First Mover Americas: Bitcoin Falls Below $68K After $9B Mt. Gox Transfer

The latest price moves in crypto markets in context for May 28, 2024.

AccessTimeIconMay 28, 2024 at 12:18 p.m. UTC

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Prices FMA, May 28 2024 (CoinDesk)
(CoinDesk)

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Bitcoin fell below $68,000 after wallets belonging to Mt. Gox transferred $9 billion worth of BTC to an unknown address early Asian morning. The transaction is possibly part of a plan to repay creditors by Oct. 31. BTC dropped as low as $67,680, a decline of over 1.5% in the last 24 hours, following the transfer having climbed above $70,000 on Monday. Bitcoin subsequently seemed to shrug off the dip to reclaim $68,000 during the European morning. At the time of writing it is just under $68,500, largely unmoved in the last 24 hours. The CoinDesk 20 Index (CD20) meanwhile is up around 0.3%.

Solana validators are set to get a little more SOL tokens after a governance proposal to give them 100% of priority fees was passed late Monday with 77% in favor. In the previous model, half of the fees in a priority transaction were erased while the other half went to the validators. This created a situation where validators were said to be making “side deals” with transaction submitters to get more SOL, as per proposal creator tao-stones on the Solana governance forum. Giving all the priority fees to the validators would ensure that validators are more focused on keeping the network safe and running smoothly, tao-stones said. SOL has increased by around 1.15% in the last 24 hours, trading at about $167.70, according to CoinDesk Indices data.

Elwood Technologies, the cryptocurrency-focused trade execution and risk management platform backed by billionaire hedge fund manager Alan Howard, is in talks to sell part of the business, according to people with knowledge of the situation. Elwood is focusing on its existing portfolio management and risk management software-as-a-service business and less on the trading side, one of the people said. Howard’s current reorganization of his portfolio of crypto investments has resulted in changes at Elwood, another person said. Earlier this year, Bloomberg reported that Howard was looking to sell his stakes in crypto exchange Bitpanda and custody firm Copper to focus on Brevan Howard Digital.

Chart of the Day

COD FMA, May 28 2024 (CryptoQuant)
(CryptoQuant)
  • The chart shows shows the realized price and profit/loss margin of short-term bitcoin holders
  • It indicates there should be lower selling pressure from traders now as unrealized profits are only 3% compared to 69% when bitcoin hit $70,000 in March.
  • "Heavy selling has been exhausted according to this indicator," Julio Moreno, head of research for CryptoQuant, said in a post on X on Monday.
  • Source: CryptoQuant

- Jamie Crawley

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.