The Mt. Gox trustee will begin repayment of Bitcoin and Bitcoin Cash in early July 2024. According to Dune data, as of June 24, 2024, the number of Bitcoins held by Mt. Gox trustees was approximately 141,686, accounting for 0.72% of the circulating supply of Bitcoin, with a total value of approximately US$9.26 billion. This is a quantity that cannot be ignored. Although Alex Thorn, head of research at Galaxy, believes that the selling pressure on Bitcoin caused by Mt. Gox will be smaller than expected, we still need to treat this view with caution. Specifically, Mt.Gox will ultimately distribute fewer tokens than people think. Creditors will receive 15% of the 141,868 Bitcoins, or approximately 95,000 Bitcoins, to pay their claims. About 20,000 tokens are owed to the claimant fund, 10,000 tokens are owed to Bitcoinica BK, and about 6,500 tokens are owed to individual creditors. Although these amounts may seem small, they still have a significant impact on short-term market fluctuations.
In terms of the timeline, these bitcoins will be allocated to creditor accounts of Kraken, Bitstamp or Bitgo, and it is expected to take 24-72 hours to appear in user accounts. Such an arrangement will lead to a certain amount of selling pressure in the market in the short term. In particular, when some creditors choose to sell bitcoins, it will suppress the market price. Finally, it should be noted that among the creditors of the Mt.Gox incident, there is a clear preference for long-term bitcoin holders. Although these holders will not rush to sell, some creditors will be more generous than expected. Therefore, we expect the Bitcoin market to fluctuate in the short term, but in the long run, the market will gradually digest the impact of this incident.
The South Korean Cabinet recently approved the "Enforcement Order of the Virtual Asset User Protection Act", which will take effect on July 19, 2024. The decree clarifies the definition and exclusion of virtual assets, and imposes higher security storage and management requirements on virtual asset operators. This means that virtual asset operators must improve their technology and management level to ensure the safety of user deposits and virtual assets. This measure will greatly enhance users' trust in virtual asset trading platforms and help promote the healthy development of the market. The bill has established severe criminal penalties and fines for unfair trade practices related to virtual assets, including the use of undisclosed important information and manipulation of market prices. This will effectively combat market manipulation, improve market transparency and fairness, and protect the interests of ordinary investors. This is undoubtedly a strong deterrent for individuals and institutions that attempt to profit through improper means.
In addition, the bill also stipulates the establishment of a virtual asset committee, the management and protection of user deposits, the prohibition of arbitrary freezing of deposits and withdrawals, and other legal authorization details. These measures further improve the legal framework of the market and ensure the legitimate rights and interests of users in the transaction process. These regulations not only protect the safety of users' funds, but also provide legal protection for the long-term stability of the market.
Trump plans to speak at the Bitcoin 2024 conference in Nashville at the end of July. The news was revealed by two people familiar with the matter. The conference will be held from July 25 to 27 and is one of the largest Bitcoin events this year. The conference not only attracted Trump, but also many politicians including independent candidate Robert F. Kennedy, former Republican candidate Vivek Ramaswamy, Republican Senator Bill Hagerty of Tennessee and MB.
Trump's attendance will undoubtedly attract widespread attention. As a former president, Trump's speech will have a significant impact on the cryptocurrency market. He has previously been critical of Bitcoin and cryptocurrencies, believing that they pose a threat to the US dollar. However, with the increasing popularity of cryptocurrencies and their increasing importance to financial markets, Trump may adjust his position. This speech may be an opportunity for him to express his new views on cryptocurrencies. The Bitcoin 2024 conference is one of the most important Bitcoin events this year, attracting many heavyweights from the political and financial circles. Their attendance and speeches will have a profound impact on the Bitcoin market. In particular, the participation of candidates such as Robert F. Kennedy and Vivek Ramaswamy shows that cryptocurrencies will occupy an important position in the future political and economic agenda.
In addition, the participation of Republican Senators Bill Hagerty and Marsha Blackburn of Tennessee shows the importance of cryptocurrency within the Republican Party. The support or opposition of these politicians will directly affect the formulation and implementation of future cryptocurrency-related policies. For investors, it is crucial to understand the positions and policy directions of these politicians.
HODL15Capital monitored that an address accumulated approximately 4,000 Bitcoins yesterday, worth approximately US$235 million. An accumulation of 4,000 Bitcoins is a fairly significant amount, especially in the current market environment. Such accumulation behavior usually indicates that the holder of the address is optimistic about the future price trend of Bitcoin. This confidence will have a positive impact on the market, attracting other investors to follow, and pushing the price of Bitcoin upward.
This increase in holdings occurred against the backdrop of the upcoming Bitcoin 2024 conference, where former US President Trump and other important political figures will speak. This increase in holdings may be seen as a positive expectation for the prospects of the conference, and investors may want to take this opportunity to make arrangements before the release of positive market news. This expectation is likely to further boost the positive sentiment in the market.
BTC: It closed with a medium-sized Yin line with large volume yesterday. The US Bitcoin ETF had a net outflow yesterday, and the compensation incident in Mentougou also brought a wave of panic selling. The lower shadow line indicates that the main force is trying to intervene, but it is below the 5-day moving average in the short term, and it is still a bear-dominated market. There may be further declines in the short term, so continue to wait. In the process of the bull market, long-term investors can still hold the currency without moving.
ETH: Linked to Bitcoin trend.
SOL: Yesterday, a hammer line was closed, and the short-term volume increased, indicating that funds have intervened and there may be further rebound demand in the future.
WIF: Yesterday, the market opened with a large positive line with large volume. In the short term, it may fall back to the 5-day moving average to confirm that it is not broken. There is a possibility of an oversold rebound in the future.
The panic index is currently at 30 (fear) #Mt.Gox将启动偿还计划 #比特币走势分析
