Now that the German government has stopped selling their Bitcoin, the next big thing that we need to be worrying about is the potential selling by the Mt. Gox creditors.
Over 140,000 Bitcoin is about to be distributed and this could have a massive impact on the crypto markets. It could absolutely melt through order books and send Bitcoin on one almighty dump.
However, whether that happens depends on a few factors that include timing, the type of creditor, market conditions etc etc.
In our video today, we break down exactly what is going on with the Mt. Gox disbursements. We analyse the type of creditors that are getting paid as well as when & how likely they are to sell.
So, if you hold Bitcoin - then this is a video that you can't miss!
🔥 Rally Report 🔥
KASPA
The price of KAS has rallied by 8% in the past 24 hours.
WHY?!
🔍 Bitcoin Miner Marathon Digital revealed that it has been actively mining Kaspa (KAS) in addition to BTC since September 2023. The miner stated that the move was part of its strategy to diversify its mining income.
⚡️ Marathon Digital stated that it has mined a total of 93 million KAS tokens worth approximately $15 million.
U.S. lawmakers have reportedly sent a letter to President Joe Biden, urging him to bring Binance executive Tigran Gambaryan home from detention in Nigeria. The letter argued that the case be treated as a hostage situation since the executive’s "health and well-being are in danger" due to being refused adequate health care in prison amid a three-month detainment marked by “excessive and harsh treatment.”
The U.S. House members argue the charges levelled against Gambaryan are "baseless" and describe it as a "coercion tactic by the Nigerian government to extort his employer." They state Gambaryan should be considered a "U.S. Citizen wrongfully detained by a foreign government,” under the terms of the Robert Levinson Hostage Recovery and Hostage-Taking Accountability Act.
🔔 MARKET MOVING NEWS! (27/05/24)
1️⃣ Cristiano Ronaldo Unveils 4th NFT Collection With Binance Despite $ 1B Lawsuit 🔍
Portuguese footballer Cristiano Ronaldo has announced the launch of his fourth NFT collection in partnership with Binance. Notably, the new collection is set to launch on 29 May on the Binance NFT Marketplace. It reportedly celebrates the footballer's history and features highlights from throughout his storied career. Interestingly, the announcement comes while the football superstar faces a $ 1B class action lawsuit in a United States district court in Florida over his previous participation in NFT collection sales with Binance.
🔔 MARKET MOVING NEWS!
1️⃣ Ether ETFs Clear Major Hurdle, Though SEC Hasn't Cleared Them for Trading Yet ⚡️
The U.S. Securities and Exchange Commission has reportedly approved the 19b-4 forms for eight spot Ethereum ETFs. The eight ETF issuers are BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton. However, they are not yet cleared to trade. The regulator must approve their S-1 filings before investors can buy them. The approval follows a stunning turnaround by the markets regulator. After clearing spot bitcoin ETFs earlier this year, the SEC didn't seem to engage much with issuers on ether ETFs.
Bloomberg ETF analyst James Seyffart stated,
A week ago, I would've said you were a little crazy to think that these ETFs were going to get SEC approval.
2️⃣ Polymarket Gets Backlash Over ‘Approved’ Outcome On $ 13M Ethereum ETF Bet 🔍
Users of the decentralised betting platform Polymarket are reportedly criticising the platform’s decision to close on a “yes” result on a betting market that saw over $ 13.2 million worth of bets placed on whether an Ether ETF would be approved by May 31. Notably, the betting market
🔔 MARKET MOVING NEWS! (19/05/24)
1️⃣ LayerZero Identifies Over 800K Addresses in Sybil Self-Reporting Phase ‼️
LayerZero Labs has officially concluded the Sybil self-reporting phase of its airdrop program. According to LayerZero, self-reported addresses that meet the criteria will receive 15% of their anticipated token allocation, while the remaining 85% will be redistributed to eligible users. A total of 803,093 addresses were identified as potential Sybil addresses. The complete list of addresses, including those self-reported and those identified through initial examinations by LayerZero, Chaos Labs and Nansen, has been released to the public.
