The Mt. Gox refund will add further selling pressure to the Bitcoin market. Immediately after the announcement on June 24, Bitcoin price reacted negatively, plunging below $60,000, hitting a local bottom at $58,402 before recovering back to the important psychological level.
The market continued to move sideways just above the $60,000 mark throughout the past week.
BTC price chart – 1 day | Source: TradingView
Let’s Bitcoin Magazine Check out the top news of the week starting from June 24 to June 30, 2024.
#1. Focus
Mt. Gox, the cryptocurrency exchange that was hacked for 850,000 Bitcoins in 2014, will start refunding affected users in BTC and BCH starting July 2024, according to a document seen by Reuters. release on June 24.
– Refund details: Mt. Gox creditors will begin receiving repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) starting in July 2024. This is part of a Rehabilitation Plan to compensate creditors who lost money due to the 2014 security attack on the exchange.
– Prepare and ensure safety: The administrator has taken the time to ensure the refund process is secure, reliable and compliant with regulations, including coordinating with cryptocurrency exchanges to exchange and confirm necessary information.
– Amount and deadline: Previously, creditors were informed that they would receive 142,000 BTC (equivalent to $8.68 billion at the current Bitcoin price of $61,165) and 143,000 BCH (equivalent to $50.7 million at the current BCH price of $354.6), along with a total cash amount of 69 billion Japanese yen (equivalent to about $510 million). The total value to be repaid is equivalent to about $9.2 billion. The distribution is expected to be completed by October 2024.
Mt. Gox to Refund $9.2 Billion in BTC and BCH to Users Starting in July – Bitcoin Price Slides to $61,000 Causing $280 Million in Liquidations
Fund manager VanEck filed another form with the U.S. Securities and Exchange Commission (SEC) on Tuesday, marking progress toward a spot Ethereum exchange-traded fund (ETF).
VanEck did submit 8-A form for its Ethereum product – a move that signifies the registration for issuers to trade on an exchange once the product is approved.
VanEck’s move comes days after competing companies filed amended registration statements known as S-1s (or S-3s in the case of Grayscale looking to convert its Ethereum Trust into an ETF).
VanEck Files Form 8-A For Ethereum Spot ETF
The US Securities and Exchange Commission (SEC) is reportedly in the final stages of discussions on approving spot Ethereum ETFs.
According to one report of Reuters citing unnamed sources, the SEC could approve the applications before July 4. The news suggests that asset managers and regulators are getting closer to an agreement, paving the way for the launch of Ethereum-based ETFs in the near future.
On Tuesday, SEC Chairman Gary Gensler said the process of launching spot Ethereum ETFs is “going smoothly.” That same day, VanEck also filed Form 8-A for its Ethereum ETF, signaling that the product may soon be available for trading.
Reuters: US SEC Could Approve Ethereum Spot ETF Before July 4
Cryptocurrency acceptance has been recorded significant growth globally, with the United Arab Emirates (UAE) and Vietnam leading the way in embracing the digital asset trend.
Data A recent report from Triple-A specifically found that around 30.4% (equivalent to 3 million UAE residents) now own cryptocurrency, making the country a leader in the fintech sector globally.
Similarly, Vietnam has also seen a significant increase in participation in the cryptocurrency sector, with 21.2% of the population (equivalent to about 21 million people) also entering the coin village..
Vietnam becomes the “runner up” in global cryptocurrency adoption – Which country is falling behind?
#2. Altcoin
Axie Infinity (AXS) Price Down 45% Since April Despite Axies Active Addresses Up Nearly 700%
Arbitrum (ARB) Price Could Drop to New All-Time Low, Here’s Why?
SOL and AVAX rallied amid corrections due to underlying FOMO
Notcoin burns 3 million USD of native tokens and announces new tokenomics – NOT price increases 13%
Fan tokens are down 13% since the opening of UEFA Euro 2024 even though the price has “never increased”
#3. Exchanges
Bybit has surpassed Coinbase to become the world’s second largest exchange.
After the surge in trading, Bybit became the second largest centralized exchange (CEX) by trading volume, according to report Kaiko’s June 25th.
“Since October, the exchange’s market share has increased from 8% to 16%, surpassing Coinbase in March to become the second largest exchange after Binance.”
Bybit Surpasses Coinbase as Binance Loses Market Share
According to news on June 24 citing accounting experts, Coinbase may face legal challenges over compliance with new FASB accounting rules aimed at shifting cryptocurrency accounting and disclosures. from a low-cost impairment model to a fair value model.
The rules were adopted by the FASB in 2023 and will officially take effect in 2025. However, companies are allowed to adopt the standards early, and some have already done so, including Coinbase.
