Mt. Gox FUD Won't Sink Bitcoin!

CryptoQuant's CEO believes the impact of Mt. Gox on Bitcoin's price is overestimated and will be used by whales to buy BTC at a discount.

Author

Danielle du Toit
July 17, 2024

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Here's what we've got for you today:

  • Whales to Benefit From Overestimated Mt. Gox FUD: CryptoQuant CEO

  • Trump Hints at 4th NFT Collection, Fears Chinese Crypto Take-Over

  • BlackRock’s IBIT Draws $260M as Bitcoin ETFs Notch 8th Day of Inflows

  • Cypherpunk Holdings Boosts Solana Portfolio and Appoints New CEO

Ki Young Ju, the CEO of Crypto Quant, has downplayed the potential impact of Mt. Gox repayments on Bitcoin (BTC).

  • Ki Young Ju believes the impact of Mt. Gox's repayments on Bitcoin's price is overestimated and will be used by whales to buy BTC at a discount.

  • Despite some investors panic selling, "permanent holders" have accumulated 85,000 BTC in the past 30 days.

  • According to Ju, the potential $3 billion to $9 billion in BTC from Mt. Gox sales is minimal compared to Bitcoin's market cap increase over the last 18 months.

🖼️Trump Hints at 4th NFT Collection, Fears Chinese Crypto Take-Over

During a recent interview, former United States president Donald Trump hinted at launching another NFT collection.

  • Former President Trump announced plans for another NFT collection, after the rapid sell-out of his "MugShot" collection.

  • During the interview, Trump also spoke about the importance of maintaining leadership in the crypto space to prevent China from dominating the industry.

  • The announcement came shortly after an assassination attempt on Trump during a rally in Butler, Pennsylvania.

United States spot Bitcoin ETFs notched $422.5 million of net inflows on Tuesday.

  • BlackRock’s iShares Bitcoin Trust attracted $260 million from Bitcoin investors on July 16, which was more than half of all net inflows into spot Bitcoin ETFs for the day.

  • Tuesday was the eighth consecutive day of positive net inflows for US spot Bitcoin ETFs and was the best-performing day since June 5.

  • The Fidelity Wise Origin Bitcoin Fund saw the second-highest inflows at $61.1 million, followed by the ARK 21Shares Bitcoin ETF with $29.8 million.

Cypherpunk Holdings announced on Tuesday that its SOL holdings now exceed 63,000 tokens.

  • Cypherpunk Holdings reported holding no Solana tokens at the end of Q1 2024.

  • Alongside the purchase of SOL, Cypherpunk also revealed plans to run its own Solana validator and stake 49,917 tokens using its proprietary Solana node.

  • This announcement came after Leah Wald, founder and former CEO of Valkyrie Investments, got appointed as the new CEO of Cypherpunk Holdings in early July.

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