Today, June 25, 2024, several important events took place in the crypto world.
The crypto market has been constantly changing, creating new opportunities for investors.
However, to utilize these opportunities, you need the right information.
In this article, we’ll explore everything that occurred within the last day.
So, whether you’re a seasoned crypto trader or just starting, this update is for you.
Summary of What Happened Today in the Crypto Space
- Gox is about to repay its creditors, but this might not affect Bitcoin’s price as much as some people worry.
- The German government has been selling its stockpile of Bitcoin.
- Survey Finds Strong Crypto Investment Interest Among Majority of Respondents.
- Riot Platforms has canceled its planned purchase of Canadian Bitcoin mining company Bitfarms.
Analysts Say Mt. Gox’s $8.5 Billion Bitcoin Repayment May Not Crash Prices as Feared
A known analyst has reviewed the situation surrounding Mt. Gox’s plan to repay its creditors with $8.5 billion worth of BTC.
Contrary to widespread fears, the analyst believes this move may not trigger any selling pressure.
Tony Sycamore, an IG Markets analyst, thought most of Mt. Gox’s sell pressure was already considered.
Moreover, Sycamore noted that “the repayments are happening against a backdrop of deteriorating market sentiment and technical selling.”
He added that much of the speculative “hot money” in crypto had left for equities like Nvidia and Apple.
Sycamore emphasized, “The repayments have been coming for a long time.”
This long anticipation has allowed the market to absorb the news gradually, reducing the shock impact.
Additionally, Alex Thorn, the research head at Galaxy Digital, predicted that creditors would only sell 65,000 of 141,000 Bitcoins.
Source: X Post
He suggested this amount would significantly reduce much of the expected selling activity.
Thorn further explained several reasons to believe that individual Mt. Gox creditors might not sell immediately.
Thorn’s view aligns with the idea that much of the fear surrounding the Mt. Gox repayments is overblown.
The market has had ample time to adjust and prepare for the influx of Bitcoin.
Moreover, the market has matured significantly since the Mt. Gox collapse. It’s now better equipped to handle large transactions and potential sell-offs.
German Government Unloads Bitcoin Crypto, Sending Some to Major Exchanges
Source: Arkham Intelligence
On June 25, a cryptocurrency wallet linked to the German government sold over $54 million worth of Bitcoin.
Notably, the transactions involved the sale of 900 Bitcoin and were conducted in three separate transactions.
Initially, 200 BTC was sent to Coinbase, followed by another 200 BTC to Kraken.
However, in a separate transaction, 500 BTC, valued at over $30 million, was sent to wallet “139Po.”
This destination remains unidentified, as reported by Arkham Intelligence.
The German government’s involvement with wallet “139Po” has drawn attention due to its unknown nature.
Moreover, this isn’t the first interaction between the government and this wallet.
Previously, the government transferred 500 BTC on June 19, just six days prior.
Additionally, another transaction involving 800 BTC to this address occurred on June 20.
These activities raise questions, especially considering that on June 19, the wallet initiated a significant 6,500 BTC transfer valued at over $425 million.
Also, apart from sending Bitcoin to unknown wallets, it sent a significant portion to CEX.
Before these transfers, the wallet had accumulated nearly 50,000 BTC since February 2024.
It’s widely believed that these funds were seized from the operator of the pirated movie website Movie2k.
Over Half of Survey Respondents are Interested in Crypto Investments in the Next Three Years
In a recent move, major Japanese financial services firm Nomura Holdings, along with Laser Digital, unveiled the result of a survey.
This survey, titled “Institutional Investor Survey on Digital Asset Investment Trends,” targeted 547 investment managers.
Source: Nomura Holdings
Surprisingly, this target includes family offices, institutional investors, and even public-service corporations.
Nomura aims to gain valuable insights into how these key players view and approach investing in digital assets.
Of all the respondents surveyed, 54% want to invest in crypto in the next three years.
Conversely, the remaining participants conveyed a different stance.
A set of respondents stated their preference not to invest or expressed a lack of interest.
Furthermore, when it comes to dividing their assets, many managers opt to assign 2% – 5% to cryptocurrency.
In the survey, 66% of the participants selected this range for their crypto investments in the next three years.
In addition, a quarter of the surveyed individuals had a “positive” view of crypto assets. This indicates optimism about the future of the crypto sector in Japan.
Riot Platforms to Shake Up Bitfarms Board After Acquisition Setback
Riot latest press release | Source: Riot Platform
Following an unsuccessful acquisition attempt, Riot Platforms plans to replace three members of Bitfarms’ board.
In a notice issued on June 24, Riot Platforms disclosed its ownership of a 14.9% stake in Bitfarms.
Subsequently, this disclosure followed Bitfarms’ announcement of a shareholder rights plan.
Moreover, the disclosure aims to stop Riot from buying over 15% of its shares.
Riot said, “[It] is clear that engaging with the incumbent Bitfarms Board on a potential combination is just not possible.”
“Riot has informed the Bitfarms Board that it has formally withdrawn its previous proposal to acquire all Bitfarms common shares for US$2.30 per share and stands ready to engage and negotiate with a reconstituted Bitfarms Board to pursue a mutually beneficial combination of Bitfarms and Riot,” Riot added in the notice.
The Platforms had been actively pursuing Bitfarms for acquisition earlier this year, intending to expand its holdings.
In May, Riot proposed a significant acquisition deal worth $950 million. However, Bitfarms later imposed a restriction, limiting Riot’s stock ownership to 15%.