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Cryptocurrency Prices Drop 20% on Mt. Gox Wallet Movements | Key Takeaways | July 5, 2024
General manager. Welcome back to BitPinas Key Points: Easily digestible news in concise formats for easy reading. Our in-depth article today: The cryptocurrency market continues to slide. When will it end?
Here is the latest cryptocurrency news from the last 24 hours.
Market Analysis & Updates 📈
Cryptocurrency price update
Here are the crypto highlights of the day:
- Bitcoin (BTC): $54,358.27, down 7.7% in the last 24 hours.
- Ethereum (ETH): $2,895.55, down 10.3% in the last 24 hours.
- Solana (SOL): $127.13, down 6.6% from the previous day.
Trending Coins Update
- Petals: $0.001, up 63.5% from the previous day.
- StratoZero: $2.93, down 14.8% in the last 24 hours.
- ZK Sync: $0.1396, down 16.9% from the previous day.
For daily price updates, check out our post on Facebook.
📺 Watch: DeFi Webcast with Paolo Dioquino of Pendle Finance
BitPinas Webcast: Yesterday’s episode was a 1.5 hour jam-packed with information on decentralized finance, the tools you need, yield farming, restaking, and platforms to get started. Check it out webcast episode here!
By the way, to lighten the mood a bit, here is the background image we use:
News Spotlight: Crypto Prices Drop 20% as Mt. Gox Wallet Moves
Major cryptocurrencies have plunged as much as 20% in the past 24 hours after a wallet linked to Mt. Gox moved a large amount of Bitcoin.
- There are also numerous reports of governments selling their Bitcoin stash, such as Germany. This prompted Justin Sun to tweet, offer to buy the European country’s shares.
- Whalewire is now confirming that this is the second largest liquidation event in the entire history of Bitcoin.
Finally, 250,000,000 USDC were recently minted at its treasury:
What’s the meaning: This sudden drop has erased recent gains and caused chaos in the market, demonstrating just how unpredictable cryptocurrencies can be.
Key numbers:
- Bitcoin (BTC): It fell 8%, briefly falling below $54,000.
- Ether (ETH): Down more than 10%.
- Solana (SOL) and Cardano (ADA): Each fell 8%.
- Dogecoin (DOGE): Dropped by nearly 18%.
- Liquidations: Over $580 million in long positions (bets on rising prices) were wiped out, with Bitcoin and Ether losing $380 million combined. (All data from Money bank)
Liquidations occurs when an exchange closes a trader’s leveraged position because it does not have enough funds to keep the trade open.
What’s driving prices down? Mt. Gox, a defunct exchange, moved a large amount of Bitcoin, presumably in preparation to repay creditors. This added pressure to the market, causing prices to drop.
- Analysts expect a weak third quarter for Bitcoin due to uncertainty over Mt. Gox refunds.
Philippine Cryptocurrency News 🇵🇭
- ICP Center PH had the Episode 52 of his IC Stories MNL.
- Pay released the new version of its app, version 0.19.0.
- Bicol Blockchain Community announced Event details for the July Solana Ecosystem Call.
- Arweave PH Want guest the Balangay Builders Program, which offers a $10,000 prize pool for developers to build dapps on the Arweave ecosystem’s test network.
Educational Corner 🎓
Check this out guide for MemeFi, a clicker game within the Telegram Mini-Apps ecosystem, which currently hosts three campaigns that allow players to earn more coins.
Regulation Watch 📜
Stay informed about the latest regulatory developments and what they mean for you:
- THE Basel Committee on Banking Supervision has approved a regulatory framework for disclosure of banks’ exposures to cryptocurrencies, to be implemented by 2026.
- A United States District Judge in Illinois governed in favor of the CFTC, while highlighting the ongoing debate over whether cryptocurrencies should be classified as securities or commodities.
- As the UK elections approaches, the main parties, including the Labour Party, which is leading in the polls, have largely he remained silent on cryptocurrency issues.
- To the Joint EU-US Forum on Financial Regulationparticipants from the European Commission and the US Department of the Treasury discussed Regulatory cooperation on digital finance and cryptocurrencies.
Community Spotlight 🔦
Meet Sevi Agregado: He is a 10-year-old artist known for his vibrant wildlife paintings. Sevi is recognized as the first Filipino child NFT artist, having minted his first NFT artworks when he was in first grade.
- His art has attracted attention in the NFT market for its uniqueness and use of blockchain technology.
- Sevi’s paintings have been exhibited at Draper Startup House and NFT in New York.
- Recentlyhis journey was shared by his mother April Agregado during the NFT Minting Workshop Hosted by the Rotary Club of Makati and Ownly.io.
Check out his profile Here.
More news on Web3 and AI 💡
Discover the latest in web3 and AI innovation.
- Philippine Senator Joel Villanueva AND urging the Philippine government, particularly the Department of Labor and Employment (DOLE), to accelerate preparations for the country’s workforce to adapt to artificial intelligence (AI) technology.
- WIPO reported that China is a leader in generative AI patents, with six times the number of patents filed than the United States, covering chatbots and diverse applications such as autonomous driving and publishing, with more than 38,000 patents from 2014 to 2023.
- Consent acquires Wallet Guard Strengthens Metamask’s Web3 Security.
Web3 Gaming Section 🎮
The future of web3 is gaming: here are the latest news.
- Chibi Clasha web3 fantasy game, launched the “Kingdoms Alliance” competition, which will be held from July 2 to 22.
- Gentleman, President of Animoca Brands, predicts Over 100 million new web3 users will join through gaming on platforms like Telegram in the next 12-18 months, citing the platform’s integration with TON blockchain games.
- Pixelverse will integrate the Solana-based meme coin character MEW into its Telegram minigames on the TON network, making MEW the first Solana meme coin in the Pixelverse universe.
Event Announcements 📅
Do not get lost: Upcoming events, webinars and meetups in the cryptocurrency world!
On the schedule today:
Upcoming events:
Noteworthy 🌟
Key updates and announcements from the world of cryptocurrency and blockchain:
- Indian cryptocurrency exchange CoinDCX acquired BitOasis, a Dubai-based exchange licensed in Bahrain and the United Arab Emirates.
- Binance announced the delisting of major trading pairs, including BTC and ETH.
- Opera Mini’s MiniPay app Now integrates Tether’s USDT and Circle’s USDC, offering users one-click exchanges for Celo dollar (cUSD) via the new Pockets feature.
- Central Bank of Russia suggested for companies to use cryptocurrencies and digital assets as part of multiple payment solutions to manage transactions with foreign partners and mitigate the impact of Western sanctions after the conflict in Ukraine.
- In front of the UK Elections on July 4ththe voters are pressing candidates to address cryptocurrency policy.
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This article is published on BitPinas: Cryptocurrency Prices Drop 20% on Mt. Gox Wallet Movements | Key Takeaways | July 5, 2024