Market Digests Mt. Gox Transfers and Prepares for Spot ETH ETFs

Welcome to our Weekly Market Update.* Explore weekly crypto price movements, read a quick digest of notable market news, and dive into a crypto topic — this week we learn how to mine different cryptocurrencies.

Crypto Movers

Crypto News

BitcoinBuzz Indicator

Topic of the Week

Takeaways

• Bitcoin surged roughly 7% after an attempted assassination on Donald Trump: Prediction markets note that the shocking attack has boosted his election prospects. Trump is viewed as the pro-crypto candidate compared to President Joe Biden.

• Mt. Gox transferred more than 140,000 BTC worth nearly $9 billion to various wallets in a three-hour period Tuesday: The transfers caused a notable drop for bitcoin and affected market sentiment, with some now predicting the payments will be complete before August.

• Ahead of the US launch of Spot ETH ETFs, investors are increasingly using the options market to hedge against price swings: The increased volatility in short-term contracts could indicate heightened demand for safe options.

• Coinbase has narrowed its subpoena request, now seeking only SEC Chair Gary Gensler's communications during his tenure: This follows Judge Failla's concerns about the burden of accessing earlier statements.

• Hong Kong’s financial authorities will soon publish the results of a stablecoin consultation: The proposal includes licensing requirements and regulatory rules for stablecoin issuers.

Bitcoin Rallied Amid Renewed Volatility Linked to Trump's Election Prospects

Following an attempt on the life of Donald Trump on Saturday, crypto assets linked to the US Republican candidate’s chances of winning the November 4 election experienced increased volatility. Bitcoin surged by around 7% as the candidate's probability of winning rose to 70% on popular prediction market Polymarket.

After the event, Bitcoin broke above the crucial 200-day simple moving average (SMA), indicating a positive long-term trend. Additionally, Trump-themed Polifi tokens also surged on news of the attack. Recently, Trump has embraced crypto and been pictured with various high-profile figures, seeking a comparatively friendlier regulatory environment than the one President Biden has overseen. Consequently, some have viewed Bitcoin and the broader crypto market as bets on Trump's victory.

Trump’s selection of JD Vance as his vice presidential candidate was also seen as a positive choice for crypto. A former venture capitalist, the Ohio Republican has been supportive of the crypto industry and criticized the SEC for what he perceives to be regulatory overreach. Last year, Vance, along with other Republican lawmakers, sent a letter to SEC Chair Gary Gensler expressing concerns about its lawsuit against crypto company DEBT Box. Vance is also believed to personally hold more than $100k worth of bitcoin.

How to Mine Cryptos Like BTC, ETH, LTC, DOGE, and BCH

Many people interested in cryptocurrency are also interested in crypto mining, particularly for popular coins like bitcoin (BTC), ether (ETH), and doge (DOGE). In general, mining crypto can be as complicated as you want it to be.

For starters, there is a huge assortment of crypto mining rigs from which you can choose. Central processing units (CPUs), general processing units (GPUs), field-programmable gate arrays (FPGAs), and application-specific integrated circuits (ASICs) are all different types of computer hardware that can be used to mine crypto — and you can learn about them all on our deep dive on the subject. These mining rigs vary in hash rate and energy efficiency, which are two of the key factors in determining mining profitability. In addition, the mining algorithms and overall mining process for various cryptocurrencies tend to vary. For example, you wouldn’t mine zcash (ZEC) with the same equipment — or in the same way — that you’d mine bitcoin cash (BCH).

Below we’ll break down the similarities — and differences — in how you mine some of the most popular coins in terms of both market cap and mining interest.

Read more about mining.

Onward and Upward!

Team Gemini

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