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Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024

Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Our feature article today – the crypto market continues to slide. When will it be over?

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates ๐Ÿ“ˆ

Crypto Price Update

Here are the crypto highlights of the day:

  • Bitcoin (BTC): $54,358.27, down 7.7% over the last 24 hours.
  • Ethereum (ETH): $2,895.55, down 10.3% over the last 24 hours.
  • Solana (SOL): $127.13, down 6.6% vs the previous day.
  • Petals: $0.001, up 63.5% vs the previous day.
  • LayerZero: $2.93, down 14.8% over the last 24 hours.
  • ZKsync: $0.1396, down 16.9% vs the previous day.

For the daily price update, check out our post on Facebook.


๐Ÿ“บ Watch: DeFi Webcast with Pendle Finance’s Paolo Dioquino

Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024

BitPinas Webcast: Yesterday’s episode was an information-filled 1.5 hours on decentralized finance, the tools needed, yield farming, restaking, and the platforms to get started. Check out the webcast episode here!

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By the way, to lighten the mood for a bit, here’s the background image that we use:

Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024

Feature News: Crypto Prices Plunge 20% as Mt. Gox Wallet Moves

Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024

Major cryptocurrencies dropped by up to 20% in the past 24 hours after a Mt. Gox-linked wallet moved a large amount of Bitcoin.

Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024
[Earlier today] Mt. Gox has transferred 47,229 BTC out of cold storage. Cost of Transfer: $3.59
  • There are also numerous reports of governments selling their stash of Bitcoin, like Germany. This prompted Justin Sun to tweet, offering to buy the European country’s holdings.
  • Whalewire is now confirming that this is the second-largest liquidation event in Bitcoin’s entire history.
Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024

Finally, 250,000,000 USDC has been recently minted at its treasury:

Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024

What’s the significance: This sudden drop wiped out recent gains and caused chaos in the market, showing just how unpredictable crypto can be.

Key numbers:

  • Bitcoin (BTC): Fell 8%, briefly below $54,000.
  • Ether (ETH): Down more than 10%.
  • Solana (SOL) and Cardano (ADA): Each dropped 8%.
  • Dogecoin (DOGE): Plunged nearly 18%.
  • Liquidations: Over $580 million in long positions (bets on prices going up) were wiped out, with Bitcoin and Ether losing $380 million combined. (All data from Coindesk.)

Liquidations happen when an exchange closes a trader’s leveraged position because they don’t have enough funds to keep the trade open.

What is driving the prices down? Mt. Gox, a defunct exchange, moved a large amount of Bitcoin, likely preparing to repay creditors. This added pressure to the market, causing prices to fall.

  • Analysts expect a weak third quarter for Bitcoin due to uncertainty around the Mt. Gox repayments.

Philippine Crypto News ๐Ÿ‡ต๐Ÿ‡ญ

Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024
  • ICP Hub PH had the 52nd episode of its IC Stories MNL.
  • Paytaca released its appโ€™s new version, Version 0.19.0.
  • Bicol Blockchain Community announced the event details for its Solana Ecosystem Call for July. 
  • Arweave PH will host the Balangay Builders Program, offering a $10,000 prize pool for developers to create dapps on the Arweave ecosystem test network.

Educational Corner ๐ŸŽ“

Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024

Check out this guide for MemeFi, a clicker game within the Telegram Mini-Apps Ecosystem, which is currently hosting three campaigns for players to earn more coins.


Regulation Watch ๐Ÿ“œ

Stay informed about the latest regulatory updates and what they mean for you:

  • The Basel Committee on Banking Supervision has approved a disclosure framework for banks’ crypto exposures, to be implemented by 2026.
  • A U.S. District Judge in Illinois ruled in favor of the CFTC, while highlighting the ongoing debate over the classification of cryptocurrencies as securities or commodities.
  • As the U.K. election approaches, major parties, including the Labour Party, which leads in the polls, have largely remained silent on crypto issues.
  • At the EUโ€“U.S. Joint Financial Regulatory Forum, participants from the European Commission and the U.S. Department of the Treasury discussed regulatory cooperation on digital finance and crypto assets.

Community Spotlight ๐Ÿ”ฆ

Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024
Sevi Agregado

Meet Sevi Agregado: He is a 10-year-old artist known for vibrant wildlife paintings. Sevi is recognized as the first Filipino child NFT artist, having minted his first NFT artworks while in first grade.

  • His art has gained attention in the NFT market for its uniqueness and use of blockchain technology.
  • Sevi’s paintings have been showcased at Draper Startup House and NFT New York exhibitions.
  • Recently, his 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 Web3 and AI News ๐Ÿ’ก

Discover the latest in web3 and AI innovation.

  • Philippine Senator Joel Villanueva is 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 leads in generative AI patents, filing six times more than the U.S., covering chatbots and diverse applications like autonomous driving and publishing, with over 38,000 patents from 2014 to 2023.
  • Consensys acquires Wallet Guard to bolster Metamask’s web3 security.

Web3 Gaming Section ๐ŸŽฎ

The future of web3 is gaming, and here are the latest news.

  • Chibi Clash, a web3 fantasy game, launched its “Kingdoms Alliance” competition, running from July 2 to July 22. 
  • Yat Siu, chairman of Animoca Brands, predicts over 100 million new web3 users will join through gaming on platforms like Telegram in the next 12 to 18 months, citing the platform’s integration of TON blockchain games.
  • Pixelverse will integrate the MEW character from the Solana-based meme coin into its Telegram mini-games on the TON network, marking MEW as the first Solana meme coin featured in Pixelverse’s universe.

Event Announcements ๐Ÿ“…

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!

Photo for the Article - Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024

Happening today:

Upcoming Events:


Noteworthy ๐ŸŒŸ

Key updates and announcements from around the crypto and blockchain world:

  • Indian crypto exchange CoinDCX acquired BitOasis, a Dubai-based exchange licensed in Bahrain and the UAE.
  • 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 swaps with Celo dollar (cUSD) through its new Pockets feature.
  • Russia’s central bank suggested that businesses use cryptocurrencies and digital assets as part of multiple payment solutions to manage transactions with foreign partners and mitigate the impact of Western sanctions post-Ukraine conflict. 
  • Ahead of the July 4 UK election, voters are pressing candidates to address crypto policy.

Stay Connected:

Weโ€™d love to hear from you! Reply with your thoughts or questions.

This article is published on BitPinas: Crypto Prices Plunge 20% as Mt. Gox Wallet Moves | Key Points | July 5, 2024

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