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Potential Influx of 137,000 BTC From Mt. Gox Adds to Bitcoin Selling Pressure

Daily Market Wrap

  • Crypto market cap: 0.87 trillion, down 1.82%

  • BTC price stands at USD 19,497, down 2.27%

  • ETH price stands at USD 1,054, down 3.41%

  • Top gainer: Quant (QNT), up 9.47%

  • Top loser: TerraClassicUSD (U3STC), down 9.23%

News of the Day

Why it matters:

  • 137,000 BTC, worth roughly $2.8 billion at the time of writing, may soon hit the market as Mt. Gox is set to release funds to creditors, which have been locked up for 7 years

  • In November 2021, Mt. Gox released a formal “Rehabilitation Plan” to return funds to investors who lost access to their crypto some 7 years ago

  • On July 6, 2022, creditors received an email regarding repayment procedures

  • Miles Deutscher, a crypto analyst, tweeted that the release of 137,000 BTC could cause a devastating decline in the price of Bitcoin due to increased selling pressure

Crypto Daily Spotlight

Brief introduction: Earlier this year, GameStop announced that it was building its first non-fungible token (NFT) marketplace on Ethereum. As a strategic partner, Immutable X established a $100 million fund in IMX tokens, the Layer 2 blockchain’s native token, for grants to be given to NFT content creators and developers. Immutable X also works closely with GameStop’s team to bring the next generation of gaming NFT projects to GameStop customers, creating significant opportunities for participation and liquidity for all players.

Why it matters:

  • Video-game retailer GameStop’s NFT marketplace arrived on Monday just days after the meme stock giant ruthlessly laid-off employees

  • Currently, the platform is in “Public Beta” and allows users to buy, sell, and create NFTs

  • It is suspected that GameStop’s NFT marketplace only brought in $45,000 in transaction fees on its first day of operation due to current NFT market conditions

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