6/24/24: Mt. Gox Awakens 🌋💻📈

Author

Valko
June 24, 2024

Top News

  1. Mt. Gox to begin $8B in Bitcoin repayments next week

  2. Michael Dell tweets about Bitcoin, teasing adoption by Dell

  3. Solana introduces ZK Compression on L1 to 10,000x scalability

Specs’ Breakdown

1. Mt. Gox to begin $8B in Bitcoin repayments next week

⌐◪-◪ → After nearly a decade, Mt. Gox is finally repaying its creditors the $8.8B in Bitcoin and Bitcoin Cash they are owed.

Unlike the FTX case, where customers’ refunds were denominated in dollars, Mt. Gox repayments will be denominated in Bitcoin — meaning customers will receive the same amount of Bitcoin they lost.

Think about that for a second…

In 2014, Bitcoin had a low of $310, a high of 936, and ended the year at $318 — today Bitcoin is 193x that.

While this is certainly exciting news for Mt. Gox creditors, Bitcoin dropped below $61k as the market braces for impact, anticipating massive sell-side pressure from creditors selling their newfound money.

Do you know anybody getting the Mt. Gox repayment? Let me know in Specs Chat!

2. Michael Dell tweets about Bitcoin, teasing adoption by Dell

⌐◪-◪ → Michael Dell, the 14th richest person in the world, with a net worth of $109B, just tweeted about Bitcoin.

He retweeted Michael Saylor’s’ tweet “#Bitcoin is Digital Scarcity”, teasing that Dell might take a page out of MicroStrategy’s playbook and buy Bitcoin.

For context, Dell is 4x bigger than MicroStrategy by market cap:

  • Dell Technologies → $99.51B

  • MicroStrategy → $25.2B

This isn’t the first time Michael Dell tweeted about Bitcoin, but it’s the first time he said anything since 2015 when Dell accepted Bitcoin.

I guess 2 Michaels buying Bitcoin is better than one.

3. Solana introduces ZK Compression on L1 to 10,000x scalability

⌐◪-◪ → Solana developers Light Protocol and Helius Labs just launched “ZK Compression” to help applications scale directly on the L1 without requiring L2s.

ZK Compression works through a process called state compression, letting devs store certain types of data on Solana’s cheaper ledger than its more costly account space.

Helius Labs CEO said the ZK Compression upgrade unlocks “10,000x scale improvements” and gets us “1 step closer to building The Financial Computer”.

In simple terms → More scale, higher speeds, lower costs.

To read more about ZK Compression, check out this post from Light Protocol.

Everything Else

⛓️ Crypto & DeFi

  • Bitcoin ETFs post $900 Million in net outflows last week

  • Bitcoin liquidations spike as price drops below $63k

  • Cosmos DAO Osmosis to adopt Fee-Free Bitcoin bridge via Nomic

  • Ethereum's median gas price fell below 3 gwei first time since 2020

  • Tether stops TUSDT minting on both EOS and Algorand blockchains

🏦 Wallstreet & VC

  • Fidelity discloses $4.7 Million investment in Ethereum ETF

  • Pantera raising funds for 2nd $TON investment

  • McKinsey sees $2 Trillion of tokenized assets by 2030

  • JPMorgan reports rising investment interest in Bitcoin mining

  • Verida raised $5 Million for its DePIN privacy development

🏛️ Legal & Regulatory

  • Louisiana passes bill to protect self-custody and ban CBDCs

  • SEC ends probe into Consensys, won't sue over Ethereum

  • Trump receives $2 Million in Bitcoin from Winklevoss twins

🌎 Rest of the World

  • Hong Kong parliament sets up crypto legislative subcommittee

  • Japan institutional investors bullish on investing in Crypto

  • Japan’s MicroStrategy to buy an additional $6.3 Million worth of BTC

  • Turkey's largest crypto exchange BtcTurk hot wallets were exposed

🖼️ NFTs & Metaverse

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