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2️⃣ Phantom Wallet Climbs Apple App Store Charts 🔼
Cryptocurrency wallet Phantom Wallet has reportedly secured third place on the Apple App Store in the utility category, just behind Google and Google Chrome Apps. Given Phantom’s history of being initially launched as a Solana-only wallet, users speculate if this could be a bullish indicator for the Solana ecosystem. As for the overall ranking across all categories on the Apple app store, Phantom Wallet ranks 32nd, behind X and the artific
🔥 Rally Report 🔥
DOGWIFHAT
The price of WIF has rallied by 25% in the past 24 hours.
WHY?!
📈 Part of a larger rally seen among dog-themed meme coins.
‼️ The rally follows the publication of the U.S. government’s Nonfarm Payrolls report. The report forecasted that the unemployment rate for April was 3.9%, which was 0.1% higher than the expected 3.8%. High unemployment rates are ironically bullish since they make it more likely that the Fed will consider lowering interest rates, increasing the attractiveness of risk assets like stocks and crypto, including meme coins.
Watching the value of my airdrop go from 7 figures to 5 figures in the span of 2 hours while I keep refreshing the page trying to claim....still can't claim. Adds insult to injury.
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6️⃣ Coinbase Reports First-Quarter Revenue Beat After Bitcoin Rally Leads To Surge In Profit 📈
Crypto exchange Coinbase has reported a strong rebound in the first quarter of 2024, supported by an uptick in market performance and the launch of Bitcoin exchange-traded funds (ETFs). The company reported $ 1.6 billion in total revenue and a net income of $ 1.18 billion, compared to a loss of $ 78.9 million last year. Consumer transaction revenue was $ 935 million for the quarter, up well over 100% from a year earlier. According to analysts from Raymond James, multiple insiders at Coinbase, including four members of the C-suite, collectively sold $ 383 million of the company's shares during the first quarter.
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🔔 MARKET MOVING NEWS! (24/04/24)
1️⃣ Tether Will Freeze Wallets Evading Venezuelan Sanctions 🥶
Stablecoin issuer Tether has announced that it will freeze wallets using USDT to evade sanctions on oil exports in Venezuela. Notably, the announcement comes after Reuters reported that Venezuela’s state-run oil company PDVSA its use of the stablecoin to bypass sanctions.
A spokesperson from Tether stated,
Tether respects the OFAC SDN list and is committed to working to ensure sanction addresses are frozen promptly.
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2️⃣ Blockchain Association And Crypto Activist Group Sue SEC Over ‘Dealer Rule’ ⚡️
The Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT) have reportedly filed a new lawsuit challenging the United States Securities and Exchange Commission (SEC) recent expansion of the “Dealer Rule.” Notably, the BA and CFAT argue that the SEC overstepped its authority by implementing a broad interpretation of the term “dealer” within the Securities Exchange Act of 1934. The lawsuit alleges that the SEC failed to adequately address public concerns raised during a limited comment period and neglected to assess the potential negative impacts of the rule.
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3️⃣ SEC Punts on Ethereum ETF Proposals From Grayscale and Franklin Templeton 🧐
The U.S. Securities and Exchange Commission has reportedly delayed giving a decision on spot Ethereum exchange-traded fund (ETF) proposals from both Grayscale Investments and Wall Street giant Franklin Templeton. The regulator stated that it would need more time to review the proposals from the fund managers. Notably, Grayscale filed an application with the SEC to convert its Grayscale Ethereum Trust (ETHE) into a spot ETH ETF back in October while Franklin Templeton entered the race by filing an S1 form with the regulator in February.
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4️⃣ US DOJ Seeks 36 Months’ Imprisonment for Binance Founder Changpeng Zhao ▶️
The U.S. Department of Justice has reportedly proposed 36 months of imprisonment for former Binance CEO Changpeng Zhao (CZ) for his role in enabling the crypto exchange’s violation of federal sanctions and money laundering laws. CZ's attorneys have pushed back by arguing that he should serve no jail time, citing the fine he paid and his "extraordinary acceptance of responsibility."
