Bitcoin Bounces Back Despite Mt. Gox Payout Worries
The recent rebound in the crypto market has left many wondering if the upcoming Mt. Gox payout will have a significant impact on the market. However, experts believe that the effect will be minimal.
A graph showing the recent rise in bitcoin’s price
Bitcoin surged above the $65,000 level for the first time since late June, shrugging off a dip below $63,000 earlier in the day. This comes as wallets related to the defunct Mt. Gox exchange’s estate are preparing to distribute assets to creditors in the coming days.
The crypto rally was broad-based, with 16 of the 20 constituents in the CoinDesk 20 index (CD20) in the green during the day. XRP, the native token of the XRP Ledger payment network, was the strongest performer among altcoin majors, up 9% during Tuesday and extending its weekly gains to 35%.
A graph showing the recent rise in XRP’s price
The token’s rally is supported by whales, or large asset holders, increasing their holdings, in a sign of conviction in higher prices, crypto data provider Santiment pointed out. Another catalyst was traditional derivatives trading powerhouses CME and CF Benchmarks announcing indices and reference rates for XRP. These offerings may boost institutional adoption for XRP, Brad Garlinghouse, the CEO of closely related blockchain payments firm Ripple, suggested.
A Bitcoiner in the White House?
Donald Trump’s running mate, JD Vance, is the first bitcoin holder to run for Vice President, forming a pro-crypto ticket alongside the former US president that has boosted the market and reassured the broader industry.
A photo of JD Vance
In 2022, Vance disclosed that he held between $100,000 and $250,000 of bitcoin, which would be worth somewhere between $136,000 and $390,000 at today’s prices. His most recent Senate financial disclosure report does not list the buying or selling of any cryptocurrencies, suggesting he still holds the bitcoin disclosed in 2022.
The False Claim of Bitcoin’s Creator
In other news, a London judge has referred a case involving Australian computer scientist Craig Wright to British prosecutors for possible perjury charges. Wright had falsely claimed to be the mysterious creator of bitcoin, known as Satoshi Nakamoto. The judge ruled that Wright did not invent bitcoin and was not the man behind Nakamoto.
A photo of Craig Wright
The ruling had implications for control of the intellectual property rights of the world’s most popular virtual currency. The trial had implications for the development of bitcoin’s open-source technology.
