ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 104

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 Mt.Gox Transfers $9 Billion in Bitcoin as Repayment Process Continues

The defunct Bitcoin exchange Mt.Gox, transferred over 140,000 bitcoins, valued about $9 billion to a single wallet address early Tuesday, making the first significant asset movement from its cold wallets in more than 5 years. This transfer was completed with 13 transactions and is part of the plan to repay back creditors by October 32, 2024 following the exchange’s shut down in 2014 due to a massive hack. Trustee Nobuaki Koyabashi confirmed no assets were sold and are securely managed with expectations to be held for a long period of time. Despite efforts to hold onto Bitcoin, the price fell 1.4%, reaching $67,680 from a recent all time high of over $70,000.

 Trader Rakes In $2.7M Profit in MAGA Memecoin Trade

The Trump MAGA memecoin had a significant price increase following a pro crypto stance from Donald Trump, leading to a trader, known as wallet 0x303, making a $2.6 million profit in 3 days by investing over $535,000 in six billion MAGA tokens. These astounding gains ignited insider trading allegations, however some suggest it might be due to bot activity exploiting arbitrage opportunities. MAGA token’s value increased by 82% in 24 hours, illustrating the high risk and volatility of memecoins.

 ChatGPT-Powered Memecoin Hits $638M Market Cap Milestone

The memecoin Turbo, founded by digital artist Rhett Mankind with only $69 funded has now skyrocketed by over 2000% in the last 3 months, pushing the market cap above $600 million. Digital artist Rhett Mankind attributes the success to the token’s decentralized nature with his lack of involvement in management allowing the community to implement ideas effectively. Despite Turbo starting as a joke project in April 2023, it has now become a top memecoin token that has gone beyond expectations. With Memecoins dominating the crypto space, we can expect to see more open interests in the crypto market.

 Argentina Looks To Replicate El Salvador's Bitcoin Strategies  

Argentina is working with El Salvador to learn from its Bitcoin adoption and cryptocurrency operations. Argentina’s National Securities Commission met with El Salvador’s National Commision of Digital Assets to discuss crypto adoption and regulation, focusing on El Salvador’s experience since adopting Bitcoin as a legal tender in 2021. Robert Silva, the president of The National Securities Commission of Argentina expressed interest in strengthening ties through collaboration agreements. This highlights Argentina’s pro cryptocurrency movement, following the election of Bitcoin friendly president Javier Milei in 2023.

 BlackRock’s IBIT Is Now The World’s Largest Bitcoin ETF

BlackRock Bitcoin ETF, known as (IBIT) has recorded a record $102.5 million inflows on May 28 2024, surpassing Grayscale Bitcoin Trust (GBTC) to become the largest Bitcoin ETF worldwide. As of May 28, 2024, IBIT holds 288,670 Bitcoin while GBTC has 287,450 Bitcoin, both launched in January. In addition, BlackRock’s income and bond focused funds have invested in IBIT, with recent purchases over $4 million. Currently, spot Bitcoin ETFs hold over 1 million Bitcoin, worth about $68 billion. With Ether ETF’s launching soon, traditional equities are poised for a disruption.

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