Over $14.8 billion worth of Bitcoin
BTC
$BTC $59,203 could soon flood the market and put more downward pressure on price.
The US government holds over 203,000 Bitcoin worth $12.1 billion, while defunct crypto exchange Mt. Gox is set to distribute another 46,000 Bitcoin worth over $2.7 billion.
Mt. Gox is set to distribute the $2.7 billion before the end of 2024 on Kraken, but the repayments are unlikely to cause a significant market impact, according to an Aug. 29 report by crypto analytics provider Kaiko:“Kraken has handled BTC ETF flows with just a minor increase in slippage at the US market close.
Its liquidity profile suggests that any additional selling pressure from the Mt. Gox repayments is unlikely to cause structural issues that could affect the broader market.”
#DogecoinCommunity Mt. Gox creditors have been waiting to receive over $9.4 billion worth of Bitcoin for the past 10 years, which has since appreciated over 8,500% in value, meaning that numerous investors will likely look to sell.
Musk, Tesla beat Dogecoin manipulation lawsuitMusk and his electric automotive company, Tesla, have won the dismissal of a lawsuit that accused them of manipulating the price of Dogecoin, causing $258 billion in damages.
#MuskMagic The lawsuit was tossed in an Aug. 29 decision by US District Judge Alvin Hellerstein in the US District Court for the Southern District of New York.
Judge Hellerstein said the defendants made several “material misrepresentations” of Musk’s tweets about Dogecoin, which included Musk saying he would become the official CEO of Dogecoin and that Musk may put a “literal” Dogecoin in a SpaceX vehicle and fly it to the moon.
#SpaceX “These statements are aspirational and puffery, not factual, and susceptible to being falsified [...] and no reasonable investor could rely upon them.”
A group of
disgruntled Dogecoin DOGE$0.10 investors filed a lawsuit against Musk and Tesla in June 2022, suing Musk for a staggering $258 billion in damages.