Mt. Gox Prepares Bitcoin Repayments as Ethereum ETF Launch Approaches
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Mt. Gox, the notorious Bitcoin exchange that failed in 2014, is preparing for a major repayment to its creditors.
This move coincides with the upcoming launch of Ethereum ETFs, fueling speculation about how these events might influence cryptocurrency prices.
Recent data from Arkham shows Mt. Gox has been making small Bitcoin transfers, including one of 0.021 BTC (about $1,390 USD) sent to a specific address. These transactions, occurring in small increments, seem to be tests for future larger transfers. Mt. Gox still holds around 138,000 BTC, valued at approximately $8.91 billion.
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The crypto market is currently buoyed by excitement over the expected launch of spot Ethereum ETFs on July 23. This anticipation has driven up the prices of Bitcoin and Ethereum, with BTC trading around $67,600 and ETH at $3,500. Market enthusiasm is reflected in a significant increase in trading volume, up by over 43% in the past 24 hours.
As the Ethereum ETF launch nears, investors and analysts are keenly watching for any shifts in market dynamics and regulatory developments that could impact the broader cryptocurrency landscape.