Web3🌗Wednesday Marvels: XRP Rallies, Mt. Gox Shifts Billions, and Worldcoin Expands!
1. XRP surges 7% on Ripple-SEC settlement hopes, $600M token unlock.
2. Mt. Gox Estate moves $2.2B to a new wallet as Bitcoin wobbles.
3. Grayscale Bitcoin Mini Trust trades Wednesday post-SEC approval.
4. Worldcoin's World ID verification launches in Austria, expanding in Europe.
📬 Dive in for more detailed insights and updates!
Happy Wednesday! Today’s Web3 news brings a whirlwind of intriguing developments that are set to shake up the crypto world. XRP is making headlines with a notable 7% surge, fueled by optimism surrounding a potential Ripple-SEC settlement and a significant $600 million token unlock. Meanwhile, the Mt. Gox Estate has moved a staggering $2.2 billion to a new wallet, a strategic move as Bitcoin’s price experiences some instability. In another exciting update, Grayscale’s Bitcoin Mini Trust has begun trading today, following its approval by the SEC. And across the Atlantic, Worldcoin’s World ID verification system has launched in Austria, marking a major step in its European expansion. Dive in to explore these developments and what they mean for the future of Web3!
1. XRP surges 7% on Ripple-SEC settlement hopes, $600M token unlock.
XRP trading is surging in South Korea, where traders are driving a 7% rise to over 64 cents, the highest since March 25. This rally, fueled by hopes of a Ripple-SEC lawsuit settlement and a large token unlock, has seen XRP outperform Bitcoin and Ether. The SEC's recent filing on Binance is seen as a positive sign for Ripple. Ripple plans to unlock 1 billion XRP ($641 million) in August, potentially boosting liquidity and prices. South Korean traders' enthusiasm has significantly influenced XRP's market performance, with trading volumes outpacing Bitcoin and Tether.
Sam Reynolds and Shaurya Malwa
2. Mt. Gox Estate moves $2.2B to a new wallet as Bitcoin wobbles.
The Mt. