Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
The upcoming Mt. Gox repayment worth $9 billion in Bitcoin could momentarily impact the asset’s potential to breach the $70,000 market price. Analysts say Ethereum’s price action could finally outperform Bitcoin in the weeks following the launch of the Ether ETFs. Meanwhile, Stablecoin issuer Tether has signed a memorandum of understanding (MoU) with a Turkish crypto platform to promote industry knowledge in the country.
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What pushed Bitcoin price below $60,000? Charts point at potential Mt. Gox repayment
BTC $60,168 breaching the $70,000 mark may be attributed to the potential start of the Mt. Gox creditor repayments.
This longer price correction threatens to prolong the current price consolidation as Mt. Gox potentially starts releasing $9 billion worth of BTC.
More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds. This could mean that many investors will cash out after a decade of untouched profits.
Other factors contributing to Bitcoin’s downward trajectory include recent substantial sell-offs by Bitcoin whales.
ETH to outperform BTC following Ethereum ETF launch
The price of Ether ETH $3,316looks set to outperform Bitcoin following the launch of spot ETH exchange-traded funds (ETFs) in the United States later this month, say analysts from crypto research firm K33 Research.
Bitcoin faces headwinds from upcoming MT. Gox creditor repayments — which could see as much as $8.5 billion worth of BTC dropped onto the market beginning this week.
In contrast, K33 analysts Vetle Lunde and David Zimmerman say ETH stands to gain significantly from a wealth of expected inflows into its own roster of spot ETF products, mirroring similar price action to Bitcoin following its spot ETFs going live.
The value of ETH has been charting a steady decline compared to Bitcoin for the past 12 months, with the ETH/BTC ratio falling to a yearly low of 0.045 on May 24.
The price of Ether relative to Bitcoin reversed quickly following the SEC’s sudden decision to approve Ether ETFs which surprised analysts and saw ETH/BTC tick up to its present value of 0.055, per TradingView data.
Tether signs MoU in Turkey
USDT issuer Tether has signed an MoU with Turkish crypto platform BTguru to promote crypto education in the country.
According to the July 2 announcement, the partnership will enable Tether to develop crypto-focused education programs for public and private stakeholders in Turkey. BTguru specializes in crypto assets for the banking sector — a connection that will allow Tether to promote peer-to-peer technology in Turkey’s finance industry and explore the possibilities of introducing new business lines.
Through the partnership, Tether and BTguru will assess the viability of real-world asset tokenization in the banking sector.
“This MOU has the potential to provide a solid foundation for the responsible and informed use of digital assets. We are excited to be part of a movement that could promote freedom and educate people across Türkiye,” said Tether CEO Paolo Ardoino.
Turkey has emerged as a major center for crypto adoption. According to Binance, Turkey ranks fourth in total crypto transactions and 12th in overall adoption.
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