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Bitstamp Starts Distributing BTC, ETH, BCH To Mt. Gox Creditors

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8 months ago

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Bitstamp, one of the world’s most established crypto exchanges, has initiated the process of returning digital assets to creditors of the infamous Mt. Gox exchange. This development marks the culmination of a decade-long wait for thousands of investors who lost access to their funds when Mt. Gox collapsed in 2014 following a major security breach.

Bitstamp Distribution Process and Details

Bitstamp, the world’s longest-running cryptocurrency exchange, has announced the commencement of its asset refund process for Mt. Gox creditors. This marks a significant milestone in the decade-long saga following the 2014 collapse of Mt. Gox due to a major hacking operation.

Starting today, they received Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) from the Mt. Gox trustees. The distribution of these assets to customers is set to begin tomorrow, July 25. Recipients can expect to have full control of their assets within a week of receipt, following the completion of necessary security checks.

It’s worth noting that while UK customers will not be included in the initial distribution, they can anticipate receiving their restored assets within the next few months. Further information for UK customers will be provided in due course.

This development comes after a lengthy bankruptcy process and represents a potential windfall for many affected investors. When Mt. Gox collapsed in 2014, Bitcoin price was trading at approximately $600. With Bitcoin currently valued at around $51,000 per coin, many creditors stand to realize substantial profits.

Jean-Baptiste Graftieaux, Global Chief Executive Officer at Bitstamp, emphasized the exchange’s role in this process, stating that as the world’s longest-running crypto exchange, and one of the most trusted, we’re proud to play our part in making the Mt Gox investors whole. In total, about 20,000 former Mt. Gox users are set to receive over $9 billion worth of cryptocurrencies as part of this restitution process.

Also Read: Chinese E-commerce Giant JDcom to Issue Hong Kong Dollar Stablecoin

Mt Gox Recent Developments and Market Impact

Recent blockchain data from Arkham Intelligence shows significant movement of assets by Mt. Gox, indicating preparation for repayments. On July 23, Mt. Gox moved 42,587 BTC (valued at approximately $2.85 billion) to an internal wallet, with an additional 5,110 BTC added via a different internal wallet. This activity brings Mt. Gox’s current holdings to 90,344 BTC, worth about $6 billion.

These movements signal tangible progress in the repayment process, which has been closely watched by the crypto market. Interestingly, this development coincided with the launch of Spot Ethereum ETFs, adding to the overall market dynamics.

Also Read: WazirX Hack Update: Founder Reveals Details On Fund Recovery, Withdrawals

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Cardano Price Can Clinch $1 As It Eyes Bounce From New Support Zone

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36 minutes ago

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April 4, 2025

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While predictions for Cardano to $1 may seem like a far cry, a cryptocurrency expert has injected new life into the claims. Cardano’s price is headed below 50 cents in search of a new support zone that can serve as a springboard to reach new highs.

Cardano Price Can Still Clinch $1 Despite Price Slump

Market technician Jonathan Carter in an analysis on X predicts that Cardano’s price can reclaim the $1 price point in the coming months. According to Carter, the recent ADA correction will not be a hindrance for Cardano’s price to reach $1.

ADA has lost a jarring 13% over the last week and trades at $0.64 in an unremarkable week for the cryptocurrency. On the daily charts, prices have generally moved sideways, underscoring a lack of investor enthusiasm.

For Carter, Cardano’s recent decline has seen it fail to stay above the $0.65 support level. The analyst opined that a downtrend is the offing for the Cardano price that could see a new support zone of $0.59. Carter says the new $0.59 support zone will hurl Cardano price to reach $1.

cardano headed toward new support levelcardano headed toward new support level

“Despite the long correction, the price still has a chance to bounce off this support and rise towards $1,” said Carter. “Otherwise, we will fall to the lower border of the broadening wedge.”

While some investors are eyeing an ADA bounce to $0.70, a plausible play will be a slump below $0.60 before the start of a rally.

A Slew Of Positives For ADA

Despite the pervading negative sentiment around ADA price, the cryptocurrency has a wave of positive fundamentals going for it. Cardano price spiked following Charles Hoskinson’s confirmation of Ripple’s RLUSD on ADA.

Furthermore, Charles Hoskinson reveals that Cardano will play a major role in Bitcoin decentralized finance (DeFi) application. In more positive technicals, Cardano price is forming a cyclical pattern from 2024 that can send prices to astronomical proportions in May.

While the prediction pegged prices at $2.5, optimists say ADA price to $10 is not a crazy hypothesis. The report cites present solid fundamentals and ADA’s over 1,000% spike to set its all-time high back in 2021 as pointers for the seismic rally to $10.

