Episode Details

29th May: Crypto & Coffee at 8
🔴Mt.Gox Transfers $9B 🚨BTC Bitcoin mining cost 🟢 Solana ETF next 💡SEC fined $1.8 million in fees

⚡ Mt. Gox, the defunct Bitcoin exchange, transferred over 140,000 BTC (worth around $9 billion) to a single address in thirteen transactions, likely as part of repayment plans to creditors by October 31, 2024. This movement of nearly 107,000 BTC since early Tuesday caused Bitcoin’s price to drop by 1.4%, falling to $67,680. The market reacted bearishly, anticipating selling pressure. Despite the transfers, rehabilitation trustee Nobuaki Kobayashi assured that no sale of Bitcoin or Bitcoin Cash had occurred and that the assets were being securely managed.

⚡ However, Bitcoin inflows to exchanges remain low. According to CryptoQuant, daily exchange inflows are at 25.9K BTC as of May 28, which is comparable to 2016 levels. An analyst believes that even if Mt. Gox creditors decide to sell, the market will be able to absorb the sell-off with only minor initial volatility, resulting in minimal price impact.

🚨 How will the price react once Mt.Gox starts to add 140,000 Bitcoin to the market? More Supply = Less demand

Bitcoin Power Dynamics:
💡 In early 2024, U.S. Bitcoin miners spent $2.7 billion on electricity, using 20,822.62 GWh of power. This energy could charge all U.S. electric vehicles 87.52 times or power 1.98 million households for a year. U.S. miners produced 44,102 BTC, or 37.84% of the global total of 116,550 BTC. Before the April halving, mining 1 BTC required 407,059.01 kWh ($52,144.26), but now it needs 862,635.55 kWh ($110,503.61). Info here https://lnkd.in/d7V6fUCN 

- It shows the cost of mining 1 BTC in the USA in 2024 
- It also shows daily power consumption mining Bitcoin by country. Kazakhstan (13.2%) is leading followed by Canada(6.5%) & Russia (4.7%) 

💡 The USA still produces 170.41 BTC per day, followed by China at 95.09 & Kazakhstan at 59.56

‼️Nikolaos Panigirtzoglou of J.P. Morgan doubts the SEC will approve ETFs for cryptocurrencies like Solana. He highlights the SEC’s view that most cryptocurrencies are securities as a major obstacle, noting that even the approval of ETH ETFs is contentious due to classification uncertainties. Info via The Block https://lnkd.in/dMDhvdhH This could all change if U.S. policymakers pass legislation declaring most cryptocurrencies as non-securities. Maybe a Dogecoin ETF? or Ripple ETF

💰 A federal judge ordered the SEC to pay approximately $1.8 million in fees related to its civil case against Digital Licensing (Debt Box). This includes about $1 million for attorney fees and $750,000 for receiver fees. The order was issued on May 28 in the U.S. District Court for the District of Utah, alongside the dismissal of the case without prejudice. via Cointelegraph here https://lnkd.in/dmH-NRfP 

🚨 Two USA news
⚡ UAE and France partner to advance global AI ecosystem
⚡ Elon Musk’s xAI raises $6bn from investors including Saudi Arabia’s Prince Alwaleed

For slides click here: https://tinyurl.com/4y44nfdh

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