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$313,090,000 in Liquidations Hits Crypto Markets As Bitcoin Touches $59,000 Following Mt. Gox Statement

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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:

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“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.

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PropW Announces Gold Sponsorship at WOW Summit Thailand

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Eric Trump to Speak at Bitcoin’s largest conference in Abu Dhabi this December

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The Bitcoin Conference has announced Eric Trump as a keynote speaker at its upcoming Bitcoin MENA event, to be held from December 9-10, 2024, at ADNEC Centre in Abu Dhabi. Eric Trump’s participation signals a significant milestone for Bitcoin MENA 2024 bringing a wealth of business acumen and leadership experience to the growing bitcoin adoption in the Middle East. 
Following Donald J. Trump’s appearance at Bitcoin 2024 in Nashville this July, The Trump family has shown increasing support for Bitcoin as a way to combat inflation in the U.S..
Eric Trump’s involvement underscores the conference’s growing influence and highlights Abu Dhabi’s emerging role as a central hub in the global Bitcoin economy. As a prominent figure in both business and politics, his insights are expected to resonate with the conference’s focus on Bitcoin’s role in shaping the future of finance in the region, and draw considerable attention from global media and influential business leaders. 
Other notable personalities confirmed to attend the Abu Dhabi edition include Prince Filip of Serbia, Saifedean Ammous, author of The Bitcoin Standard, and Abdulla Al Dhaheri, of the Blockchain Centre Abu Dhabi. This announcement is another step to further solidifying Abu Dhabi’s status as a leading player in the “New Gold Rush” for digital finance. 
With a wealth of energy resources, substantial financial reserves, and a forward-thinking approach to innovation, the UAE is strategically positioned to lead the next phase of global Bitcoin adoption. The UAE’s recent move to introduce zero VAT on Bitcoin gains, is one among many progressive rulings to position the region as a prime destination for Bitcoin innovators, investors, and businesses. With top global and regional voices set to ignite the Bitcoin community with breaking announcements, Bitcoin MENA will offer attendees unparalleled opportunities to network with industry leaders and explore technologies and innovations from across the Bitcoin ecosystem. From exclusive VIP experiences to dynamic expo halls, the event is set to be a defining moment for Bitcoin adoption in the Middle East.

The post Eric Trump to Speak at Bitcoin’s largest conference in Abu Dhabi this December appeared first on HIPTHER Alerts.

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Mauritius Financial Services Sector Report 2024: Competitive Environment, Local and International Influencing Factors, Industry Associations, Outlook, Industry Value Chain

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