ensure that the recovery dynamics are intact.
Related Articles
Frequently Asked Questions
A CBDC is a digital form of fiat currency issued and regulated by a country’s central bank. It aims to provide a digital alternative to traditional banknotes.
The proposal for a strategic national Bitcoin reserve is a major confirmation of Bitcoin’s legitimacy and potential as a reserve asset. Such a move could position Bitcoin in a similar way to gold, potentially stabilizing its price and encouraging other countries to adopt similar strategies.
Conferences like Bitcoin 2024 serve as essential platforms for networking, knowledge sharing, and showcasing new technologies within the cryptocurrency industry.
Markets
Swiss crypto bank Sygnum reports profitability after surge in first-half trading volumes – DL News
- Sygnum says it has reached profitability after increasing transaction volumes.
- The Swiss crypto bank does not disclose specific profit figures.
Sygnum, a Swiss global crypto banking group with approximately $4.5 billion in client assets, announced that it has achieved profitability after a strong first half, with key metrics showing year-to-date growth.
The company said in a Press release Compared to the same period last year, cryptocurrency spot trading volumes doubled, cryptocurrency derivatives trading increased by 500%, and lending volumes increased by 360%. The exact figures for the first half of the year were not disclosed.
Sygnum said its staking service has also grown, with the percentage of Ethereum staked by customers increasing to 42%. For institutional clients, staking Ethereum has a benefit that goes beyond the limitations of the ETF framework, which excludes staking returns, Sygnum noted.
“The approval and launch of Bitcoin and Ethereum ETFs was a turning point for the crypto industry this year, leading to a major increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, Chief Client Officer of Sygnum.
He added: “This is also reflected in Sygnum’s own growth, with our core business segments recording significant year-to-date growth in the first half of the year.”
Sygnum, which has also been licensed in Luxembourg since 2022, plans to expand into European and Asian markets, the statement said.
Markets
Former White House official Anthony Scaramucci says cryptocurrency bull market could be sparked by regulatory clarity
Anthony Scaramucci, founder of Skybridge Capital, says the next cryptocurrency bull market could be sparked by a new wave of clear cryptocurrency regulations.
In a new interview On CNBC’s Squawk Box, the former White House communications director said he and two other prominent industry figures traveled to Washington, D.C. to speak to officials about the dangers of Sen. Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s hardline approach to cryptocurrency regulation.
“Mark Cuban, myself, and Michael Novogratz were in Washington a few weeks ago to speak with White House officials and explain the dangers of Gary Gensler and Elizabeth Warren’s anti-crypto approach. I hope that message gets through…
“Overall, if we can get regulatory policy around Bitcoin and crypto assets in sync, we will have a bull market next year for these assets.”
Scaramucci then compares crypto assets to ride-hailing company Uber, saying regulators were initially wary of the service but eventually decided to adopt clear guidelines due to public demand.
“Remember Uber: Nobody wanted Uber. A lot of regulators didn’t want it. Mayors and deputy mayors didn’t want it, but citizens wanted Uber and eventually accepted the idea of regulating it fairly. I think we’re there now.”
The CEO also says young Democratic voters believe their leaders are making the wrong choices when it comes to digital assets.
“I think President Trump’s move toward Bitcoin and crypto assets has shaken Democrats to their core, and I think very smart, younger Democrats are recognizing that they are completely off base with their positions, completely off base with these SEC lawsuits and regulation by law enforcement, and now they need to get back to the center.”
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