Category: Breaking

The news of the repayments added selling pressure on bitcoin and the larger crypto market after Mt. Gox announced last month its intention to start repayments in July.

The jobs data, due later Friday, is forecast to show that the pace of job additions in the world’s largest economy slowed sharply in June.

Software company MicroStrategy, which holds over 210,000 BTC, and bitcoin miner Hut 8 led declines as bitcoin dropped to the lowest level since late February.

“The German government still has over $2.3 billion worth of bitcoin, Mt. Gox has more than $8 billion, and the US government has over $12 billion,” one trader pointed out.

The latest price moves in bitcoin (BTC) and crypto markets in context for July 5, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

Before this morning’s jobs report, market participants put nearly 70% probability of lower rates in September, according to the CME FedWatch Tool.

The CoinDesk 20 Index dropped by 5.7% today, with every asset posting losses and LTC and ATOM leading the declines.

Bitcoin’s volatility is expected to continue declining with every halving. The next one, scheduled for 2028, will render bitcoin four times as scarce as gold. Increasing retail and institutional adoption of this technology is also bound to decrease volatility structurally over time.

A federal judge overseeing the U.S. Securities and Exchange Commission’s case against Binance ruled that most of the case can proceed, but dismissed charges tied to the sale of BUSD and secondary sales of BNB.

Solana’s SOL and dogecoin (DOGE) lead losses among major tokens, with the CoinDesk 20 index down 4.8%.