Mt. Gox to Return $9 Billion in Bitcoin After 10 Years
Mt. Gox, a bitcoin exchange that collapsed in 2014, will start returning $9 billion worth of bitcoin to users. The payout follows a long bankruptcy process and could impact bitcoin prices, which recently fell to $59,000. Analysts predict market pressure as investors might sell to lock in gains. Bitcoin’s daily trading volume and varied recipient disbursement may cushion the impact. Other factors, including Federal Reserve rate cuts, also contribute to recent bitcoin declines.
Trump Promises Crypto Reform at Fundraiser, Biden Allies Express Concerns
At a high-dollar fundraiser in San Francisco, former President Donald Trump promised to ease cryptocurrency regulations if elected in November. The event, held at venture capitalist David Sacks’ mansion, highlighted crypto industry frustrations with SEC Chair Gary Gensler’s policies. Ripple’s Stuart Alderoty and Coinbase’s Paul Grewal criticized SEC actions. Meanwhile, some Biden allies worry Trump’s pro-crypto stance may gain traction. Potential nominees for SEC positions under Trump were discussed, reflecting the industry’s efforts to influence future regulations.
Gold Slips as Dollar Firms, Crude Oil Steady Amid Demand Expectations
Gold prices slipped 0.2% to $2,326.82 per ounce as a firm U.S. dollar made bullion less attractive. Investors await Federal Reserve Chair Powell’s comments and jobs data for interest rate clues. Benchmark 10-year Treasury yields rose, impacting gold’s appeal. Meanwhile, crude oil prices remained near two-month highs, with Brent at $86.80 per barrel, driven by summer travel demand and potential rate cuts. U.S. gasoline demand is expected to rise during the Independence Day holiday, supporting oil prices.
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