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Here’s what happened in crypto today

  • July 11, 2023
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

The upcoming Bitcoin halving could be a boon for Bitcoin-related stocks such as software analytics firm MicroStrategy. Meanwhile, Bitcoin has recaptured $31,000 on the same day Standard Chartered tipped BTC price to hit $50,000 this year. FTX was also back in the headlines amid reports that one of its key executives is being investigated for campaign finance violations.

US authorities investigate FTX Digital Markets co-CEO for potential campaign finance violations

The saga surrounding FTX continues, with The New York Times reporting that one of the failed exchange’s executives is being investigated for campaign finance violations. 

FTX Digital Markets co-CEO Ryan Salame and his girlfriend Michelle Bond — a congressional candidate who ran in New York in 2022 — may have exceeded federal limits on campaign contributions. The investigations do not appear to be linked to the criminal proceedings facing former CEO Sam Bankman-Fried, who awaits two criminal trials later this year.

Salame has been on the FBI’s radar since at least April, when investigators reportedly searched his home. It was unclear what they were looking for at the time. However, Salame was a beneficiary of suspicious loans and payments given to several FTX executives before the exchange collapsed.

FTX Digital Markets was FTX’s Bahamadan arm. It should be noted that Salame has not been charged with anything for his time at the company.

Mt. Gox repayment date looming: Is Bitcoin in trouble?

While the cryptocurrency community is actively discussing the upcoming Bitcoin halving in 2024, another potentially big market event is happening this year.

The trustee of the hacked Bitcoin BTC$30,413 exchange, Mt. Gox, is set to finally repay the exchange’s creditors by the end of October 2023. If that happens, the cryptocurrency market could be significantly affected in several ways, some industry observers agree.

Founded in 2010, Mt. Gox was once the biggest Bitcoin exchange in the world, estimated to facilitate around 70% of all BTC transactions before its implosion.

The now-defunct exchange lost 850,000 BTC — 4% of all Bitcoin to be issued — in a security breach in 2014. The event made Mt. Gox one of the biggest cryptocurrency bankruptcies of all time, with creditors yet to be repaid nine years later.

The repayment of Mt. Gox will be a unique event, which is certain to have a significant impact on the market, WhaleWire founder and CEO Jacob King believes.

After losing all their Bitcoin almost 10 years ago, most creditors are likely to sell at least part of their BTC once they finally get it back, King told Cointelegraph.

“This influx of sell orders could create a downward pressure on prices and potentially lead to a market downturn,” he said. King also mentioned multiple prolonged delays in the Mt. Gox repayment process, which has already caused a sense of “disillusionment among investors, eroding their confidence in the market.”

MicroStrategy to see boost from Bitcoin’s halving rally

The upcoming Bitcoin halvening could provide a boost to Bitcoin-focused stocks, including Michael Saylor’s MicroStrategy, according to analysts from Berenberg Capital. 

In a recent analyst note giving the firm a $430 price target, analysts at Berenberg believes that as MicroStrategy derives much of its value from the 152,333 Bitcoin it held on its books, a Bitcoin halving rally could see its shares gain significantly in price.

The Bitcoin halving is scheduled for April 26, 2024.

In the view of technical analysis, flipping the $32,000 level to support for a few daily closes would be confirmation of the pattern, potentially leading to a price target in the $48,000 to $58,000 level.

Bitcoin miners continue to send their mining rewards to exchanges, extending the trend seen since last week.

The action appears to be having limited impact on BTC price and on-chain data shows Bitcoin holders of smaller and larger cohorts continuing to accumulate on dips.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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