#MtGoxJulyRepayments
#MicroStrategy
#Megadrop
#crash
Bitcoin $BTC Threatens $60K on Mt. Gox News, but Sales Could Be Less Than Feared
At least one analyst believes fewer coins will be distributed than is commonly thought and thus the sell pressure might be less than expected.
Bitcoin (BTC) is leading crypto prices sharply lower Monday after the trustee for the defunct Mt. Gox crypto exchange said it will begin returning more than 140,000 $BTC in July to clients whose assets were stolen in a 2014 hack.
At press time, bitcoin was trading at $60,700, down more than 5% over the past 24 hours and at its weakest level since the beginning of May. Ether (ETH) was lower by similar amount as was the broader CoinDesk 20 Index.
Those selling today are contemplating the effect of more than 140,000 bitcoin hitting the market in less than one month. Putting that number in perspective, it would be just less than the immediate liquidation of Fidelity's spot bitcoin #ETF , which at last check held 167,375 bitcoin.
"We think fewer coins will be distributed than people think and that it will cause less bitcoin sell pressure than market expects," said Alex Thorn, head of research at Galaxy.
Thorn said his research suggests 75% of creditors will be taking the "early" payout in July, meaning a distribution of about 95,000 coins. Of that, Thorn believes 65,000 coins will be going to individual creditors, but he thinks they may prove more "diamond-handed" than most expect. Among the reasons, he said, is that they've already resisted years of "compelling and aggressive offers from claims funds," not to mention the capital gains taxes involved given bitcoin is up 140-fold since the bankruptcy.
Turning to those claims funds, having had discussions with some, Thorn suggests the overwhelming majority of the partners in those funds are high net worth bitcoiners looking to build their stack at a discount, as opposed to arbs looking for a quick profitable trade.

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#NOT🔥🔥🔥
#ZkSync
#crash
The recent downturn in the cryptocurrency market has notably impacted the valuations of Notcoin $NOT and zkSync (ZK) tokens. As of press time, NOT has declined 13% in value over the last 24 hours, now trading at $0.01582.
Concurrently, $ZK has also dropped, falling by 16% to a current price of $0.2006. These shifts occur alongside a minor 1% decrease in Bitcoin’s value, though it still holds above the $65,000 support level.
NOT Price Action
Despite a recent downturn, NOT has surged by 130% over the last month, marking it as one of the standout cryptocurrencies. However, from a high of $0.021, NOT’s price fell to its current rate amid a significant three-day sell-off, as per TradingView.
This drop, coupled with a 6.26% decrease in trading volume, pushed NOT’s market cap to $1.61 billion, moving it just outside the top 50 cryptocurrencies. Presently, NOT trades 45% below its peak of $0.02896, reached 16 days ago following its listing on Binance. 
On the other hand, the Relative Strength Index (RSI) stands at 51.43, suggesting sustained buying interest and keeping NOT bullish on the RSI spectrum. This correction aligns with analyst predictions after its rapid value increase.
#Notcoin fell off from the $0.02 level and lost -13% in a few hours 📉☑️ The reason is the people who claimed their tokens after a month of staking and sold them. I'm not concerned about it so much, according to the volume bars there are not a lot of sellers. ☑️ Previous purchase volumes were more impressive. I think the market will easily buy back this wave of sales

Meanwhile, an X platform (formerly Twitter) user, W3Vibes, linked the price fall to investors selling after a month of staking. W3Vibes notes that despite the sell-off, the manageable level of selling pressure and the strong buying volumes seen previously suggest the market could still show resilience and recover.
ZK Price Action
In parallel to Notcoin, the zkSync token has also declined substantially. This drop can be traced to a significant portion of the top wallets that received the new zkSync tokens on Monday, June 17, quickly selling off their allocations.
According to data from blockchain analytics company Nansen, 41.1% of tracked addresses sold their entire airdrop allocation, while 30.3% sold at least a portion of their tokens. The combined total sold across these groups amounted to over 497 million ZK tokens.
Despite this sell-off, around 28.5% of the top receiving wallets have opted to hold onto their ZK tokens. The flurry of trading activity has contributed to a significant surge in its 24-hour trading volume, which spiked by 125.48%, reaching approximately $1,021,708,204.

Additionally, the zkSync token has a total supply of 21 billion, with a fully diluted market value exceeding $4.224 billion. Nevertheless, only 17.5% of this supply is circulating in the market, resulting in an intraday market capitalization of about $738 million, a drop from its high of more than $1.1 billion observed just after its initial debut.
Just for education purposes...
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