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26 June 2024 | FXGT.com

Crypto News Catchup – Bitcoin Falls to $60,000 Amid Mt. Gox Repayment Fears.

  • Bitcoin dropped to $60,000 after the Mt. Gox trustee announced that BTC and BCH repayments will begin next week. Market participants fear that these repayments could lead to a significant sell-off. This announcement follows the transfer of over $9 billion worth of Bitcoin to a new wallet as part of the repayment process, raising concerns about market impacts.
  • Ethereum gas prices and Bitcoin miner revenues have both approached record lows recently. Ethereum’s gas prices have declined significantly due to reduced network activity, which lowers transaction costs. On the other hand, Bitcoin miners are facing declining revenues, attributed to a combination of reduced block rewards and lower transaction fees, which impacts their profitability​. Top of Form
  • Fidelity has updated its application for a spot Ether (ETH) exchange-traded fund (ETF), revealing $4.7 million in seed capital. The new filing with the SEC discloses that FMR Capital, an affiliate of Fidelity, purchased 125,000 shares to seed the fund. Fidelity confirmed it will not engage in ETH staking. The SEC has approved a rule change allowing the listing of eight spot Ether ETFs from major asset managers, with the potential launch date set for July 2.
  • Tether has launched Alloy (aUSDT), a gold-backed stablecoin pegged to the US dollar. This synthetic dollar is overcollateralized by Tether Gold (XAUt), providing exposure to gold while maintaining dollar-referenced value. The launch is part of Tether’s broader asset tokenization platform. Users can mint aUSDT by depositing XAUt through smart contracts and price oracles, allowing transactions with a gold-backed asset.
  • The Winklevoss twins, co-founders of Gemini, have donated $2 million in Bitcoin to support Donald Trump’s presidential campaign. They aim to combat what they describe as the Biden administration’s “war on crypto.” The twins believe Trump is the pro-Bitcoin, pro-crypto, and pro-business candidate. This significant donation highlights the increasing political involvement of major figures in the cryptocurrency industry.
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