EOW closing BTC price: $55,854
Date range: July 1 - July 7, 2024
1. Mt. Gox Repayments
2. Trump and Biden’s Roles in the Discourse
3. Security and Fraud Issues
Weekly Snapshot
Mt. Gox Repayments
The long-standing issue of Mt. Gox came to a head as the process of repaying creditors begun. Media coverage highlighted the potential unloading of $9 billion in coins and the fear instilled in the market that led to a sharp decline in price.
Forbes and CNBC had the most volume of coverage for this topic.
Key Points:
- Ryan Browne and MacKenzie Sigalos from CNBC highlighted the potential market impact. The sentiment was negative as the coverage focused on how the market reacted with fear and uncertainty.
- Ryan Browne also covered the $170 billion wiped off as the market tanked on Mt. Gox bitcoin payout fears, further emphasizing the negative sentiment surrounding these events.
- CNBC Crypto World noted that negative market sentiment as Mt. Gox began repaying creditors, echoing the negative sentiment prevalent in the coverage.
- Siladitya Ray from Forbes reported on Bitcoin slumping to $54,000 as the defunct exchange started paying back creditors, contributing to the overall negative sentiment.
Trump and Biden’s Roles in the Discourse
As we have covered for several weeks, political figures like Donald Trump and Joe Biden are increasingly becoming central to the Bitcoin conversation. Last week's coverage reveal Biden's potential replacement candidates and their stances on crypto, indicating the significant influence of political leadership on the sector.
Key Points:
- Derek Saul from Forbes reported that more billionaires, including Walmart’s Christy Walton and Mike Novogratz, are urging Biden to drop out, with a negative sentiment toward Biden's political stance.
- Billy Bambrough from Forbes highlighted the odds of Biden dropping out suddenly soaring on a $230 million Trump bet, maintaining a neutral sentiment in his coverage.
- Sam Lyman, in an opinion piece for Forbes, covered Trump sparking talks of Bitcoin as a strategic reserve asset, offering a neutral perspective on the implications of such discussions.
- Veronica Irwin from Forbes examined where the top six potential Biden replacements stand on crypto, providing a neutral viewpoint on the political landscape.
- Eleanor Terrett from Fox News reported on Ro Khanna's crypto roundtable seeking industry inroads for the White House and Democrats, presenting a neutral sentiment toward the event.
Security and Fraud Issues
The week was full of media reports of elaborate scams, with allegations of fraud within major crypto companies, like Tether-backed Northern Data, and the recovery of stolen bitcoin mining equipment.
The sentiment across this coverage is predominantly negative, of course, but what's notable is how certain media outlets who almost never cover Bitcoin stories are making their voices heard when it comes to highlighting the security and fraud issues in the cryptocurrency space.
These outlets are Daily Mail, Global News, and Los Angeles Times.
Key Points:
- Claire Elliot from Daily Mail reported on parents being conned out of large sums in a cyber attack on a prestigious Scots private school,
- Bryce Elder from Financial Times highlighted allegations of fraud at Tether-backed crypto group Northern Data,
- Doyle Potenteau from Global News covered an Okanagan resident falling prey to an elaborate scam involving a fake police phone call.
- Sandra McDonald from Los Angeles Times reported on the recovery of stolen bitcoin mining computers worth $579,000.