The DOJ’s filing states,
The sentence in this case will not just send a message to Zhao but also to the world. Zhao reaped vast rewards for his violation of U.S. law, and the price of that violation must be significant to effectively punish Zhao for his criminal acts and to deter others who are tempted to build fortunes and business empires by breaking U.S. law.
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5️⃣ El Salvador: Hackers Leak Code Of State Bitcoin Wallet ‼️
El Salvador’s state-operated Bitcoin wallet, Chivo, has reportedly suffered a security breach. Cybercriminal group CiberInteligenciaSV leaked snippets of the wallet's source code and VPN access information on an online hacking forum. Notably, the leak comes several days after the cybercriminal group published online the personal data of roughly 5.1 million Salvadorans as part of a separate exploit.
CiberInteligenciaSV stated,
This time I am bringing you the code that is inside the Bitcoin Chivo Wallet ATMs in El Salvador, remember that it is a government wallet, and as you know, we do not sell, we publish everything for free for you.
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🔔 MARKET MOVING NEWS! (18/04/24)
1️⃣ Worldcoin To Have Its Own Layer 2 Blockchain Called World Chain 🔥
Proof-of-humanity project Worldcoin has announced the launch of World Chain - its new layer-2 blockchain initiative designed to prioritise human users, enhance efficiency and foster real-world utility in Web3 applications. The Worldcoin Foundation also stated that users who have been verified as human will "enjoy priority blockspace over bots and some free gas.” This will reportedly also act as a way for developers to reach millions of users with apps focused on real-world utility.
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2️⃣ Bored Ape Creator Yuga Labs Just Offloaded NFT Games to Sharpen Focus on 'Otherside' ❓
BAYC creator Yuga Labs has reportedly sold two of its gaming IPs - HV-MTL and Legends of the Mara, along with associated NFT collections to Web3 gaming studio Faraway. Faraway is also adding Yuga Labs’ Chief Gaming Officer Spencer Tucker as its new Chief Product Officer to help maintain continuity as the games continue under a new company. This means that Yuga Labs now has only two gaming properties remaining in-house: metaverse gaming platform Otherside, and the Bored Ape-themed Dookey Dash, which Faraway recently rebuilt as a free-to-play game due out soon.
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3️⃣ Binance’s $ 1B Emergency ‘SAFU’ Fund Now Makes Up 3% Of UDSC Supply ⚡️
Crypto exchange Binance is reportedly converting 100% of the assets held in its Secure Asset Fund for Users (SAFU) into Circle’s USDC stablecoin. Notably, this move has resulted in the crypto exchange now holding 3% of USDC’s circulating supply. For context, the exchange’s SAFU is an emergency insurance fund established in 2018 to protect Binance users in extreme situations, such as exchange hacks, where users could be reimbursed for unforeseen losses.
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4️⃣ Binance To Restart Operations In India As Compliant FIU-Registered Entity ☄️
According to an Economic Times report, crypto exchange Binance is planning to restart operations in India by paying a $ 2 million fine for non-compliance. After paying the fine, Binance will return to the country as an FIU-registered firm. Notably, this makes Binance the second overseas exchange after KuCoin to mark a return to the country after India’s financial regulatory body blocked access to crypto exchanges for non-compliance.
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5️⃣ Sweden Demands $ 90M In Outstanding Tax From Crypto Miners ‼️
According to a recent investigation conducted by the Swedish Tax Agency —Skatteverket, crypto miners in the country owe over $ 90 million in taxes after four years of misappropriations. Notably, the agency investigated the operations of 21 crypto-mining firms between 2020 and 2023.
The investigation revealed that 18 crypto-mining firms filed “misleading or incomplete” information to benefit from tax incentives. This includes crypto firms providing misleading business descriptions to avoid paying value-added tax (VAT) on taxable operations and avoiding paying import taxes on mining equipment or income tax on mining revenue.
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