 

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Expert Reveals XRP Price Could Drop To $1.90 Before Rally To New Highs

Published

4 hours ago

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April 3, 2025

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Crypto analyst CasiTrades has provided a roadmap for the XRP price, revealing what could happen before the altcoin reaches a new all-time high (ATH). Based on her analysis, XRP could still witness a price decline before it potentially rallies past its current ATH of $3.4.

XRP Price Could Drop To $1.9 Before Rally To New Highs

In an X post, CasiTrades stated that in the event of a deeper flush, the XRP price could wick down to $1.90, suggesting that the altcoin could visit this low before it rallies to new highs. She believes XRP will ideally hold above this $1.90 and avoid dropping to new lows.

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The crypto expert noted that the next move is critical. She claimed that if XRP gets that flush with bullish RSI divergence, it could mark the bottom before the altcoin rockets into Wave 3. However, CasiTrades warned that a break below $1.90 could force a reset of the entire new trend count.

Meanwhile, there is still the possibility that the XRP price might not drop to as low as $1.90. CasiTrades stated that $1.95 is the prime target, with subwaves heavily aligning there and a drop to $1.90 only likely to occur in the event of a deeper flush.

It is worth mentioning that US President Donald Trump recently announced reciprocal tariffs on all countries, a move which is set to ignite a global trade war and is bearish for XRP and the broader crypto market. As such, this development could be what sparks the deeper flush and send the altcoin to as low as $1.90.

A Drop To $1.4 Is Also The Cards

In an X post, crypto analyst Brandon asserted that the XRP price is about to have a massive breakout, to the downside. His accompanying chart showed that XRP could drop to as low as $1.4.

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On the other hand, crypto analysts such as Ali Martinez have provided a bullish outlook for the XRP price. In an X post, he stated that XRP could be setting up for a rebound. The analyst further remarked that the altcoin is holding above $2 while the TD Sequential flashes a buy signal.

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Crypto analyst Javon Marks also recently predicted that Ripple’s coin could surge 44x and reach as high as $99. He alluded to the 2017 bull run as the reason why he is confident that the altcoin could record such a parabolic rally.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Here’s Why Is Shiba Inu Price Crashing Daily?

Published

5 hours ago

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April 3, 2025

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Shiba Inu price is on a strong bearish trend, with price indicators recording losses in all time frames. The highly popular meme token now threatens to add an additional zero to its value if the current bear run continues for much longer. Even with Shibarium, SHIB’s layer-2, reaching the milestone of 1 billion transactions recently, the token’s price has not responded positively to this milestone.

Falling Shiba Inu Price Affects Holder Profitability

According to current data, SHIB is down 4.6% in the past 24 hours, 14.7% over seven days and a substantial 54.9% over the past year.

Shiba Inu price performance, Source: CoinGecko

The current context for the SHIB price appears tough for the majority of investors. Based on on-chain analytics, 62% of SHIB investors are at the moment in a loss, while merely 34% are in profit and 4% are breaking even as per IntoTheBlock data.

SHIB has fallen 85.9% from its all-time high of $0.00008616 on October 28, 2021, over three years ago. This extended period of decline has made many of the investors who bought during the bull run in 2021 underwater on their holdings.

The token reflects a high ownership concentration with 74% of SHIB owned by major holders. The concentration may be behind price volatility. This is due to the fact that the moves by the large holders tend to have disproportionate impacts on the market. Major volume trading in the last week has hit $184.02 million which indicates sustained activity even as the price goes down.

Shibarium Milestone Fails To Reverse Trend

Despite Shiba Inu’s layer-2 scaling solution, Shibarium recently achieved a major milestone of 1 billion transactions. However, this accomplishment has not translated into positive price action for SHIB. This disconnect between ecosystem development and token price shows the current market’s focus on overall trends rather than project-specific achievements.

Shibarium is a key component of the Shiba Inu ecosystem that focuses on reducing transaction fees, increasing processing speed, and enabling more advanced applications within the SHIB ecosystem.

The continued negative price action despite reaching such a substantial transaction milestone raises questions about what catalysts might eventually reverse SHIB’s downward trend.

Will Shiba Inu Token Burns Aid In Price Pump?

The Shiba Inu community has historically highlighted token burns as one possible method of driving scarcity and price support. Recent burn behavior has been spotty and inadequate to have any real effect on the enormous Shiba Inu token supply.

After a recent spike in burn rate of more than 12,000%, the last 24 hours have seen the burn rate decline by 60%. During this period, only 37.6 million SHIB tokens were removed from circulation as per Shibburn data.

Token burns continue to be a mainstay narrative among the SHIB community. However, the volume of burning has to rise in order to have an effect on the token’s supply that can be measured. The 17.88% hike in trading volume in the last 24 hours to $311.14 million gives some indications of market action. This potentially could be being driven by the larger holders stockpiling at lower prices.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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