The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Thursday! Here's what you need to know today in crypto: |
- Mt. Gox has pushed back the date for its planned repayments by another 12 months.
- Bitcoin struggled to gather upside traction despite Mt. Gox delaying repayments.
- ImmutableX's token IMX rallied 35%.
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CoinDesk Market Index (CMI): 1,096 −1.3%
Bitcoin (BTC): $26,751 −1.3%
Ether (ETC): $1,595 −2.2%
S&P 500: 4,402.20 −0.9%
Gold: $1,943 −0.1%
Nikkei 225: $1,943 −0.1% |
Mt. Gox has pushed back the date for its planned repayments by another 12 months, the trustees for the firm said on Thursday. The defunct crypto exchange had earlier said the deadline for repayments would be Oct. 31, 2023. That has now been pushed back to Oct. 31, 2024. The creditors of Mt. Gox have been looking for some sort of relief for a decade. The prominent crypto exchange was hacked in 2014, which led to 850,000 bitcoin (BTC), worth nearly $23 billion at current prices, being stolen. The exchange managed to recover around 20% of the tokens after the hack. |
Bitcoin struggled to gather upside traction even after defunct crypto exchange Mt. Gox pushed out its pending bankruptcy repayments by a year, delaying the return of extra supply to the market. Some analysts, including those at UBS, had warned the repayments could cause an increase in BTC's active supply, leading to price weakness. The assumption was that creditors would quickly liquidate their holdings, having waited for nearly a decade, adding to supply. The crypto market depth has deteriorated significantly since the collapse of FTX, which means a few large sell orders can have an outsized negative impact on prices. IMX, the native token of non-fungible tokens platform ImmutableX, surged on Thursday, led by South Korean traders. The cryptocurrency rose 35% to 74 cents during Asian trading hours, CoinDesk data show. Major cryptocurrencies like bitcoin (BTC), ether (ETH), XRP and BNB traded 0.5% to 1% lower. The IMX price rally is accompanied by an over 22% increase in the 24-hour global trading volume, which rose to $556 million. The IMX-Korean won (IMX/KRW) pair listed on South Korea's Upbit exchange accounted for nearly 20% of the global activity, followed by Binance's IMX-tether (IMX/USDT) pair, which contributed 7% to the total volume, according to data source Coingecko. |
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Market Insight: Optimism Foundation Sells $157M OP Tokens |
The foundation behind Optimism has sold 116 million OP tokens ($157 million) to seven separate buyers, according to an announcement on the layer-2 blockchain's governance website. The token sale was described as a "private" and "planned" event with the tokens originating from an unallocated portion of the OP Token treasury. Optimism's treasury remains at around $1.25 billion, all of which is made up of its own token, DefiLlama data shows. The seven buyers will be allowed to delegate the tokens to third parties in order to participate in blockchain governance. |
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| - The chart shows bitcoin's dominance rate, or the top cryptocurrency's share in the total crypto market, is again trending north.
- The latest breakout in the dominance rate comes as bitcoin trades well below its peak in July. In other words, money is likely being rotated out of alternative cryptocurrencies and into bitcoin.
- Source: TradingView
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Senator Lummis, Representative Hill and More to Join CoinDesk's State of Crypto Event |
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The gathering provides an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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