Coinbase May Face New Legal Challenges
Cryptocurrency exchange Coinbase filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) on June 27.
As FoxBusiness reports, Coinbase’s lawsuits, filed in the District Court for the District of Columbia, allege that the SEC and FDIC failed to comply with Freedom of Information Act (FOIA) requests and attempted to marginalize the industry. cryptocurrency industry from the banking sector.
Coinbase has filed FOIA requests with the SEC seeking clarification on the SEC’s official position or position on Ethereum’s transition to a Proof-of-Stake (PoS) consensus mechanism. This transition is a major development in the evolution of Ethereum, with implications for both technological and regulatory scales.
Coinbase officially sued the SEC and the US FDIC
#4. Project, protocol
Hamster Kombat took only 3 days to reach 150 million users, surpassing Threads and Pokémon GO
Pi Network is approaching the Open Network stage with 15 million additional users after more than 1 year
Ethereum Supply Has Inflated for 73 Consecutive Days
Tezos Reveals “Tezos X” Performance Boost Technology Upgrade
Dfinity announces new ICP-enabled platform to address cybersecurity
Arbitrum proposes to reward fees for ARB holders
The merger of 3 tokens Fetch.ai, SingularityNET and Ocean Protocol will start on July 1
Blast Announces Protocol Governance Foundation Ahead of Token Airdrop
The Aave DAO community supports the proposal to deploy Aave on ZKsync
Solana Foundation Launches New Feature to Bring “Crypto” Back to “Crypto Twitter”
#5. ETF
Will Solana Spot ETF get the green light under the Biden administration?
21Shares Files for Second Spot Solana ETF in the US
21Shares Files Form 8-A for Spot Ethereum ETFs with US SEC
The US SEC returns S-1 forms to Ethereum ETF issuers and there is at least one more round to go
Ethereum ETF Could See $5B in Net Inflows in First 5 Months: Galaxy
VanEck Plans to Initially Offer Zero Fees for Spot Ethereum ETF – Bitwise CIO Predicts $15B Flows in 18 Months
Bitcoin ETF divests $1.3 billion in 2 weeks amid market downturn
Korea Financial Research Institute: Crypto ETFs Do More Harm Than Good for the Economy
#6. Stablecoins, CBDCs, Memecoins
Cryptocurrency users in Latin America prefer stablecoins over Bitcoin
Tether Stops Minting USDT on EOS and Algorand, Gives 1-Year Redemption Period
USDC deposits on exchanges hit a one-year high of $228 million
Usage of India’s Digital Rupee (CBDC) Falls Sharply After Initial Surge
#7. NFT, AI, Web3
Open source AI alliance OMI plans new model to compete with Stable Diffusion
AI tokens surge by double digits as Nvidia loses $430 billion in market cap as executives sell off
Bitcoin mining company Hut 8 receives $150 million investment to expand AI push
Cambridge University has developed an AI cancer detection machine with 98.2% accuracy on 13 types.
OpenAI announces partnership with TIME amid new copyright infringement lawsuit
Aptos Foundation Partners with Alibaba Cloud to Foster Japan’s Web3 Ecosystem
Q2 NFT sales dropped 45% to $2.24 billion
#8. Scam, hacking
The former CEO of a fintech company was sentenced to nearly 4 years in prison for conspiring to manipulate cryptocurrency prices
Ethereum Foundation Suffers Security Breach – What Happened?
Immunefi: Cryptocurrency Hack and Fraud Losses Rise to $573 Million in Q2
More and more celebrities are having their accounts hacked to promote fraudulent cryptocurrency tokens
US Offers $5 Million Reward for Information on OneCoin’s ‘Crypto Queen’
#9. Legal regulations
Hong Kong Legislative Assembly Sets Up Cryptocurrency Legislative Subcommittee
Bolivia has lifted its ban on Bitcoin and other cryptocurrencies
Big Win for Bitcoin as US Supreme Court Just Deals a Blow to SEC
Europe’s MiCA Will Take Effect Soon – Is It Time for the US to Act?
US IRS Finalizes Controversial Tax Reporting Rule for Brokers, Punishes DeFi
US Congressman Matt Gaetz introduced a bill allowing taxes to be paid in Bitcoin
US State Signs Bill Banning CBDCs, Protecting Crypto Mining and Self-Governance
UAE may ban cryptocurrency payments
You can see coin prices here.
The “Weekly News” column will be updated at 9:30 every Sunday with general news about the market. We invite readers to follow along.
Viet Cuong
Bitcoin Magazine
