EddieJayonCrypto

 16 Jul 24

tl;dr

Bitcoin (BTC) experienced a 3% decline due to defunct exchange Mt. Gox moving coins internally for potential creditor repayments. After the movement, BTC briefly fell below $63,000 before rebounding. The exchange, which lost large amounts of bitcoin in a hack and is now repaying its debt, sparked co...

Bitcoin (BTC) experienced a 3% decline due to defunct exchange Mt. Gox moving coins internally for potential creditor repayments. After the movement, BTC briefly fell below $63,000 before rebounding. The exchange, which lost large amounts of bitcoin in a hack and is now repaying its debt, sparked concerns of mass selling by creditors who have been awaiting reimbursements for a decade. This decline also impacted the broader market, with ether falling over 2.5% to $3,400 and the CoinDesk 20 Index (CD20) dropping over 2% to 2,182.

One observer said the movement of coins was likely a part of the exchange's creditor reimbursement plan. Bitcoin (BTC) faced renewed selling pressure on Tuesday after blockchain data showed defunct exchange Mt. Gox started moving coins internally for potential repayments to creditors. The leading cryptocurrency by market value dipped 3% briefly falling below $63,000, after testing the $65,000 mark during the early Asian trading hours, according to CoinDesk. The decline happened as the wallet associated with Mt. Gox initially moved 0.021 BTC ($1,000) to the blockchain address: 1EoZd1QNCiN9JbnsqvLRDbHKLygAsXHg3V. The small movement, supposedly a transfer test, was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet, according to data tracked by Arkham Intelligence. The movement was likely a part of the repayment plan, according to on-chain sleuth Lookonchain.

Mt. Gox, once the largest bitcoin exchange in the world, went bust in 2014 after it lost hundreds of thousands of bitcoin in a hack. The exchange began repaying its debt on July 4, spurring fears of mass selling by creditors who have waited for reimbursements for a decade. Bitcoin's drop weighed over the broader market, with ether, the second-largest digital asset by market value, dipping over 2.5% to $3,400. The CoinDesk 20 Index (CD20), a broader market gauge, fell over 2% to 2,182.

More about MicroStrategy Incorporated

Stock Market Analysis: MicroStrategy Incorporated

MicroStrategy Incorporated provides global business analysis software and services. The company is headquartered in Tysons Corner, Virginia.

Sector: Technology

Industry: Services-Prepackaged Software

Market Cap: 24.77 billion

Dividend Yield: None

Beta: None

Price Change (52 Weeks): -10.6%

Price/Earnings Ratio: 32.62

Price/Sales Ratio: -0.174

Shares Outstanding: 489,592,000

Revenue: $1,959.82 million

Return on Assets: -0.775

Return on Equity: -0.055

More about Coinbase Global Inc
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Company: Coinbase Global Inc

Description: Coinbase Global, Inc. provides financial infrastructure and technology for the crypto economy. The company is headquartered in Wilmington, Delaware.

Sector: FINANCE

Industry: FINANCE SERVICES

Market Cap: 53,538,951,000

Current Price: $42.75

Dividend Yield: None

Price/Earnings Ratio: 5.1

Return on Equity: 15.83%

Beta: 0.357

Revenue: 3,777,835,000

EPS: $263.42

Net Income: 3.27

P/E Ratio: 1.156

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More about Marathon Digital Holdings Inc

Marathon Digital Holdings Inc

Marathon Digital Holdings, Inc. is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company is headquartered in Las Vegas, Nevada.

Sector: Real Estate & Construction

Industry: Patent Owners & Lessors

Market Cap: 5872072000

Current Price: 12.98

Dividend Yield: None

EPS: 1.6

P/E Ratio: 2.402

ROE: 0.956

Revenue: 501574000

Debt-to-Equity Ratio: 23.31

Current Ratio: 0.764

Quick Ratio: 2.231

More about NVIDIA Corporation

NVIDIA Corporation

Nvidia Corporation is an American multinational technology company incorporated in Delaware and based in Santa Clara, California. It designs graphics processing units (GPUs) for the gaming and professional markets, as well as system on a chip units (SoCs) for the mobile computing and automotive market.

Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES

Market Cap: 317.99 Billion

PE Ratio: 75.6

EPS: 0.016

ROI: 1.71

ROE: 3.234

Beta: 0.534

Revenue: 79.77 Billion

Stock Price: 121.52

Dividend Yield: 6.5%

Net Income: 2.621 Billion

Disclaimer

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