Major cryptocurrencies experience significant declines as a Mt. Gox-related wallet activity triggers market instability, leading to notable liquidations and concerns for Bitcoin’s performance in the third quarter. Regulatory developments and local crypto scene updates also shape the landscape.
Crypto Market Sees Significant Drop Amid Mt. Gox Wallet Activity
In the past 24 hours, major cryptocurrencies have faced substantial declines, with Bitcoin (BTC) falling 7.7% to $54,358.27, and Ethereum (ETH) down 10.3% to $2,895.55. Other notable declines include Solana (SOL) at $127.13 and LayerZero at $2.93. However, Petals saw a 63.5% increase to $0.001.
Several factors have contributed to this downturn. A Mt. Gox-linked wallet moved a large amount of Bitcoin, causing market instability. There are also reports of governments, including Germany, selling their Bitcoin holdings, further exacerbating the situation.
This led to significant liquidations, with over $580 million in long positions wiped out, marking the second-largest liquidation event in Bitcoin’s history. Analysts predict a weak third quarter for Bitcoin due to the uncertainty surrounding the Mt. Gox repayments.
In the Philippine crypto scene, highlights include ICP Hub PH’s 52nd episode of IC Stories MNL, Paytaca releasing version 0.19.0 of its app, and Arweave PH launching the Balangay Builders Program with a $10,000 prize pool.
On the regulatory front, the Basel Committee on Banking Supervision approved a framework for banks’ crypto exposures to be implemented by 2026. A U.S. District Judge in Illinois ruled in favor of the CFTC, shedding light on the ongoing debate about cryptocurrency classification.
Sevi Agregado, a 10-year-old Filipino NFT artist, continues to gain recognition with his works showcased at Draper Startup House and NFT New York exhibitions.
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