Proactive's William Farrington takes Stephen Gunnion through the latest developments in the cryptocurrency market. Key drivers this week included the Mt. Gox repayment schedule and the Bitcoin 2024 conference.
The Mt. Gox repayment schedule, from the collapsed cryptocurrency exchange in 2014, saw $8 billion worth of customer funds finally being returned to creditors. This repayment could potentially cause selling pressure on Bitcoin if converted to fiat currency. Additionally, the Bitcoin 2024 conference featured Donald Trump as a keynote speaker, who may propose policies impacting the cryptocurrency market.
Bitcoin spot prices reacted positively, rising by 5% week-on-week and 8.8% month-on-month, currently trading at approximately $67,200.
Ethereum ETFs, which launched this week, saw mixed results. The ETFs were approved by US regulators and recorded $1 billion in trading volume on the first day. However, net flows were negative, with a $150 million outflow, mainly from Grayscale ETF funds. This has reflected in Ethereum spot prices, which dropped by 5.4% week-on-week and 4.5% month-on-month, trading at around $33,400.