Blackrock Go All In On Bitcoin

Mt Gox Moves $6 Billion Worth of Bitcoin

July 17, 2024

  • Mt Gox Moves $6B Worth of Bitcoin

  • Blackrock Go All In On Bitcoin

  • Germany’s Bitcoin Sale: A $250M Mistake

  • And more…

Market Data Prices as of 5:50am ET

Price (USD)

Change (24h)

Change (YTD)

Bitcoin (BTC)

$65,308

+3.36%

+55.46%

Ethereum (ETH)

$3,484

+2.45%

+52.35%

This Update is Brought to You By Swan Bitcoin
Join Swan Bitcoin! And Get $10 of Bitcoin When You Sign Up!

MT GOX MOVES $6 BILLION
WORTH OF BITCOIN

BREAKING: Kraken Receives Mt. Gox Bitcoin, Creditors Set to Get Payouts by Next Week

Mt. Gox In a notable turn of events, Mt. Gox has executed a major transfer, moving 92,000 BTC (worth approximately $5.8 billion) to four anonymous addresses earlier today.

blackrock etf will trigger surge in bitcoin price

This move sparked speculation among analysts about Mt. Gox preparing to release funds to its creditors. This speculation was later confirmed by Kraken, who issued the following statement:

“We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee. While we will work to distribute funds as quickly as possible, please anticipate 7-14 days for funds to be credited to your account. The amount you will receive has been determined by the Trustee, and we will distribute according to their instructions.”

Kraken's Notification to Creditors The significant takeaway from Kraken’s message is the projected 7-14 day window for fund distribution.

It remains to be seen how many of these coins will be sold after distribution. Investors who lost their Bitcoin ten years ago, when it was valued at $600, may find it tempting to sell given the substantial increase in value.

Interestingly, the market showed resilience in response to this news. Bitcoin’s price briefly dipped below $63,000 but quickly rebounded to over $65,000.

blackrock etf will trigger surge in bitcoin price

Bitcoin The return of funds to Mt. Gox creditors is a welcome development. The resolution of the Mt. Gox bankruptcy has been a lingering issue in the Bitcoin market for years, and its conclusion is a positive milestone for the cryptocurrency community. 😎

The best crypto app to secure your tokens:Ledger

A crypto wallet is a physical device, designed to enhance the security of your private keys by securely storing them offline.

These wallets physically store your private keys within a chip inside the device itself.

The beauty of using a crypto wallet is the security it provides to your private keys.

The big idea behind crypto wallets is the isolation of your private keys from your easy-to-hack smartphone or computer – basically anything that can expose your private keys

BLACKROCK GO ALL IN ON BITCOIN

“I Believe Bitcoin is legitimate.” 🏆️

This ground-breaking announcement comes from none other than Larry Fink, the CEO and co-founder of BlackRock.

blackrock go all in on bitcoin and trigge bitcoin price surge

Larry Fink leads BlackRock, the world's largest asset manager with $10.65 trillion in assets under management, and the biggest player in the Bitcoin ETF space.

As one of Wall Street’s most influential figures, Fink's endorsement of Bitcoin is monumental. When he speaks, the financial community listens.

For over a decade, companies have been striving to get approval for Bitcoin ETFs. Yet, it was only with BlackRock and Fink's involvement that this became a reality.

In a recent interview with CNBC, Fink revealed his change of heart about Bitcoin:

“I was a skeptic, a proud skeptic. I studied it, I learned about it, and I came away saying: ‘My opinion 5 years ago was wrong. Here’s my opinion today: I believe Bitcoin is legitimate.’”

This represents a major shift in Fink’s stance:

bitcoin price surge could be triggered by blackrock going all in on bitcoin

He detailed his reasons for this new belief:

“It is a legitimate financial instrument that allows you to have uncorrelated returns. I believe it is an instrument you invest in when you are more frightened.”

Fink continued by saying:

“It is an instrument you invest in when you believe countries are debasing their currency by excess deficits, and some countries are. It gives you an opportunity to invest in something that is outside your country’s control.”

Michael Dell, founder of Dell Computers, also highlighted Fink's interview by retweeting it with the caption, "Fascinating Bitcoin." As the 10th richest person globally, Dell’s endorsement adds weight to Fink’s statements.

Anthony Pompliano summarized the impact perfectly:

“Larry Fink continues to be the best CMO of Bitcoin. The messenger matters more than the message now.” - Anthony Pompliano

Bitcoin supporters have long proclaimed what Fink has now stated. With a messenger like Fink, the impact is undeniable. The bullish sentiment is palpable.

Join Swan Bitcoin!And Get $10 of Bitcoin When You Sign Up!

GERMANY’S BITCOIN SALE:
A $250M MISTAKE

The German government recently made a huge mistake by selling off their last 50,000 Bitcoin. Since the sale, the price of $BTC has jumped by $5,000, resulting in a lost opportunity of about $250 million in just a few days!

This decision could turn out to be one of the worst financial missteps in recent history.

To add to their woes, the German government is already €2.6 trillion in debt. The funds from the $BTC sale aren’t even enough to cover one month’s interest on their national debt.

In fact, the sale only covered about 8% of their annual interest payments, which are around €40 billion.

Even with $3.5 billion in sell pressure, $BTC hit a low of $53,000 on the first day of the sale (Friday, July 5th). Over the next 7 days, 250 $BTC per hour was sold, yet the price increased by 18%! And we’re still approaching the up-only stage of the cycle.

It seems like they really missed the forest for the trees…

This decision is going to haunt Germany for a long time.

OTHER NEWS:

Reply

or to participate.