Mooners and Shakers: Bitcoin holds but all eyes are on looming CPI inflation data; Gox Mountain Impact is also lurking - Stockhead

Mooners and Shakers is sponsored by Dacxi, the world’s first purpose-built Crypto Wealth platform.

Synthetic

Bitcoin lost a nice, round, $20K psychological mark earlier, but has managed to find some decent support above $19.6k, at the time of writing.

Meanwhile, the CPI inflation data on Wednesday July 13 in the US, and all the technical analysis in the world today may not be able to keep up with the results.

Is it as simple as: lower-than-expected inflation, rising crypto/risk assets; high inflation, crypto assets/risk down? Perhaps, despite the old high inflation “entry price” argument is also floating again.

Perhaps the real kicker will come when the US Federal Reserve announces its response to the July 26-27 CPI inflation data with the possibility of another 0.75bp rate hike.

Right, got it – inflation… macro sucks right now… is there anything else scaring the market, other than crypto also doing its best to burn internally through the “contagion” effect of Terra LUNA, Celsius and 3AC et al?

Had we not asked, because yes, there are…

Mount Gox BTC release could happen in August

This news is a few days old now, but we better get over it. The roughly 137,000 BTC associated with the Mt. 2014 Gox will eventually be paid out to affected creditors, starting in early August, according to reports. That’s nearly $3 billion of Bitcoin back into the account and could theoretically be dumped into the market.

Mt. Gox was a major exchange in the early days of Bitcoin/crypto but suffered a crippling hack of 850,000 BTC (worth around US$17.8 billion in today’s prices). In 2014 the exchange reported having found 200,000 BTC, but the coins had been locked in litigation until now.

About a week ago, Mount Gox and “Deputy of Rehabilitation” Nobauaki Kobayashi emailed lenders giving them the option to receive USD, BTC, or BCH.

As crypto analyst Miles Deutscher pointed out in a lengthy Twitter thread, “a lot of people panic that releasing these funds will lead to a huge wastage of supply, which could have a significant impact on $BTC price.”

However, among others, Bloomberg, Cryptoslate and YouTuber Lark Davis have considered several reasons why the release of BTC Mt. this gox possible no eventually became a black swan delivery event for the market. Briefly, here are two of those thoughts…

• Apparently many lenders have actually sold their claims to large crypto funds like Fortress Investment Group LLC, seeking early payments.

• Many of these lenders are Bitcoin OGs and early adherents and may not be forced sellers. They may be more likely to hold out and wait for the all-time high once again or a gradual exit if they still believe in the asset and believe it will rise again.

Of course, if most of the creditors of Mt. Gox is to start releasing their BTC on major exchanges, as Cryptoslate points out, “the social sentiment of early Bitcoiners releasing their coins can create a bearish psychological sentiment”.

It’s as if we don’t have enough of that already.

Be patient, because we still see the positive crypto adoption news snippetsplus some serious funding capital is starting to flow into the crypto sector again, like this news from blockchain gaming giant Animoca Brands…

top 10 overview

With an overall crypto market cap of US$927 billion and down 2.4% since yesterday, this is the current state of the game among the top 10 tokens – according to CoinGecko.

At the time of writing, Bitcoin (BTC) is doing a pretty good job of holding support above 19.6K – hitting that bearish daily low several times over the past 24 hours.

And, in fact, the US Dollar, which has been going from strength to strength of late, seems to be cooling down a bit today (-0.08% at press time), giving at least some analysts some reason to hope for a relief rally. if it continues.

Top and bottom: 11–100

Sweeping a market cap range of around US$7.4 billion to around US$371 million in the remaining top 100, let’s take a look at some of the biggest 24-hour winners and losers as of press time. (Stats are accurate at the time of issue, based on CoinGecko.com data.)

PUMP DAILY

• Punt (QNT), (market cap: US$1.12 billion) +7%

• Loopring (LRC), (mc: US$483 million) +3%

• Mina Protocol (MINA), (mc: US$390 million) +2%

• Synthetic Network (SNX), (mc: US$562 million) +1%

• Huobi (HT), (mc: US$674 million) +0.6%

SLUMPERS EVERY DAY

• Tezos (XTZ), (market cap: US$1.36 billion) -10%

• Cosmos Center (ATOM), (mc: US$2.39 billion) -9%

• weave (AR), (mc: US$555 million) -8%

• BitTorrent (BTT), (mc: US$771 million) -7%

• ZCash (ZEC), (mc: US$692 million) -6%

Around the block

The choice of randomness that sticks with us in our daily journey through the Crypto Twitterverse. As usual, many different CT analysts and commentators see all sorts of varying results in the financial and crypto tea leaf…

You may be interested


#Mooners #Shakers #Bitcoin #holds #eyes #looming #CPI #inflation #data #Gox #Mountain #Impact #lurking #Stockhead

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