A few updates here regarding some cryptocurrency exchanges: the subject of our first story is not an active exchange anymore, but its collapse was one of the biggest and most historical events in the young history of crypto: Mt. Gox.
The recent drop in Bitcoin ($BTC.X), Ethereum ($ETH.X), Cardano ($ADA.X), and the broader crypto market has faced several apparent reasons for the drop – one of them is fears that the stolen Bitcoin waiting to be sent to its prior owners would generate a massive sell-off. However, that may not be the case.
One of the Mt. Gox creditors, Eric Wall, took to Twitter to rebuff any rumors that a big sell-off was coming soon:
PSA: MtGox is *NOT* distributing any coins this week, or the next week, or the week after that.
Source: I’m a MtGox creditor. The repayment system is not live yet.
Next step: Go and block @TheAltcoinHub for spreading this misinfo.
— Eric Wall (X🏴,X🏴) (@ercwl) August 27, 2022
Long story short – there is currently no infrastructure to register where the creditors can receive their Bitcoin. Additionally, there are suggestions that the Bitcoin be returned in phases to prevent a massive dump. But, unfortunately (or fortunately), it sounds like they’re still a ways away from returning folks’ Bitcoin.
Binance announced a series of temporary halts to Ethereum in the coming weeks:
August 31, 2022 – wallet maintenance starting at 0630 UTC, downtime of approximately 3 hours
September 6, 2022 – Bellatrix upgrade beginning at 1100 UTC
September 15, 2022 – Paris upgrade starting at 1200 UTC
The updates are in preparation for Ethereum’s transition from Proof-of-Work to Proof-of-Stake – known as the ‘Merge.’ The ‘Merge’ is expected to occur in mid-September.
I am throwing an NFT marketplace into the mix. OpenSea, the world’s largest NFT market place looks dead. Not like the Dead Sea, which is vibrant, but more like the Aral Sea. Creepy picture from 1989 to 2014 here – thanks, Russia.
OpenSea’s volume has collapsed. How bad is it? OpenSea’s volume has tanked by 99%. The August 28 volume was around $5 million. Sound good? Not really. Compared to the all-time high of $405.75 million on May 1, 2022, $5 million is a drop in the bucket.
The NFT space is still new, and these kinds of whipsaws are expected. Now it’s up to the participants in the space to prove NFTs are not just the 2021-2022’s version of 2017’s ICO fiasco. 🛳️