Defunct cryptocurrency exchange Mt. Gox, which at one point dominated Bitcoin trading volume, has started repaying customers. The move ends a 10-year long waiting period for users to get their digital assets back.

The price of Bitcoin plunged as much as 8% to its lowest level since February to trade at a $53,763.63 low amid a cryptocurrency market sell-off that was attributed to a confluence of factors.

Nasdaq-listed cryptocurrency exchange Coinbase is pushing for access to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler's personal communications, arguing these are essential for its defense against the regulator’s accusations.

Top stories in the Crypto Roundup today:

• Mt. Gox Starts Repaying Creditors in Bitcoin and Bitcoin Cash
• Bitcoin Slumps to Lowest Level Since February
• Coinbase Presses for Access to SEC Chair Gensler’s Private Emails
• Crypto Market Movers – TRX, XAUT

Mt. Gox Starts Repaying Creditors in Bitcoin and Bitcoin Cash

Defunct cryptocurrency exchange Mt. Gox, which at one point dominated Bitcoin trading volume, has started repaying customers. The move ends a 10-year long waiting period for users to get their digital assets back.

Mt. Gox was a titan in the early days of Bitcoin, handling a staggering 70% of all transactions, but a security breach in 2014 resulted in the loss of an estimated 740,000 BTC, leading to bankruptcy and leaving many users in financial limbo.

The start of the repayments process added selling pressure to the cryptocurrency market, leading to a wide downward movement as some analysts believe Mt. Gox’s creditors will sell their coins after waiting 10 years to get them back and seeing their value skyrocket.

Arkham Intelligence data shows that Mt. Gox initially moved $2.7 billion in Bitcoin out of cold storage, and has already moved 1,545 BTC into cryptocurrency exchange BitBank.

Bitcoin Slumps to Lowest Level Since February

The price of Bitcoin plunged as much as 8% to its lowest level since February to trade at a $53,763.63 low amid a cryptocurrency market sell-off that was attributed to a confluence of factors.

Waning investor appetite for spot Bitcoin exchange-traded funds (ETFs), signs of government disposals of seized crypto tokens, and the uncertain impact of U.S. political developments were all cited as contributing to the bearish sentiment.

Adding to the uncertainty, administrators of the defunct Mt. Gox exchange are gradually returning a massive cache of Bitcoin to creditors and some market speculators believe the $8 billion in BTC being returned to creditors could flood the market. The sell-off came after Arkham Intelligence flagged a Mt. Gox-linked wallet moving $2.7 billion worth of the cryptocurrency.

Meanwhile, the MSCI World Index, a broad gauge of global equities, remains near record highs, even as Bitcoin's price plummets. Investors are awaiting US jobs data for clues about the Federal Reserve’s policy directions, with some analysts suggesting interest rate cuts could help bolster crypto prices.

According to data from Coinglass, over $800 million worth of bullish crypto positions have been liquidated in the past three days, marking one of the heaviest liquidation periods since April.

Meanwhile, Bitcoin miners are continuing to absorb the financial hit of the cryptocurrency’s halving event in April, which cut coinbase rewards earned per block in half. One response miners have been having is to sell the coins they mine to stay afloat. According to Le Shi, head of trading at market maker and algorithmic trading firm Auros, the $51,000 to $52,000 range is critical as “a lot of Bitcoin miners are reaching their break-even point for profitable mining.”

Coinbase Presses for Access to SEC Chair Gensler’s Private Emails

Nasdaq-listed cryptocurrency exchange Coinbase is pushing for access to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler's personal communications, arguing these are essential for its defense against the regulator’s accusations.

The dispute centers on the regulatory status of certain digital assets listed on Coinbase, with an SEC lawsuit filed in June 2023 alleging that 13 tokens offered by the exchange qualify as securities and that as a result, the firm has been operating as an unregistered securities broker since 2019. Coinbase vehemently disagrees, asserting that these tokens fall outside of the SEC's purview.

Coinbase first sought access to Gensler's personal communications in April, arguing but the SEC sought to block that request in a letter to District Court Judge Katherine Failla, saying it “rejected this position and proposal.”

Coinbase, in a new filing, countered the SEC saying that Gensler, on occasion, has communicated his views on crypto in a personal capacity, making his private messages particularly relevant to their defense strategy.

Coinbase further argues that Gensler's communications, both during and preceding his time as SEC Chair, are crucial to understanding the evolution of his thinking on crypto regulation.

The exchange's legal chief, Paul Grewal, emphasized on social media that Coinbase's pursuit of "reasonable discovery" is a response to the SEC's legal action.

Crypto Market Movers – TRX, XAUT

Amid the widespread cryptocurrency market sell-off, only two major cryptocurrencies have managed to see their prices rise over the last 30-day period. One was TRON’s native TRX token, while the other is Tether gold, a stablecoin pegged to the value of the precious metal.

TRON (TRX) – Tron is a decentralized blockchain-based platform based on the TRON protocol, which is a blockchain operating system that offers high throughput, high scalability, and high availability for all decentralized applications (DApps) within the TRON ecosystem.

Tether Gold (XAUT) - Tether Gold (XAUT) is a digital token, each of which represents ownership of one troy fine ounce of physical gold on a specific gold bar. As such, XAUT is a stablecoin, but unlike most stablecoins which are tied to the value of fiat currencies, Tether Gold is tied to the value of gold. Tether Gold is a project of Tether, the company behind the world's first and most widely used stablecoin, USDT.

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