Over $14.8 billion worth of BitcoinĀ
BTC
$BTC $59,203Ā could soon flood the market and put more downward pressure on price.
TheĀ US government holdsĀ over 203,000 Bitcoin worth $12.1 billion, while defunct crypto exchangeĀ Mt. Gox is set to distributeĀ 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,Ā accordingĀ to an Aug. 29 report by crypto analytics provider Kaiko:āKraken 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.ā
#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, haveĀ won the dismissalĀ of a lawsuit that accused them of manipulating the price of Dogecoin, causing $258 billion in damages.Ā
#MuskMagic The lawsuit was tossed in an Aug. 29Ā decisionĀ by US District Judge Alvin Hellerstein in the US District Court for the Southern District of New York.
Ā Judge Hellerstein said the defendants made several āmaterial misrepresentationsā of Muskās tweets about Dogecoin, which included Musk saying he would become the official CEO of Dogecoin and that Musk may put a āliteralā Dogecoin in a SpaceX vehicle and fly it to the moon.Ā
#SpaceX āThese statements are aspirational and puffery, not factual, and susceptible to being falsified [...] and no reasonable investor could rely upon them.ā
AĀ group of
disgruntledĀ DogecoinĀ DOGE$0.10Ā investors filed a lawsuit against Musk and Tesla in June 2022, suing Musk for a staggering $258 billion in damages.