$106,025.00
1.63%$2,571.82
7.43%$2.39
0.70%$650.90
1.41%$169.89
2.06%$0.999865
-0.00%$0.227302
2.30%$0.74633
1.67%$0.267614
1.80%$2,569.95
7.37%$105,821.00
1.51%$3.86
2.21%$3,095.43
7.62%$16.22
6.22%$22.51
1.91%$26.90
3.32%$0.287639
1.44%$0.00001474
1.79%$0.196727
2.66%$8.70
0.60%$396.41
0.06%$3.05
-0.25%$98.78
0.76%$4.68
2.15%$0.999836
0.01%$2,570.91
7.53%$346.23
1.25%$2,745.46
7.59%$5.21
0.27%$1.001
-0.31%$0.00001338
2.85%$0.736097
0.05%$1.001
0.00%$105,937.00
1.69%$30.16
0.24%$264.42
20.38%$415.42
0.84%$6.02
3.69%$2.83
3.79%$5.26
5.72%$52.77
0.60%$203.96
2.06%$0.948873
3.26%$1.00
0.00%$0.097042
0.09%$0.109655
0.36%$18.72
4.28%$35.56
-0.11%$5.29
3.42%$21.60
0.29%$12.92
0.86%$0.735712
0.60%$0.02851964
2.51%$4.70
4.86%$1.17
-0.06%$1.052
0.01%$0.383687
4.62%$4.82
1.19%$1.00
-0.17%$105,674.00
2.06%$0.235258
0.71%$0.745136
0.99%$0.224888
2.76%$0.397767
5.97%$2.89
3.15%$4.39
0.00%$2.67
3.67%$1.14
1.64%$0.504255
1.27%$4.56
1.49%$2,571.02
7.14%$0.00001995
2.14%$1.00
-0.07%$11.74
2.12%$180.24
2.81%$0.49746
1.33%$2,685.48
6.72%$95.45
2.32%$0.867958
2.21%$4.74
1.51%$1.98
3.65%$1.26
-0.36%$0.01919183
0.20%$1,777.94
6.25%$1.22
-4.89%$0.661133
4.92%$0.730031
4.88%$2,919.50
7.65%$0.226373
0.99%$12.06
2.27%$0.776235
-0.19%$1.00
0.14%$0.072311
0.77%$106,192.00
1.85%$0.111855
3.06%$0.731408
9.48%$0.983909
0.80%$0.00009991
5.02%$2,741.44
7.45%$3.22
0.19%$0.910294
5.50%$219.14
1.94%$1.00
-0.13%$651.02
1.19%$0.999544
0.00%$188.12
1.95%$0.01814453
3.58%$105,877.00
1.88%$0.01930536
1.83%$106,829.00
4.46%$0.91308
2.88%$0.01287335
3.42%$2,695.92
7.60%$0.642829
-0.77%$1.00
-0.01%$103,965.00
0.18%$3,212.37
-0.49%$0.778566
0.21%$0.226404
2.19%$3,224.10
-0.49%$0.312818
1.48%$22.66
5.73%$2,686.37
6.81%$2.26
2.31%$3.98
1.77%$0.00000073
0.03%$12.55
-2.02%$35.96
1.43%$4.40
9.46%$0.069833
-0.49%$0.117458
1.87%$0.733672
5.43%$0.01987725
-0.80%$2.00
6.70%$40.89
2.79%$0.625806
2.34%$0.411207
2.09%$0.997897
-0.00%$2.06
0.76%$1.80
-0.78%$0.998656
0.11%$0.326609
-0.54%$1.11
0.55%$111.11
0.02%$2,569.33
7.45%$0.22651
1.83%$2.07
2.16%$2,575.63
7.67%$0.999804
-0.01%$106,024.00
1.72%$0.658428
-1.28%$2,736.35
7.41%$2,626.92
6.69%$18.47
1.20%$0.635355
1.23%$0.439878
-1.98%$0.653244
2.36%$0.139371
-6.17%$0.00870422
2.66%$2,570.93
7.47%$106,126.00
1.84%$0.997679
-0.13%$3.04
4.31%$7.45
2.34%$0.154117
-0.76%$1.73
7.97%$0.999799
-0.01%$0.00510821
0.77%$0.184001
1.22%$0.430688
5.31%$0.186344
3.27%$6.56
1.93%$0.064808
1.63%$0.70487
9.66%$102,988.00
0.96%$0.050667
5.47%$1.90
6.42%$0.090051
3.21%$0.00002296
2.51%$0.451002
0.48%$0.096061
2.78%$0.44284
-3.01%$2,571.27
7.41%$1.35
6.23%$0.00000043
0.72%$0.04432085
2.16%$0.00000109
4.00%$1.41
2.09%$0.00796316
3.05%$0.156839
0.92%$1.087
0.00%$0.994806
0.17%$0.999924
-0.01%$0.172758
-0.14%$0.00465936
3.39%$43.64
0.93%$0.00570469
12.63%$1.001
0.11%$0.360543
5.07%$105,489.00
2.13%$4.22
17.77%$1.55
0.96%$3.17
2.60%$2,726.45
7.85%$0.234902
0.59%$0.390262
2.68%$1.00
0.27%$0.999371
-0.06%$34.18
0.72%$0.01892362
0.84%$0.00363866
2.84%$26.79
2.42%$0.791096
1.90%$134.47
3.81%$0.375234
0.16%$2,833.07
7.79%$0.03544336
1.43%$0.83975
1.02%$0.00006294
2.68%$1.10
-0.05%$105,844.00
1.75%$2,800.20
7.43%$0.332399
2.09%$0.815926
19.88%$19.82
-0.22%$0.00000159
1.97%$0.999182
-0.33%$2,570.14
7.51%$0.230394
6.48%$0.290464
2.81%$0.999943
0.02%$2.82
8.31%$18.98
3.00%$0.254219
1.80%$0.998485
-0.14%$0.695436
2.05%$22.47
1.88%$2,770.33
7.54%$2,559.17
6.96%$0.00072697
0.57%$0.00336035
1.56%$26.79
2.45%$0.00286045
1.74%$23.74
2.63%$0.497683
-1.22%$0.566783
-14.05%$0.999751
-0.02%$0.824323
5.12%Reading
After ten years, the Mt. Gox bankruptcy’s Bitcoin distributions have officially begun—and the crypto market is spooked.
