Dear PointPay Family,
All the events and news of this week are collected in our article! Find out about the five most interesting news from the past few days.
Bitcoin Plummets to $61,000 Following Mt.Gox Repayment Announcement
Bitcoin’s value dropped to $61,000 after news broke that Mt.Gox, the defunct cryptocurrency exchange, will start repaying creditors. Nobuaki Kobayashi, the rehabilitation trustee, confirmed that Bitcoin (BTC) and Bitcoin Cash (BCH) payments will begin in July 2024. This repayment follows the completion of necessary preparatory measures, including data verification and regulatory compliance. Mt.Gox’s collapse in 2014, due to a massive hack, left creditors waiting for over a decade. The substantial repayment is expected to impact the cryptocurrency market significantly.
Bitcoin Drops Following Major Transfer of Seized Assets to Coinbase
Bitcoin’s value fell to $60,000 after the US government transferred $240 million worth of BTC, confiscated from the Silk Road case, to Coinbase. This move sparked concerns about a potential sell-off among traders. According to Arkham Intelligence, 3,940 BTC, seized from Silk Road vendor Banmit Singh, were moved through a government-linked wallet. The market reacted negatively, with BTC dropping 1% and Ethereum following suit with a 1.6% decline.
SEC Chair Confirms Smooth Progress for Ethereum Spot ETF Approval
The SEC’s review of Ethereum spot ETF applications is advancing smoothly, according to SEC Chair Gary Gensler. Speaking at a New York summit, Gensler noted the ongoing registration process and emphasized the importance of full disclosure to protect investors. Recent adjustments to registration statements by firms indicate preparation for a potential launch. Analysts remain optimistic, predicting the first week of July as a likely date for final approval and market introduction.
NFT Market Faces Value Crisis as Majority Decline in Worth
The NFT market is grappling with a significant downturn as recent analyses reveal that 95% of NFTs currently hold negligible value. This stark contrast to the market’s peak in 2021, when sales soared to unprecedented heights, underscores the volatility and speculative nature of digital assets. The decline is evident with the average NFT price plummeting by 92% from 2022 to 2023.
Despite this downturn, certain segments within the NFT ecosystem continue to show resilience. High-profile sales, such as the Bored Ape Yacht Club and CryptoPunks collections, still command substantial figures, and new use cases in the metaverse and gaming sectors suggest potential areas for future growth. However, for the majority of NFT assets, achieving substantial financial returns remains elusive.
Bitcoin ETFs Face Significant Outflows Amid Market Downturn
US-listed Bitcoin ETFs have experienced substantial outflows, reaching over $900 million in the past week. This marks the most significant withdrawal since mid-April. Leading the outflows are Grayscale’s GBTC and Fidelity’s FBTC, while BlackRock’s IBIT remains the only ETF to report net inflows. This trend coincides with a period of declining Bitcoin prices, influenced by significant sales from large holders and a robust US technology market, creating a challenging environment for Bitcoin investors.
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