Blockchain
$313,090,000 in Liquidations Hits Crypto Markets As Bitcoin Touches $59,000 Following Mt. Gox Statement
The cryptocurrency markets are experiencing a deepening correction following the announcement that the defunct exchange Mt. Gox will distribute approximately $9 billion worth of digital assets, including Bitcoin (BTC) and Bitcoin Cash (BCH), starting in July 2024. This news has triggered significant market reactions, including a substantial liquidation of positions.
Market Impact:
Liquidations Surge: According to crypto data aggregator Coinglass, over $313 million in positions have been liquidated in the last 24 hours, predominantly affecting traders with long positions in BTC and Ethereum (ETH).
Bitcoin Price Drop: Bitcoin’s price fell over 5%, dipping to $61,043 following the announcement.
Ethereum Impact: Ethereum, like Bitcoin, saw a substantial sell-off as part of the broader market reaction.
Background on Mt. Gox:
Historical Context: Mt. Gox was once the largest Bitcoin exchange, handling over 70% of all Bitcoin transactions. It declared bankruptcy in 2014 after a massive theft, losing 740,000 BTC.
Bankruptcy Process: The exchange has been involved in a prolonged bankruptcy process to recover and repay the stolen assets. This has created market uncertainty due to potential sell pressure.
Repayment Details:
Distribution Plan: Mt. Gox will start repaying creditors in BTC and BCH from the beginning of July 2024.
Preparation Steps: The exchange has taken extensive measures to ensure the repayments are safe and compliant, including:
Technical solutions for secure repayments.
Compliance with financial regulations in various countries.
Arrangements with cryptocurrency exchanges for the repayment process.
Statements:
Official Notice: In a statement, Mt. Gox Rehabilitation Trustee Nobuaki Kobayashi emphasized the thorough preparation for the repayments:
“We have taken time to ensure safe and reliable repayment to creditors, including technical remedies for safe repayments, compliance with financial regulations in each country, and discussion of repayment arrangements with the cryptocurrency exchanges. We will commence the repayments in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee will complete the exchange and confirmation of the required information. Please wait for a while until the repayments are made.”
Mark Karpelès’ Clarification: Former Mt. Gox CEO Mark Karpelès reassured the community in May that the distribution preparations were underway, indicating there was no imminent sale of bitcoins:
“As far as I know everything is fine with Mt. Gox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year, there is no imminent sale of bitcoins happening.”
The impending distribution of $9 billion in BTC and BCH by Mt. Gox has intensified the market correction, leading to significant liquidations and price drops. This event highlights the ongoing influence of historical market events and legal proceedings on current cryptocurrency market dynamics. As the repayment process unfolds, market participants will continue to closely monitor the situation for further developments and potential impacts on market stability.
Source: dailyhodl.com
The post $313,090,000 in Liquidations Hits Crypto Markets As Bitcoin Touches $59,000 Following Mt. Gox Statement appeared first on HIPTHER Alerts.
Blockchain
Join us in our 10th-anniversary celebrations – special campaigns every week!
Join us in our 10th-anniversary celebrations – special campaigns every week!
bitFlyer Europe S.A. is launching 17 new crypto-assets over the next four weeks to celebrate 10 successful years of the bitFlyer Group. Each week we will launch a new crypto-assets campaign and each week you can win exciting prizes! Our first campaign started September 26, 2024 with the launch of Axie Infinity (AXS), Decentraland (MANA), Immutable (IMX), and The Sandbox (SAND)!
Here is our campaign calendar** for the next three weeks:
- Week 2 (October 3, 2024: ApeCoin (APE), Chilliz (CHZ), Ripple (XRP), Palette Token (PLT).
- Week 3 (October 10, 2024): Avalanche (AVAX), Mask Network (MASK), The Graph (GRT), Chainlink (LINK).
- Week 4 (October 17, 2024): Flare (FLR), Symbol (XYM), Nem (XEM), Dogecoin (DOGE), and Shiba Inu (SHIB).
* Visit our 10th-anniversary site for more details. (https://bitflyer.com/en-eu/s/lp/10th-anniversary). Terms and conditions apply.
** The listing schedule is subject to change.
“These new crypto-assets not only allow customers to benefit from a more diverse environment for their investments but also gives them the opportunity to participate in cutting-edge web3 projects,” said Ms Ami Nagata, CEO of bitFlyer Europe.
“With a firm foundation in Japan and a strong regional presence in Luxembourg, bitFlyer serves a large loyal customer base that reflects its global reach. bitFlyer is truly glocal,” added Mr Yuzo Kano, founder and CEO of the bitFlyer Group.
How to Create an Account: If you are not already using our market
If you are not already using our market leading services, you can create an account and start your crypto journey with bitFlyer today. Visit our website or download the bitFlyer App on iOS and Android.
The post Join us in our 10th-anniversary celebrations – special campaigns every week! appeared first on HIPTHER Alerts.
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