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Mt. Gox moves shake crypto market 👀

Mt. Gox moves shake crypto market 👀

Meanwhile, U.S. politics keeps prediction markets and meme coins churning.

July 06, 2024

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📝 What you need to know

Bitcoin and the crypto market were already down for the week when repayments to Mt. Gox creditors officially began yesterday. More than a decade after the massive Japanese exchange collapsed, the long-anticipated milestone pushed the price of BTC down further, dragging down most other cryptocurrencies.

The top coin has rebounded a bit in the past 24 hours, peeking above $58,000 on Saturday—but it’s still down 5% for the week and more than 18% over the past 30 days.

This Week In Coins: Bitcoin’s Bad Week Sinks the Crypto Fleet

Bitcoin and Ethereum withered as Mt. Gox dominated the narrative, as political meme coins remain volatile.

Multicoin to Match Up to $1 Million in Solana Donations to Pro-Crypto Candidates

The ten-day campaign will raise funds for a political action committee focused on the U.S. Senate.

If Biden Drops Out, Is Crypto Villain Gary Gensler Out Too?

If Democrats force president Joe Biden to stop running or even resign, is crypto still stuck with his infamous SEC head, Gary Gensler?

Biden Flips Kamala: Crypto Markets Expect President to Be Nominee

Crypto bettors on the popular prediction market Polymarket again favor incumbent Joe Biden for the Democratic nomination. For now.

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Quote of the Day

“We ask eligible rehabilitation creditors to wait for a while.”

—Nobuaki Kobayashi, Mt. Gox Trustee

🌐 From Our Hubs

🎮 GG: Telegram CEO Calls Crypto Game Hamster Kombat World's 'Fastest-Growing Digital Service'

Pavel Durov, Telegram’s founder and CEO, also said that viral game Hamster Kombat has reached 239 million users ahead of its token launch.

🎭 SCENE: Andrew Tate Teases DADDY Meme Coin 'Global Tour' After Being Cleared to Travel

Andrew Tate is free to travel the EU as he awaits trail in Romania—and plans to use this time for a “global” tour around the DADDY meme coin.

🤖 EMERGE: How AI is Paving the Way to a Transhumanist Future - Decrypt

The SingularityNET CEO discusses transhumanism and how artificial intelligence is revolutionizing medicine, cybernetics, and longevity.

📚 Dive Deeper

🎓 LEARN: What Are Layer 3 Networks? Improving Functionality and Interoperability

Layer 3 networks sit atop the infrastructure of layer 1 and layer 2 blockchains, enhancing functionality and interoperability.

📹 WATCH: FOMO Hour 152 - Joined by Deeze

BTC hits $54k, set for worst week in over year. Mt. Gox begins to move BTC and make distributions. German government continues to sell holdings. Worst day for BTC liquidations since FTX.