On Friday, the price of Bitcoin collapsed as low as $53,898, its lowest price since February, according to CoinGecko. That’s a 27% drop from its all-time high of $73,700 registered in March, and the largest pullback from a local high since the asset’s bottom at $15,500 in November 2022.
Though Bitcoin’s price fell swiftly after the exchange revealed it was initiating distributions, on-chain data suggests that the pullback was far more driven by narrative than by the event itself.
“Mt. Gox wallets continue to hold in total 138,985 BTC ($7.52B),” tweeted blockchain data platform Arkham Intelligence on Friday. That means just 2,701 BTC had actually left the exchange’s wallets for repayments—and only a fraction of those coins may have been sold by recipients.
UPDATE: Mt. Gox moving $2.71B BTC
In the past 8 hours, Mt. Gox wallets moved 47,229 BTC ($2.71B) from the cold wallet 1HeHL.
2701.8 BTC ($148.4M) was moved out of Mt. Gox wallets with 1544.7 BTC ($84.9M) sent to Bitbank through Gox address 1PKGG, and 1157.1 BTC ($63.6M) sent to… pic.twitter.com/sJEuJB7GwC
— Arkham (@ArkhamIntel) July 5, 2024
Indeed, in announcing that repayments had begun, Mt. Gox trustee Nobuaki Kobayashi asked for patience as they worked to validate and process them all, writing, “We ask eligible rehabilitation creditors to wait for a while.”
The bearish narrative surrounding Mt. Gox has nonetheless proven so overpowering that even altcoins completely unrelated to the exchange are collapsing.
While BTC has slightly recovered to $56,372—a 7% drop over seven days—Ethereum has slid way down and closed out the week at $2,989 for an 12% weekly drop. That’s despite a counter-bullish narrative for the asset surrounding Ethereum spot ETFs that could go live next week, affirming that Mt. Gox and Germany’s Bitcoin are the top concerns in crypto right now.
The top 10 cryptocurrencies by market cap, excluding stablecoins, all ended the week in the red.
So what is holding up? Solana, apparently, down only 4% this week—and is actually up a modest 3% over the past 24 hours. The asset is potentially next to get the digital asset ETF treatment, with industry watchers suggesting it could happen after the U.S. federal election when crypto’s arch-nemesis Gary Gensler may lose his position at the SEC.
Speaking of the election, Solana-based political meme coins went on a rollercoaster this week around speculation of President Joe Biden potentially being replaced as the Democratic Party nominee.
A new report from Bernstein Research highlights the growing influence of blockchain-based prediction markets in forecasting the 2024 U.S. presidential election. The report, authored by analysts Gautam Chhugani and Mahika Sapra, points to Polymarket as a leading example of how blockchain technology is bringing increased transparency and efficiency to political betting markets. "Polymarket has built the world's largest election prediction market on Blockchain (Ethereum-Polygon). Polymarket is a gr...
The Jeo Boden (BODEN) meme coin fell 43% on the week, partially recovering after Biden promised not to drop out of the race. Regardless, Kamala Horris (KAMA)—the coin based on his Vice President—is still up 326% as crypto bettors briefly favored Kamala Harris to replace Joe Biden. The president flipped his vice president yesterday.
The lasting appeal of meme coins has also, sadly, been leveraged by scammers. Earlier this week, the $SMASH token—a meme coin inspired by UFC star Khamzat Chimaev—dumped to zero immediately after the fighter promoted it over social media, with on-chain footprints pointing to an orchestrated pump and dump.
Edited by Ryan Ozawa.
Illustration by Mitchell Preffer for Decrypt. Is Bitcoin back? For at least a little while, it feels like it may be. This time last week, it was trading for $53,229. It’s now trading above $60,000, according to CoinGecko. That’s a 12% rise over seven days, and a threshold unseen since last month. The price rise came as traders grew more confident that the Fed would slash interest rates by 50 basis points instead of 25. All eyes are on the central bank next week after two years of sky-high inter...
Illustration by Mitchell Preffer for Decrypt. There's depressing news for those hoping the price of crypto markets would improve this week. Depressing news for nearly all investors, it would seem. Bitcoin continued to drop, and hard, this week. Over the past seven days, the price of the asset has descended by more than 9% and—after dipping as low as $52,690 on Friday—rolled into the weekend trading hands for $53,229, according to CoinGecko. That’s significantly lower than its 2021 record of $...
Illustration by Mitchell Preffer for Decrypt. It was a fairly uneventful week in the crypto world... until Friday. The action-packed end to the week came with an increase in the price of Bitcoin, buoyed by crypto market optimism after Federal Reserve Chair Jerome Powell gave his strongest signal yet that he will slash interest rates come September. The price of the asset popped above $64,600, according to CoinGecko, a more than 7% rise over the week. It slid into the weekend at $63,500. Still,...
