U.S. Crypto Stocks Sink in Pre-Market Trading as BTC Slumps

Jamie Crawley

5 July 2024 at 6:19 am·1-min read

The slump coincides with defunct crypto exchange Mt. Gox moving $2.6 billion worth of BTC to a new wallet prior to commencing creditor repayments.
Michael Saylor's software company MicroStrategy, which holds over 210,000 BTC, and bitcoin miner Hut 8 led the declines.

U.S. crypto-adjacent stocks were in the red in pre-market trading on Friday as bitcoin {{BTC}} crashed to the lowest level since February.

Michael Saylor's software company MicroStrategy (MSTR), which holds over 210,000 BTC, and bitcoin miner Hut 8 (HUT) were the worst affected, sliding 8.5% and 9.5%, respectively.

Other mining companies, including Marathon Digital (MARA), CleanSpark (CLSK) and Riot Platforms (RIOT), fell between 6%- 7.5%. Cryptocurrency exchange Coinbase (COIN) lost 6.5%.

Bitcoin is hovering around $54,400 as of mid-morning in Europe, a fall of 5.8% in 24 hours. It earlier slumped as low as $53,600, its lowest level since late February.

The decline coincides with defunct crypto exchange Mt. Gox moving $2.6 billion worth of BTC to a new wallet, and saying it was commencing creditor repayments 10 years after it collapsed. Traders seem to have been spooked by the prospect of recipients immediately offloading their coins, creating mass selling pressure.

Malay Mail
Here’s why Malaysians will have the option to pay partially for hospital bills in exchange for cheaper insurance
Starting September 1, 2024, Malaysians can choose between new, cheaper medical insurance with co-payment features or...
Bloomberg
Citi’s Singapore workforce shrinks by 500 amid global restructuring, ST says
Citigroup Inc.’s workforce in Singapore has shrunk by about 500 people amid a global restructuring planned by the Wall Street giant, the Straits Times reported Monday.
CoinDesk
Ether Retakes $3K Amid Signs of Seller Exhaustion Before ETF Debut
Discounts in the Grayscale Ethereum Trust and the Coinbase indicator have evaporated in a positive sign for the ether bulls.
Sky News
Metro Bank revives £3bn mortgage sale after investor bailout
Metro Bank is reviving plans to offload a multibillion pound mortgage months after an investor bailout rescued it from the brink of collapse. Sky News has learnt that the London-listed high street lender is working with Morgan Stanley on a process to raise capital from the sale of the mortgages. The revival of the process comes four months after Metro Bank said it was cutting 1,000 jobs and ending its seven-day branch opening model in an effort to exert tighter control of costs.
The Guardian
Hollywood studio Paramount agrees $28bn merger with Skydance
End to Redstone family’s involvement in media group, which also owns CBS, Nickelodeon and the UK’s Channel 5
Yahoo Finance
Inflation data, Powell speaks, and big banks report earnings: What to know this week
With a cooling labor market narrative emerging, investor focus will shift back to inflation for signs that a September interest rate cut remains likely for the Federal Reserve.
Yahoo Finance
Stock market today: Stocks wobble as S&P 500, Nasdaq try to build on records
A consequential week that could provide key signals for the near-term path of interest rates.
The Telegraph
Savers pour money into risky investments to protect wealth from Labour
With Sir Keir Starmer in Number 10, British investors are taking action to shield their portfolios from a tax raid down the line.
The Telegraph
How to shield your savings from a Labour tax raid
With Keir Starmer in power, savers must act now to protect their wealth from the new Labour government.
Reuters
Pound touches three-week high vs euro after France vote
The pound traded at a three-week high against the euro on Monday, after Sunday's election in France looked likely to result in a hung parliament that raises the risk of political gridlock in the euro zone's second-largest economy. In the UK, new Finance Minister Rachel Reeves will pledge on Monday to take "difficult decisions" to drive economic growth, including swift changes to unblock infrastructure and private investment, in her first major speech since Labour won power last week, according to excerpts released by her Treasury department. Since Labour's landslide win on Thursday, the pound has strengthened by 0.5% against the euro, leaving the single European currency at 84.54, its lowest since June 14 on Monday.
The Telegraph
Labour’s secret tax plans – explained
With Labour now in power, the threat of higher taxes is looming large. I am going to make a few suggestions about how we might prepare.
The Telegraph
How Labour could clobber Britain with a ‘double death tax’
A “double death tax” under Labour would add tens of thousands to families’ inheritance tax bills, analysis has shown.
Yahoo Finance Video
4 things to prioritize in your mid-year financial check-in
With two quarters under the market's belt in 2024 and the next earnings season on the horizon, Rachelle Akuffo joins Wealth! to discuss how you can navigate a mid-year financial check-in. She stresses the importance of looking back on your budget for the first half of the year and noting where you may have overspent or underspent. This will help you adjust your budget to better reflect your lifestyle and needs in the second half of the year. Akuffo also encourages revisiting your financial goals and ensuring they're SMART — Specific, Measurable, Achievable, Relevant, and Time-sensitive. She points to increasing payments on high-interest debt or trimming unused subscriptions as a way to get closer to those financial goals. During that process, you should check in on your emergency fund and make sure to replenish it if it has been dipped into. Akuffo explains that an emergency fund should have three to six months' worth of living expenses to prevent any financial shocks if an emergency were to arise. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Melanie Riehl
Malay Mail
KLCC confirms car stolen from valet service, suspect already detained by cops
KUALA LUMPUR, July 7 — In an alarming incident at the Suria KLCC shopping mall yesterday, a vehicle entrusted to the mal...
Malay Mail
Umno veterans question low Chinese voter turnout at Sg Bakap
KUALA LUMPUR, July 7 — The Umno Veterans Club today expressed concern over the low turnout of Chinese voters during the...
The Telegraph
I’d like to believe the Moon landings were faked – the alternative is far bleaker
In September 2002, the astronaut Buzz Aldrin – the second man to walk on the Moon – was confronted in Beverly Hills by a camera crew led by Bart Sibrel. Sibrel, the creator of several documentaries alleging that the Moon landings never happened, shoved a Bible at Aldrin and demanded he swear on it that he wasn’t lying about walking on the Moon, before calling him “a coward and a liar”.
Malay Mail
Malaysian film director Mansor Puteh dies in accident, aged 70
PETALING JAYA, July 7 — Film director and critic Mansor Puteh, 70, passed away after the car he was driving skidded and...
People
Taylor Swift and Travis Kelce Leave Hand-in-Hand After Her Third Eras Tour Show in Amsterdam: Watch
The singer was supported by the NFL star at her third show in the Dutch capital on July 6
People
Brad Pitt and Girlfriend Ines de Ramon Hold Hands While Attending the British Grand Prix in England
The first trailer for the Oscar winner's latest film 'F1' debuted the same day
Malay Mail
In Section 19 PJ, the newly-opened Jing Cheng Beijing Roasted Duck scores a hit with Beijing-style roast duck
PETALING JAYA, July 7 — Earlier this year, I wrote about The Golden Time, one of the five restaurants located on the gro...

Latest stories