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🌙 Mt. Gox Bitcoin Move, ETF Surge, Hut 8 Losses

Mt. Gox's $2B Bitcoin wallet moves, Bitcoin ETFs surge past Satoshi's holdings, and Hut 8 faces significant Q2 losses.

Author

Mike Gavela
August 13, 2024

Crypto Roundup - August 13

A significant movement was detected in the cryptocurrency world as a crypto wallet tied to Mt. Gox, which contains approximately $2 billion worth of Bitcoin, initiated a test transaction. This move is part of the ongoing process of distributing assets to creditors of the now-defunct exchange, raising concerns and speculation in the market about potential impacts on Bitcoin's price. Concurrently, Bitcoin ETFs are gaining momentum, with projections indicating that they could soon hold more Bitcoin than the amount originally mined by Satoshi Nakamoto, underscoring the growing institutional interest and adoption of Bitcoin as a mainstream financial asset. On the other hand, Bitcoin miner Hut 8 reported a substantial net loss of $19.2 million in Q2 2024, driven by lower Bitcoin prices and increased operational costs, highlighting the ongoing challenges that Bitcoin miners face in a volatile market environment.

Top Stories:

  • Crypto wallet holding $2B Mt. Gox Bitcoin sends a test transaction during the distribution process, sparking market speculation.

  • Bitcoin ETFs are on pace to hold more BTC than Satoshi Nakamoto's mined total, reflecting increased institutional adoption.

  • Bitcoin miner Hut 8 reports a $19.2 million net loss in Q2, illustrating the financial difficulties within the mining sector.

TOP STORIES

Crypto Wallet Holding $2B Mt. Gox Bitcoin Sends Test Transaction as Distribution Continues: Arkham

Some users in the Mt. Gox creditors channel on Reddit reported receiving funds on their BitGo accounts.

www.coindesk.com/markets/2024/08/13/crypto-wallet-holding-2b-mt-gox-bitcoin-sends-test-transaction-as-distribution-continues-arkham

Bitcoin ETFs on Pace to Hold More BTC Than Even Satoshi - Decrypt

Just months after launching, the U.S. spot Bitcoin ETFs are collectively approaching the believed tally of BTC creator Satoshi Nakamoto.

decrypt.co/244379/bitcoin-etfs-pace-hold-more-btc-satoshi

Bitcoin miner Hut 8 sees 72% jump in revenue, but $71.9 million net loss in Q2

The publicly traded bitcoin miner is seeing growing revenues from its high-performance computing business line post-halving.

www.theblock.co/post/310966/bitcoin-miner-hut-8-net-loss-in-q2

FUNDRAISING

OTHER HEADLINES

Ethereum Layer 2s Push Gas Fees to Four-Year Lows - "The Defiant"

Low prices drove Ethereum’s gas fees to the single digits in the past days, but experts are warning that these levels likely won’t last.

thedefiant.io/news/blockchains/ethereum-layer-2s-push-gas-fees-to-four-year-lows

Why PayPal’s $733m stablecoin is growing faster on Solana than Ethereum

PayPal provides Solana DeFi protocols with hundreds of thousands of dollars worth of PYUSD to distribute to users each week.

www.dlnews.com/articles/defi/paypal-pyusd-on-solana-overtakes-ethereum-amid-incentives

Kamala Harris may continue the Biden administration’s crypto crackdown

Harris' choice of economic advisors suggests a tough stance on future cryptocurrency regulation.

cointelegraph.com/news/kamala-harris-may-continue-the-biden-administration-s-crypto-crackdown

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