Mt. Gox, the bankrupt cryptocurrency exchange, has recently made progress in repaying its creditors, distributing digital assets to 17,000 claimants as of July 31.
This follows prior payments made on July 5, 16, and 24.
Despite these efforts, Bitcoin’s price has dropped significantly. Arkham Intelligence reports that Mt. Gox still holds about $2 billion worth of Bitcoin (around 32,899 BTC), which will be distributed later.
Creditors are advised to wait as the final distribution depends on verifying accounts and coordinating with partner exchanges.
Currently, Bitcoin is trading at $64,000, reflecting a nearly 3% decline in the past day.
Trading volume has surged by 28.43% to $36.15 billion. This price dip follows a recent peak of $69,972 and comes after the US government moved BTC seized from the Silk Road marketplace, resulting in over $227 million in market liquidations.
Coinbase CEO Brian Armstrong has spotlighted a significant acceleration in institutional crypto adoption, driven largely by the surging popularity of exchange-traded funds and increased use of Coinbase Prime among major corporations.
Jefferies chief market strategist David Zervos believes an upcoming power shift at the Federal Reserve could benefit U.S. equity markets.
Anchorage Digital, a federally chartered crypto custody bank, is urging its institutional clients to move away from major stablecoins like USDC, Agora USD (AUSD), and Usual USD (USD0), recommending instead a shift to the Global Dollar (USDG) — a stablecoin issued by Paxos and backed by a consortium that includes Anchorage itself.
Ethereum co-founder Vitalik Buterin has voiced concerns over the rise of zero-knowledge (ZK) digital identity projects, specifically warning that systems like World — formerly Worldcoin and backed by OpenAI’s Sam Altman — could undermine pseudonymity in the digital world.