CoinDesk Report:
00:00-08:45
Keywords: UK High Court Approves Global Freezing Order Against Craig Wright, TRM Labs: Exchange Hacks Lead to Surge in Crypto Thefts in 2024, Bitcoin On-Chain Unrealized Profit Metric May Trigger Further Selling, FRNT Financial CEO: Traders May Overreact to Mt. Gox Repayment Event, F2Pool Report: Bitcoin Drop Below $55,000 Puts Pressure on Mining Profitability, Pantera Investment Manager: Expect More Use Cases for Payments and Remittances on Blockchain, Short-Term 30-Day Correlation Between MSCI Global Stock Index and Bitcoin Declining
1. FRNT Financial Inc. CEO Stephane Ouellette stated that traders may be overreacting to the Mt. Gox repayment event. He noted the German government’s potential liquidation of $2.3 billion in Bitcoin, posing a greater direct threat to the market. Not all distributed Bitcoin is expected to be sold, as the market eagerly seeks a narrative, with Bitcoin bulls now eyeing this as an excellent buying opportunity.
2. The UK High Court has approved a Worldwide Freezing Order (WFO) against Craig Wright, freezing assets totaling £1.548 million (approximately $1.98 million). The ruling stems from an application by Peter McCormack, asserting the necessity of the WFO as Wright’s defamation claim is deemed fraudulent. Wright, who claims to be Bitcoin creator Satoshi Nakamoto, sought damages for alleged defamation from McCormack. The court found Wright’s claims to be fraudulent and supported by forged documents, sparking concerns over asset dissipation. Despite Wright’s objections regarding the purpose and compliance of the WFO, Justice James Mellor ruled the WFO and related enforcement measures crucial to ensuring McCormack recovers legal costs. The judgment includes orders to disclose assets and enforce asset orders in jurisdictions like Australia, Seychelles, Antigua, and Singapore.
3. According to blockchain analytics firm TRM Labs’ recent report, cryptocurrency thefts in the first half of 2024 (based on token USD value) more than doubled compared to the same period in 2023. The largest five theft incidents this year accounted for 70% of the total stolen amount. Notable events include the May theft of over 4,500 BTC from Japanese exchange DMM Bitcoin, valued over $300 million, possibly due to stolen private keys or poisoned addresses. TRM highlights prominent attack vectors remain private key and seed phrase leaks, smart contract vulnerabilities, and flash loan attacks. However, cryptocurrency theft in 2024 remains significantly lower than 2022 figures.
4. Analyst Axel Adler Jr posted on Platform X indicating retail investors have realized 84% of unrealized profits from their Bitcoin investments. With prices nearing an average of $52,200 (PR Bands), this represents a potential 14% decrease in unrealized profits, prompting investors to consider profit-taking amid fears of further price declines. He also noted the significant price level to watch is $46,400, the average Bitcoin purchase price over the past year.
5. F2Pool data shows only five ASIC miners currently maintain profitability in the market. These models include Antminer S21 Hydro, S21, S19 XP Hydro and S19 XP, and Avalon A1466I. Break-even prices range from $39,581 to $53,187 per unit. Their survival underscores the challenging conditions faced by the mining industry in turbulent markets.
6. Mt. Gox creditor and Off the Chain Capital CEO Brian Dixon stated that despite many creditors not yet receiving distributions, the current repayment phase may extend until October. “We’re still waiting for our distributions. I haven’t heard of anyone actually receiving their Gox claims.”
7. Pantera Capital Management LP announced its largest-ever investment in May, acquiring tokens from TON, emphasizing Telegram as a primary platform unregulated and capable of integrating Web3 into open blockchain networks. Pantera did not disclose the scale of this transaction. Portfolio manager Cosmo Jiang highlighted blockchain’s early appeal in gaming and decentralized finance, noting “we will see more use cases for payments and remittances in the future.” According to TonStat, TON’s daily active user count recently exceeded 350,000.
8. CryptoQuant data shows miners’ daily revenue has dropped by 75% to $26.5 million since the halving in April. Transaction fee earnings, which surged to 75% of total revenue earlier in the month, now comprise 3.7%. Auros trading director Le Shi noted the critical range of $51,000-52,000, as many Bitcoin miners approach breakeven points for profitable mining.
9. The short-term 30-day correlation between MSCI’s global stock index and Bitcoin is declining. The question remains whether cryptocurrency’s risk aversion, following a strong first half performance in stocks, signifies isolated incidents or heralds a cautious quarter for mainstream investments. OSL SG Pte trading head Stefan von Haenisch remarked on cryptocurrency market’s general lack of attention, with most current news spreading as bearish, such as Mt. Gox sell-offs. Cryptocurrency awaits more dovish Fed commentary on monetary policy and potential rate cuts, along with Fed balance sheet expansion, as key factors.
10. 10x Research indicates Bitcoin has reached its downside target of $55,000. With Bitcoin appearing oversold in the short term, a rebound rally is possible next week amid positive macroeconomic developments. Additionally, SEC approval of an Ethereum ETF could generate short-term bullish momentum. However, they suggest it’s not a significant buying opportunity from a midterm perspective.
