Why Bitcoin Price Drops Below $60K | Mt. Gox Update | Key Points | June 25, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading.
Let’s check the latest crypto news stories in the last 24 hours.
Market Analysis and Updates 📈
Crypto Price Update
Here are the crypto highlights of the day:
- Bitcoin (BTC): $60,337, down 4.4% over the last 24 hours.
- Ethereum (ETH): $3,348, down 2.1% over the last 24 hours.
- Solana (SOL): $132.10, up 2.5% vs the previous day.
Trending Coins Update
- Popcat: $0.3864, up 48.2% vs the previous day.
- Jeo Boden: $0.1437, up 38.3% over the last 24 hours.
- MAGA Hat: $0.0002, up 10.09% vs the previous day.
For the daily price update, check out our post on Facebook.
📺 BitPinas Webcast: Phishing, Scams and Exploits
Announcing the next BitPinas webcast today. Our guest, Certified Technical Analyst Joseph Lejarde, returns to discuss the market as Bitcoin recently fell below $60,000. He will also share insights on what to expect this July.
Feature News: Bitcoin Price Drops Below $60,000 and Here’s Why
Bitcoin’s price has fallen below $60,000, its lowest since early May, due to concerns over impending repayments to Mt. Gox creditors, Decrypt reported.
Why it matters: The market is worried that Mt. Gox creditors, who will start receiving their Bitcoin and Bitcoin Cash next week, might sell their coins immediately, potentially flooding the market and driving prices down further.
Key numbers:
- Bitcoin fell 6.2% in 24 hours, hitting a low of $59,962 on CoinGecko.
- In the past 24 hours, $335 million in crypto positions were liquidated, with Bitcoin accounting for $145 million.
What else are jittering the prices: The Mt. Gox story is on top of news about the recent outflows from U.S. Bitcoin ETFs and investor pessimism over potential interest rate cuts by the Federal Reserve.
What to watch: You should monitor the market response once Mt. Gox repayments begin next week and the potential impact of large-scale sell-offs by creditors.
[Or better yet, join us in the upcoming webcast where we will discuss the topic above!]
Philippine Crypto News 🇵🇭
- Paytaca unveils a new merchant partner in Cebu City that now allows payments through Bitcoin Cash.
- Yield Guild Games (YGG) Esports team takes the championship victory in the Guild Wars SEA LAN.
- ReQuest wins at Solana Summit in Malaysia. (More on this in a separate post today on the website.)
Educational Corner 🎓
- On June 11, Telegram-based W-Coin announced reaching 10 million users. To get on the hype, check out this game guide.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- The Nigerian government denies claims of poor treatment of imprisoned Binance executive Tigran Gambaryan, following U.S. lawmakers’ visit and allegations of inadequate healthcare.
- Korea Institute of Finance cautioned against approving spot crypto exchange-traded funds (ETFs), citing potential risks to financial stability due to crypto market volatility and uncertain asset valuation
Community Spotlight 🔦
Meet Donald Lim: He is the Chief of the telecommunication firm DITO and the President of the Blockchain Council of the Philippines (BCP).
- Lim is also the lead Convenor of Philippine Blockchain Week.
- He’s a partner in Vibrant DAO, a decentralized autonomous organizations (DAOs) established in Spain.
- Lim is also the Chief Growth Adviser of BayaniChain and Blockchain Network Philippines.
Check out his other web3 endeavors here.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Aave DAO has unanimously signaled support for deploying Aave on the Ethereum Layer 2 network ZKsync, advancing the proposal to a formal vote.
- Japan’s Metaplanet, which already holds $9 million worth of Bitcoin, plans to purchase an additional $6.2 million worth of BTC using proceeds from an upcoming bond issuance.
- European digital asset investment firm CoinShares sold its claim from bankrupt crypto exchange FTX at a net recovery rate of 116%.
- Apple is in talks with Meta to integrate the Facebook parent company’s generative AI into its products, aiming to enhance its artificial intelligence capabilities amid competition from Microsoft and Google.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Aptos Labs has partnered with NBCUniversal to enhance web3 fan experiences, loyalty programs, and gaming.
- Lumiterra MMORPG migrates from Arbitrum to Ronin Blockchain of Sky Mavis.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
- Decked Out: Art Reimagined: June 27-29, 2024
- DEVCON Mindanao Summit 2024: June 29-30, 2024
- Ethereum Meetup Cebu: July 7, 2024
- BitcoinCash Revolution (Cebu): July 7, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Binance has frozen over $5 million in stolen funds following a $54 million hack of Turkish cryptocurrency exchange BtcTurk, which affected ten of its hot wallets.
- Cathie Wood, CEO of Ark Invest, stated she plans to vote for Donald Trump in the upcoming U.S. presidential election, citing economic reasons.
- A majority of Japanese institutional investorsintend to invest in cryptocurrencies over the next three years, according to a Nomura survey.
Stay Connected:
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- Check us out on Facebook!
- Join our Telegram group for real-time discussions!
We’d love to hear from you! Reply with your thoughts or questions.
This article is published on BitPinas: Why Bitcoin Price Drops Below $60K | Mt. Gox Update | Key Points | June 25, 2024
