Latest Crypto Exchange News and Insights | Yellow.com

Bitcoin's value dropped to $61,000. And this is one of those rare occasions when the reason is obvious to anyone. The decline follows Mt. Gox's announcement of imminent creditor repayments. Mt. Gox Rehabilitation Trustee Nobuaki Kobayashi confirmed the news. Repayments in Bitcoin and Bitcoin Cash will begin in early July. The decade long wait is over. Yes, 10 years have passed since the exchange's collapse. "We have taken time to ensure safe and reliable repayment to creditors," the note stated. It outlined steps taken, including technical safeguards and regulatory compliance. Mt. Gox was once a dominant player in Bitcoin trading. It's hard to believe now, but it handled over 70% of Bitcoin's volume once. That was a pretty obvious centralisation, many people disliked. But then Mt. Gox collapsed. The announcement sparked market concerns. Fears of a potential sell-off caused Bitcoin's price to fall 6.5% from the previous day. It hit a low of $61,060 before slightly recovering. The price drop hit derivatives traders hard. Bitcoin long positions worth $90.78 million were liquidated in 12 hours. This data comes from CoinGlass, a derivatives analytics platform. Market fears may be justified. Three Mt. Gox wallets hold 141,686 BTC, valued at approximately $8.71 billion. Big moves like that often make waves on the market. A similar incident occurred on May 28. Bitcoin's price fell after funds moved to an unknown wallet. It was later clarified that repayments had not yet started. The repayment deadline was previously extended to October 2024. This suggests the reimbursement process could take up to four months.

BtcTurk, a leading Turkish cryptocurrency exchange, has fallen victim to a cyber attack. The incident resulted in unauthorized access to some of its hot wallets. The exchange reports asset losses for some users. But the overall financial stability remains intact, the BtcTurk officials claim. The hack occurred on June 22. It raised concerns in the crypto community. The total amount lost remains undisclosed. BtcTurk stated that only hot wallets of 10 cryptocurrencies were compromised. Cold wallets, holding the majority of assets, remain secure. The exchange has disabled all withdrawal and deposit transactions. Binance CEO Richard Teng announced a joint investigation with BtcTurk. It has led to the recovery of $5.3 million in stolen assets. Teng stated: "Binance is assisting BtcTurk with investigations and has frozen over $5.3M in stolen funds so far. Our investigations & security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors. We will provide further updates as relevant." On-chain investigator ZachXBT provided insights into the potential hackers. He linked them to an address that recently transferred 1.96 million AVAX ($54.2 million) to Coinbase and THORChain. This transfer caused a 10% decline in AVAX price. ZachXBT's theory is based on BtcTurk's market AVAX address on the Avalanche X-chain. The exchange has not confirmed or denied this theory. BtcTurk assures users of their assets' safety. It claims the hack has not affected its robust financial position. This incident marks the second crypto exchange hack in 2024. In May, Japanese platform DMM Bitcoin lost $305 million in BTC. Crypto exchange hacks draw attention due to their custodial nature. These platforms control users' private keys. They often hold larger funds than decentralized finance (DeFi) counterparts. For perspective, Binance records 13 times the daily trading volume of Uniswap, the largest decentralized exchange. This data comes from Coingecko.

Binance has integrated Tether's USDT token on The Open Network (TON). Users can now deposit and withdraw USDT on TON via Binance. This integration enhances liquidity on the TON blockchain. It also reduces transaction fees. Given how popular Telegram is - with over 1 billion users - it may be a significant addition to the existing world of USDT. As of now Tether's USDT is the leading stablecoin in the world. The move is expected to improve transaction speeds. It offers a cost-effective method for handling USDT transactions. Users are advised to verify their token deposit addresses and smart contract address on TON. Binance's integration precedes regulatory changes in the European Economic Area (EEA). The Markets in Crypto-Assets Regulation (MiCA) will restrict unauthorized stablecoins like USDT. Cryptocurrency exchange Uphold is delisting USDT and five other stablecoins by July 1. The other stablecoins affected are Dai, FRAX, GUSD, USDP, and TUSD. Telegram founder Pavel Durov recently announced plans to use TON blockchain. He aims to tokenize stickers and emojis on the platform. Durov is clearly up for turning Telegram from just a Messenger into a full-scale blockchain solution. Durov outlined plans to build Telegram functionalities on TON blockchain. These include integrating USDT and ad revenue-sharing options. The integration of USDT on TON via Binance marks a significant development. However, upcoming regulatory changes may impact its usage in some regions. Like in Europe where USDT is under fire now.

Whales are bullish for the Ethereum and Shiba Inu prices. Data shows that the largest exchange wallets for ETH and SHIB have seen significant withdrawals recently. That is definitely a bullish sign, analysts say. For example, the on-chain analytics firm Santiment claims that the top 10 exchange wallets on the SHIB and ETH networks have recently seen their supplies go down. Ethereum whale wallets have declined by a whopping 8.6%, while Shiba Inu wallets on crypto exchanges have lost about 2.4% of their value. Those wallets are the biggest currently attached to centralized exchanges. It's fair to suggest that the wallets belong to the so called whales. Simply put, the largest investors on the market. And of course, these wallets are the most influential. Audience keeps focus on them. So any moves, even the slightest ones, can lead to a significant change in the market sentiments. Taking of crypto from exchanges is a clear bullish sign. You keep your crypto on exchanges if you are planning to sell. Or at least you are ready to sell any moment. Long-term holders prefer holding assets on their self-custodial wallets. Once coins go off the exchanges it means sell supply of the token is going down. That's a bullish sign too. So Ethereum and Shiba Inu largest holders are not planning to sell in the near future. That means they are optimistic and, sorry for using the term too much, they are bullish.

Bitcoin's in the spotlight again. This time, it's all about its disappearing act from exchanges. In just one week, a whopping 22,647 BTC were pulled out. That's huge. Let's try to figure out what's going on and why is it important. To begin with, these withdrawals weren't just from small players. Major exchanges like Binance, Coinbase, and Kraken saw significant Bitcoin exits. What does this mean? In basic terms, investors are choosing to hold their Bitcoin rather than keep it on exchanges. This usually signals a bullish trend. We've all learnt that from previous crypto cycles. Analysts are buzzing about this. When so much Bitcoin leaves exchanges, the available supply tightens. Now what does that tell you? Basic economics: less supply, steady or higher demand, prices go up. Everyone's now watching to see if this trend continues. It's not just individual holders making moves. Big institutional players are in the game too. These large-scale withdrawals hint at strategic market plays and long-term confidence in Bitcoin's value. Crypto analyst Ali Martinez was among the first to report these massive withdrawals. He thinks that such movements often predict price rallies. And there is enough historical data that backs this up. When Bitcoin exits exchanges, prices usually climb. Golden rule, you know. This aligns with recent bullish sentiments. With Bitcoin halving coming up and growing adoption, many believe a price surge is imminent. Less Bitcoin on exchanges means less immediate selling pressure. That's good news for hodlers. But, let's keep it real. The crypto market is volatile, as we all know. Sudden regulatory changes or macroeconomic shifts could impact Bitcoin's price trajectory. And next event of this kind mind be just around the corner. Anyway, the large-scale Bitcoin withdrawal from exchanges is a big deal. It shows strong investor confidence and hints at a bullish market ahead.