Mt. Gox Delays Repayment Deadline, Bitcoin Rallies

18 Okt

Market Update - October 18, 2024

1. Mt. Gox has delayed its bitcoin repayment deadline by a year: This delay is viewed as a greenshoot for bitcoin prices, with traders arguing it reduces selling pressure on the broader market. The price of bitcoin was just short of $67,000 by Thursday afternoon.
   
   
2. US spot bitcoin ETFs saw notable net inflows of more than $555 million on Monday, the highest since June: Spot ether ETFs also saw $17 million in inflows, continuing positive momentum for both investment vehicles.
   
   
3. Coinbase is pursuing partial summary judgment to obtain SEC documents about crypto regulation: The regulator has previously delayed in responding to a Freedom of Information request made by the exchange over the same issue.
   
   
4. US spot bitcoin ETFs saw $18.66 million in net outflows on Tuesday, led by Fidelity’s FBTC, which recorded $48.82 million in withdrawals: BlackRock’s IBIT was the only ETF to see inflows, with $39.57 million entering the fund.
   
   
5. Monochrome will introduce Australia's first spot ETH ETF on Tuesday, following on from the launch of its spot Bitcoin ETF in August: Notably, the Monochrome ether ETF will allow both cash and in-kind redemptions, which could garner interest from institutional investors.
   

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