More than 140,000 BTC from Mt. Gox Hack to be Repaid
Market Effect
According to a recent notice issued by Mt. Gox, repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) to its customers will commence in July 2024. This redistribution follows the infamous 2011 hack, which resulted in the loss of approximately 700,000 BTC, leading to the exchange's bankruptcy and closure in 2014.
Nobuaki Kobayashi, the Mt. Gox trustee, confirmed that the repayments would be executed in collaboration with multiple crypto exchanges. He emphasized that the team has taken the necessary time to ensure "safe and reliable repayment to creditors." This significant market event might lead to substantial selling pressure on Bitcoin, which is currently struggling to maintain its price above key levels.
Is July Bullish for XRP? Price History Says Yes
As a challenging June comes to a close, the outlook for XRP in July appears more optimistic. CryptoRank's price history data reveals that July has historically been a bullish month for XRP over the past four years. Since 2020, the minimum return on investment (ROI) for XRP in July was 6.91%, with a maximum of 48.1%. However, the five years preceding 2020 were less favorable, often ending in the red.
The average ROI for XRP in July since its launch is 5.56%, while the median ROI, a more accurate indicator, shows a nearly neutral gain of 0.07%. Based on this historical data, XRP is expected to at least maintain its value and possibly experience growth in the coming month.
Samson Mow Predicts Bitcoin (BTC) Will Reach $1 Million Within Next Year
Jan3 CEO and prominent Bitcoin enthusiast Samson Mow recently shared another bullish prediction on the X platform. Mow stated that Bitcoin will reach $1 million "within the next year," despite skepticism from many market participants. Known for his long-term bullish outlooks, Mow attributes this forecast to the approval of spot Bitcoin ETFs in January and the fourth Bitcoin halving in late April.
Mow believes that the SEC's greenlighting of ETFs has triggered massive BTC accumulation, leading to what he calls a "Bitcoin demand shock." He predicts that Bitcoin will soar to $1 million when this demand shock intersects with a supply shock, resulting in significant price movements.
