{"id":87552,"date":"2024-07-03T00:00:00","date_gmt":"2024-07-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/03\/nearly-usd-9-bn-worth-of-locked-up-btc-is-about-to-hit-the-market-what-does-it-mean-for-prices\/"},"modified":"2024-07-03T00:00:00","modified_gmt":"2024-07-03T00:00:00","slug":"nearly-usd-9-bn-worth-of-locked-up-btc-is-about-to-hit-the-market-what-does-it-mean-for-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/03\/nearly-usd-9-bn-worth-of-locked-up-btc-is-about-to-hit-the-market-what-does-it-mean-for-prices\/","title":{"rendered":"Nearly USD 9 bn worth of locked-up BTC is about to hit the market \u2014 what does it mean for prices?"},"content":{"rendered":"

Some USD 8.7 bn worth of locked-up BTC is about start hitting the market \u2014 that can\u2019t be <\/strong>good for the price of the cryptocurrency, can it? <\/strong>Creditors of collapsed Japanese BTC exchange Mt. Gox may start to see BTC and BTC cash trickling into their accounts as early as this week, dumping fresh supply into the market, CNBC<\/a> reports. About 140k BTC is about to be released, Coindesk<\/a> adds.<\/p>\n

The impetus to sell will be significant <\/strong>because BTC is worth a whole lot more than when these folks lost access to their funds. Creditors getting BTC from Mt. Gox starting this week have been waiting for a decade \u2014 Mt. Gox collapsed when BTC was at USD 600 per coin. It\u2019s north of USD 61k now.<\/span><\/p>\n

What happened at Mt. Gox? <\/strong>It went bankrupt after a 2014 hack saw it loss somewhere between 650k and 950k BTC \u2014 worth more than USD 58 bn today. (Most traders think about 750k coins went missing.)<\/p>\n

Take it and run?<\/strong> Many of those getting payments this month will sell out of the asset class and \u201cenjoy the fact that having their assets stuck in the Mt. Gox bankruptcy was the best investment they ever made,\u201d John Glover, chief investment officer at Toronto-based crypto startup Ledn, told CNBC.<\/p>\n

And there\u2019s the risk that lower summertime liquidity in the market <\/strong>could see all that coin land with a thud that depresses prices: Pundits worry the inflow will start as many in the market have their eyes on the beach, not their trading screens.<\/p>\n

BACKGROUND- <\/strong>Mt. Gox is an acronym for Magic: The Gathering Online Exchange. It was created to trade cards from the fantasy-themed game<\/strong> Magic: The Gathering and morphed into the world\u2019s largest crypto exchange, handling c. 70% of the world\u2019s BTC transactions<\/strong> in the currency\u2019s earliest days. It went bankrupt after the biggest of a series of hacks <\/strong>it suffered between 2010 and 2014. <\/p>\n

\n

ALSO WORTH KNOWING- Apple has just joined OpenAI\u2019s board <\/strong>\u201cin an observer role,\u201d the Financial Times<\/a> writes. The agreement came after Apple agreed to integrate ChatGPT into iOS 18, its next operating system now in beta testing and due to the market this fall. <\/p>\n

It\u2019s a weird move for a bunch of reasons: <\/strong>For starters, Apple rival Microsoft is (effectively \u2014 it\u2019s complicated) a 49% owner of OpenAI. And Apple and OpenAI can\u2019t exactly be said to share the same values when it comes to things like intellectual property rights and privacy. <\/p>\n

Apple\u2019s Phil Schiller will have a non-voting observer seat on the board <\/strong>\u2014 the same as Microsoft does.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Major Asian benchmarks are mostly in the green <\/strong>in early trading this morning, with the ASX 200, Nikkei, and Hang Send all in the green, the Kospi flat, and the Shanghai Composite in the red. Futures for the top European benchmarks are up slightly in overnight trading, while Wall Street futures are largely flat after the S&P 500 closed above 5.5k yesterday for the first time. <\/p>\n

Somewhere, a bear is hungry: <\/strong>BCA Research is one of a handful of outfits suggesting the US economy could fall into recession later this year or early next, sending the S&P 500 down by as much as 30%. (Fox Business<\/a> | MarketWatch<\/a>) <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

11,606<\/p>\n<\/td>\n

\n

-0.5% (YTD: -3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,446<\/p>\n<\/td>\n

\n

-0.8% (YTD: -6.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

NomuC<\/strong><\/p>\n<\/td>\n

\n

26,109<\/p>\n<\/td>\n

\n

-0.8% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates<\/strong><\/p>\n<\/td>\n

\n

6% repo <\/p>\n<\/td>\n

\n

5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

27,986<\/p>\n<\/td>\n

\n

+0.1% (YTD: +12.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,088<\/p>\n<\/td>\n

\n

+0.3% (YTD: -5.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,063<\/p>\n<\/td>\n

\n

+0.2% (YTD: +0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S<\/strong>&P 500<\/strong><\/p>\n<\/td>\n

\n

5,509<\/p>\n<\/td>\n

\n

+0.6% (YTD: +15.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,121<\/p>\n<\/td>\n

\n

-0.6% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,906<\/p>\n<\/td>\n

\n

-0.5% (YTD: +8.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 86.24<\/p>\n<\/td>\n

\n

-0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.46<\/p>\n<\/td>\n

\n

+1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,339.50<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 61,915<\/p>\n<\/td>\n

\n

-1.6% (YTD: +47.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI fell 0.5% yesterday <\/strong>on turnover of SAR 6.4 bn. The index is down 3.0% YTD.<\/p>\n

In the green:<\/strong> Liva (+6.7%), Smasco (+5.8%) and Al Etihad (+4.6%).<\/p>\n

In the red: <\/strong>Anaam Holding (-5.7%), ANB (-4.1%) and Tadawul Group (-3.8%).<\/p>\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> fell 0.8% yesterday <\/strong>on turnover of SAR 32.9 mn. The index is up 6.4% YTD.<\/p>\n

In the green:<\/strong> Apico (+10.4%), Knowledge Tower (+8.9%) and Saudi Top (+8.5%).<\/p>\n

In the red:<\/strong> Pan Gulf (-10.0%), Leaf (-9.1%) and Burgerizzr (-5.7%)<\/p>\n

CORPORATE ACTIONS-<\/p>\n

Shareholders of Tadawul-listed ins. provider Bupa Arabia <\/strong>have<\/strong> approved the board\u2019s <\/strong>recommendation to distribute SAR 600 mn in dividend <\/strong>at SAR 4 per share for FY 2023, according to a disclosure to Tadawul<\/a>. The distribution date was set for Wednesday, 17 July, according to a separate disclosure<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Shareholders of Bupa Arabia have approved dividend distribution of SAR 600 mn<\/p>\n","protected":false},"author":1,"featured_media":87553,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2565],"tags":[363,10,55,2310,59],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-btc","tag-enterpriseam-ksa","tag-financial-markets","tag-mt-gox","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"87212242-4694-4ca7-a589-b4ab3340ccc8","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/248.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Nearly USD 9 bn worth of locked-up BTC is about to hit the market \u2014 what does it mean for prices?","related_issue":[87537],"teaser":"PLUS: Shareholders of Bupa Arabia have approved dividend distribution of SAR 600 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.b204ef2b-6863-4e2b-8fcd-06d42dd3cfa8.mp3"},"yoast_head":"\nNearly USD 9 bn worth of locked-up BTC is about to hit the market \u2014 what does it mean for prices? 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