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7/5/24: Its So Over🩸🏹🐵

7/5/24: Its So Over🩸🏹🐵

Valko
July 05, 2024

Specs’ Breakdown

1. Bitcoin plummets to $55k as Mt. Gox begins repayments

BREAKING
Mt Gox moves 47,228 BTC ($2.71 billion dollars) from cold storage to a new wallet.
— Arkham (@ArkhamIntel)
12:38 AM • Jul 5, 2024

⌐◪-◪ → Bitcoin just dropped to $55k due to anticipated sell-side pressure from Mt. Gox and the German government.

This morning, Mt. Gox moved 47,228 BTC ($2.71B) from cold storage to a wallet, confirming the repayment process has begun after 10 years.

The potential sell-side pressure between Mt. Gox and Germany is huge:

Mt. Gox: 142,000 BTC
Germany: 46,359 BTC.

If it’s all sold, that's $11.32B in sales, for context that’s roughly one-third of Bitcoin’s single-day trading volume.

How low do you think BTC will go? Let me know in Specs.Chat!

2. 3AC wallet buys NFT due to bid placed 3 years ago

⌐◪-◪ → Three Arrows Capital (3AC), the bankrupt crypto hedge fund just purchased a “Neon Village” NFT for 20ETH ($59k) from a bid placed 3 years ago.

The liquidator, Teneo, clearly didn’t check all of their open orders — not a good look, very unprofessional.

We might need to start a Specs Liquidation Service™ (SLS).

Pretty embarrassing and makes you wonder what other standing bids are out there for sellers to take advantage of.

3. ApeCoin DAO passes proposal for $100M builders fund

⌐◪-◪ → ApeCoin DAO just approved the “Banana Bill” in a nearly unanimous vote, earmarking $100M for an ApeChain builders fund.

The program will be overseen by advisors from Yuga Labs, Animoca Brands, and more.

This separation from the regular AIP process aims for more flexibility, speed, and agility.

The committee will drive a commercial agreements initiative to negotiate deals with web3 partners and a user incentives initiative to rewards ApeChain users.

While it’s always exciting to see funds allocated to builders, the proposal is seeing some backlash on advisor payouts, which appear to be $1.3M split across 5 advisors ($260k/year each).

Let me know what you think about the proposal in Specs.Chat!

Everything Else

⛓️ Crypto & DeFi

Fear & Greed index hits lowest since Jan 2023
Circle mints $250M USDC on SOL
Symbiotic hits $1B TVL after just one month
Ether.fi launches King Karak Eigenlayer competitor LRT
Bittensor identifies vulnerability behind $8M exploit in post-mortem
F2Pool reports that only 5 mining machines are profitable below $55k
Bittensor halts network after users fall victim to malicious software
Flare Network leverages LayerZero to connect with 75 blockchains

🏦 Wallstreet & VC

Unisat completes funding round with Binance for BSV development
US listed crypto stocks sink in pre-market as BTC falls to $54K

🌎 Rest of the World

Taiwan's 2nd largest telecom operator gets virtual asset license
KuCoin adds 7.5% tax for Nigeria users, citing 'regulatory update'
German government continues to sell holdings
German MP Joana Cotar urges to stop selling Bitcoin
Nigeria SEC mandates VASPs to set up local offices

🖼️ NFTs & Metaverse

Cool Cats parts with team members, lots of community backlash
Solana meme mascot Mew joins Telegram game ‘PixelTap’
Fake Iggy Azalea token buyers await refunds as Sahil cashes out
Hamster Kombat hits 240M users
UFC star Khamzat's new memecoin drops to zero after insider rumors
Dot Play awarded Web3 Foundation grant to boost Polkadot gaming

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