Mt. Gox to Start Repayment of BTC Lost in Hack, XRP Price History Hints at Bullish July, Samson Mow Predicts Bitcoin Hitting $1 Million Within Next Year: Crypto News Digest by U.Today

Here is a summary of the top three news stories over the past day, presented to you by U.Today.

More than 140,000 BTC from Mt. Gox hack to be repaid: Market effect

According to a recent notice issued by Mt. Gox, it will start repayments in Bitcoin and Bitcoin Cash to its customers in July 2024. The redistribution of the aforementioned digital assets takes place more than a decade after the infamous hack in 2011, which resulted in a loss of approximately 700,000 BTC, and later in the exchange's bankruptcy and closure in 2014. As stated by Mt. Gox trustee Nobuaki Kobayashi, repayments will be made in Bitcoin and Bitcoin Cash in collaboration with multiple crypto exchanges. He emphasized that the group has taken time to ensure "safe and reliable repayment to creditors." This development might have a significant effect on the market, since the release of these funds could lead to a considerable amount of selling pressure on Bitcoin, which is already struggling to maintain its price above key price levels.

Is July bullish for XRP? Price history says yes

As blood-red June is coming to a close, it is high time to start looking forward to July, which holds out hope for more optimistic price behavior, at least for the XRP token. CryptoRank's price history data demonstrates that over the past four years, July has been particularly bullish for XRP. Since 2020, the minimum return on investment for the token in that month was 6.91%, and the maximum was 48.1%. However, the five years that preceded the start of the new decade were not all that bright and ended up in the red. Due to this, the average return on investment in XRP for every July since the token's launch has settled at 5.56% to date. The median, and more accurate indicator, signals an almost neutral gain of 0.07%. Thus, based on historical data, XRP is anticipated to at least "not fall," and at most, to even grow in the coming month.

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Bitcoin (BTC) will reach $1 million within next year, Samson Mow predicts

Jan3 CEO and prominent Bitcoin enthusiast Samson Mow has recently taken to X platform to share yet another bullish take on his preferred digital asset. In his post, Mow stated that Bitcoin will reach the high of $1 million "within the next year," even though many market participants doubt this outcome will come true. Samson Mow is well known for his long-term bullish Bitcoin price predictions; he often devotes his X posts to the "$1 million per Bitcoin" scenario coming to life as a result of “Omega candles,” or at least “Godzilla candles.” His certainty is likely stemming from the spot Bitcoin ETFs approval in January and the fourth Bitcoin halving that took place in late April. Following the SEC greenlighting ETFs, massive BTC accumulation started. Mow then stated that spot ETFs will create a Bitcoin demand shock. In a subsequent prediction, the Jan3 CEO predicted that Bitcoin will soar to $1 million once the demand shock meets the supply shock.