What Happened In The Cryptocurrency Market Today?

In our report, you can find the daily trends and events affecting Bitcoin price, blockchain developments, DeFi, NFTs, Web3, and cryptocurrency regulations.

The upcoming $9 billion Mt. Gox Bitcoin repayment could negatively impact BTC's potential to surpass the $70,000 level. Analysts predict that ETH may outperform Bitcoin in the weeks following the launch of Ethereum ETFs. Additionally, stablecoin issuer Tether has signed a memorandum of understanding with a Turkish crypto platform.

What could be causing Bitcoin's price to fall below $60,000? Data suggests that this decline may be related to Mt. Gox's repayments. The delay in Bitcoin surpassing the $70,000 threshold could be linked to the claims that Mt. Gox creditor repayments have started. The potential release of $9 billion worth of BTC by Mt. Gox may continue to drive the price decline.

The Mt. Gox exchange owes over $9.4 billion worth of Bitcoin to approximately 127,000 creditors. These creditors have been waiting for over 10 years to reclaim their funds. This situation indicates that many investors may be looking to realize their decade-long untouched profits.

Other factors contributing to Bitcoin's downward trend include recent significant sales by Bitcoin whales.

ETH appears poised to outperform Bitcoin following the launch of Ethereum ETFs later this month in the U.S. According to analysts from K33 Research, Ether's price may show better performance against Bitcoin after the launch of ETH spot exchange-traded funds (ETFs).

Mt. Gox creditor repayments are putting pressure on Bitcoin.

In contrast, K33 analysts Vetle Lunde and David Zimmerman expect Ether to perform better than Bitcoin with the anticipated influx of ETH spot ETFs.

The value of ETH has shown a steady decline against Bitcoin over the past 12 months, with the ETH/BTC ratio dropping to a year-low of 0.045 on May 24.

According to TradingView Data, SEC's ETF Approval Boosted ETH/BTC Ratio

TradingView data indicates that the SEC's surprising ETF approval has elevated the ETH/BTC ratio to 0.055.

Tether Signs Agreement to Promote Crypto Education in Turkey

USDT issuer Tether has signed a memorandum of understanding with BTguru to promote crypto education in Turkey.

According to the announcement made on July 2, this partnership will enable Tether to develop crypto-focused educational programs for public and private stakeholders in Turkey. BTguru is recognized for its specialization in crypto assets within the banking sector. The agreement serves as a bridge allowing Tether to promote peer-to-peer technology in Turkey's financial industry and explore new business opportunities.

Through this partnership, Tether and BTguru will assess the viability of real-world asset tokenization in the banking sector.

Tether CEO Paolo Ardoino said, “This memorandum has the potential to establish a solid foundation for the responsible and informed use of digital assets. We are excited to be part of a movement that will promote freedom and educate people in Turkey.”

According to Binance, Turkey ranks fourth in total crypto transactions and 12th in overall adoption.

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