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Crypto News Digest by U.Today By U.Today
U.Today – Here is a summary of the three main news stories of the past day, presented by U.Today.
More than 140,000 BTC to be repaid from Mt. Gox hack: market effect
According to a recent notice issued by Mt.Gox, it will begin refunds to its customers in July 2024. The redistribution of the aforementioned digital assets comes more than a decade after the infamous 2011 hack, which resulted in a loss of around 700,000 BTC, and subsequently during the exchange’s bankruptcy and closure in 2014. As stated by Mt. Gox trustee Nobuaki Kobayashi, refunds will be made in Bitcoin and Bitcoin Cash in collaboration with multiple cryptocurrency exchanges. He stressed that the group took time to ensure “safe and reliable repayment to creditors.” This development could have a significant effect on the market, as the release of these funds could lead to significant selling pressure on Bitcoin, which is already struggling to maintain its price above key price levels.
Is July Bullish for XRP? Price history says yes
As the blood-red June comes to an end, it is time to start looking ahead to July, which offers hope for more optimistic price behavior, at least for the token. Historical price data from CryptoRank shows that over the past four years, July has been particularly bullish for XRP. Since 2020, the minimum investment return for the token in that month was 6.91% and the maximum was 48.1%. However, the five years leading up to the start of the new decade were not so bright and ended in the red. Because of this, the average return on investment in XRP for each July since the token’s launch has stood at 5.56% to date. The median, and most accurate, indicator signals a near-neutral gain of 0.07%. Therefore, based on historical data, it is expected that XRP will at least “not decline” and, at most, even grow in the next month.
Bitcoin (BTC) will reach $1 million by next year, Samson Mow predicts
Samson Mow, CEO of Jan3 and prominent Bitcoin enthusiast, recently took to Platform X to share another bullish take on his favorite digital asset. In his post, Mow claimed that Bitcoin will reach a high of $1 million “within the next year,” although many market participants doubt this achievement will come to fruition. Samson Mow is well known for his bullish long-term Bitcoin price predictions; he often dedicates his X-posts to the “$1 million for Bitcoin” scenario that comes to life as a result of “Omega candles” or at least “Godzilla candles.” His certainty probably comes from the spot approval of Bitcoin ETFs in January and the fourth Bitcoin halving which took place at the end of April. Following the SEC’s green light for ETFs, a massive accumulation of BTC began. Mow then said that spot ETFs will create a demand shock for Bitcoin. In a follow-up prediction, Jan3’s CEO predicted that Bitcoin will rise to $1 million once the demand shock meets the supply shock.