Mt. Gox Bitcoin repayments shake crypto markets
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Top Crypto Market Headlines: ?
by?Chadi El Adnani, Head of Research
Weekly Insights Report:
The second half of 2024 began similarly to the first, with gains for major U.S. stock market indexes. However, underlying concerns are present due to sharply higher U.S. Treasury note yields and crude oil prices approaching two-month highs. In the UK, Sir Keir Starmer’s Labour Party secured a decisive victory in the general election, ending 14 years of Conservative rule. Meanwhile, France is facing the prospect of a hung parliament and challenging government formation talks after an unexpected leftwing victory hindered Marine Le Pen’s far-right ambitions. Initially, markets reacted negatively to the news but soon recovered, with the euro remaining stable and French stocks gaining. The 10-year Treasury note yield (TNX) rose 12 basis points to 4.47%, its highest level since May 30, surpassing its 50-day moving average, a technically significant move. ?
Arkham Intelligence reported that the collapsed cryptocurrency exchange Mt. Gox transferred over 47,000 BTC to another wallet late Thursday. This transfer comes ahead of its impending $9 billion bitcoin repayment to creditors. According to a trustee document, Mt. Gox creditors may have to wait up to three months to receive their bitcoin or bitcoin cash repayments, depending on the crypto exchanges where they made their claims. ? Bitcoin's value dipped below $58K, down over 8% for the week. The recent volatility in the cryptocurrency market is largely due to the imminent payout to creditors of the collapsed Mt. Gox exchange, who are expected to receive around 142,000 BTC, worth approximately $9 billion, starting in July. This significant repayment is anticipated to add “substantial selling pressure” to the market as it absorbs the additional supply. ?
Bitwise has filed an amended S-1 form for its Ethereum ETF, potentially allowing the product to launch as early as this week, pending SEC approval. Analysts suggest that the listing, following the SEC's approval of 19b-4 forms for eight Ethereum ETFs in May, could occur by mid-July. ? Sony is set to relaunch the Japanese cryptocurrency exchange Whalefin, acquired from Amber Group in 2023, marking its entry into the crypto market. Sony has also begun engaging in Web3, investing in and incubating products with Astar Network, mainly related to NFTs across gaming platforms. ?
On a weekly basis, Bitcoin is down by 11% and Ethereum by 14.8%.
Token of The Week:?LayerZero (ZRO)
Since its listing on the main crypto exchanges on 20 June, ZRO has fallen by 30% before rebounding to the current price of $3.8. The token has shown high liquidity over these first 10 days of trading, with daily volumes often over $75 million and an average market depth of 50 bps over $1 million on Binance. ? LayerZero represents a market capitalisation in circulation of $421 million, positioning it as the 140th most capitalised crypto, with a diluted valuation (FDV) of $3.8 billion. That's in the same waters as its rival Wormhole. [...] ?
Read the full analysis here:?https://en.thebigwhale.io/article-en/layerzero-zro-cross-chain-messaging-analysis ?
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A total of 4 high-level categories: Blockchain Infrastructure; Blockchain Applications; Digital Currencies & On-chain Assets; Institutional "TradFi-like" Services, divided into sub-categories (e.g., Blockchain Infrastructure > Blockchain Services) and further down into sub-sub-categories (e.g., Blockchain Applications > DeFi > Decentralized Exchanges) ?
Download the full 28 pages mapping here:?https://sunzulab.com/publicationstype/the-complete-web3-ecosystem-mapping/
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