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Bitcoin Sell-Off Triggered by Mt. Gox Will Be Less Than Expected: Galaxy Research Chief On June 24th, Alex Thorn, Head of Research at Galaxy, stated on the X platform that the final distribution of tokens from the Mt. Gox bankruptcy case will be lower than anticipated, resulting in a smaller than expected Bitcoin sell-off. Key Points: Mt. Gox Losses: Mt. Gox lost approximately 940,000 Bitcoins back in the day, valued at $424 million at the time.Recovered Bitcoins: As of now, about 15% of these Bitcoins have been recovered, amounting to 141,868 Bitcoins. Expected Distribution:Around 95,000 Bitcoins are expected to be used for claim settlements.Approximately 20,000 Bitcoins will be allocated to the claim fund.About 10,000 Bitcoins will be distributed to Bitcoinica BK. Only 6,500 Bitcoins will be distributed to individual creditors, a figure significantly lower than the previously reported 141,868 Bitcoins. Analysis: Thorn's analysis indicates that the actual number of Bitcoins distributed as compensation will be much lower than market expectations. This reduced number of distributed tokens suggests that the potential sell-off pressure on Bitcoin due to Mt. Gox will be less impactful than previously feared. Implications for Investors: This development could alleviate some concerns about a significant Bitcoin price drop due to Mt. Gox's settlement, potentially stabilizing investor sentiment in the market.
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How to Choose Small Cap Cryptocurrencies in 2024
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My Top 5 Binance Tokens for June 2024 Join the #TopCoinsJune2024 campaign for a chance to win up to 500 FDUSD! 🚀 Here are my top 5 Binance tokens for June 2024, with project details, recent price trends, and future predictions. 1. Bitcoin ($BTC) Bitcoin, created by Satoshi Nakamoto in 2009, is the first decentralized cryptocurrency known for its security and limited supply of 21 million coins. Recent Price Trends: As of June 2024, Bitcoin trades around $67,000. Future Price Prediction: Expected to rise steadily, possibly breaking $100,000 by 2025. 2. Ethereum (ETH) Project Information: Ethereum, launched in 2015 by Vitalik Buterin, supports smart contracts and dApps, forming the backbone of DeFi and NFTs. Recent Price Trends: Trading between $3,000 and $4,000, boosted by the ETH 2.0 upgrade. Future Price Prediction: Could reach $8,000 by the end of 2024. 3. Binance Coin (BNB) Project Information: BNB is the native token of Binance, used for trading fee discounts and various applications within the Binance ecosystem. Recent Price Trends: Trading between $600 and $700. Future Price Prediction: Could surpass $10000 by the end of 2025. 4. Cardano (ADA) Project Information: Cardano, founded by Charles Hoskinson, aims to provide secure, scalable, and sustainable smart contracts. Recent Price Trends: Trading between $0.45 and $0.55. Future Price Prediction: Could reach $5 by the end of 2024. 5. Ripple (XRP) Project Information: Ripple facilitates fast, low-cost international payments, with XRP acting as a bridge currency. Recent Price Trends: Trading between $0.6 and $0.7. Future Price Prediction: Could reach $10 by the end of 2024. These are my top 5 Binance tokens for June 2024. Participate in the #TopCoinsJune2024 campaign by sharing your insights on Binance Square. Ensure your post is at least 600 words and original. The five posts with the most interactions will each win 100 FDUSD. Happy investing! 🚀
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My Top 5 Binance Tokens for June 2024
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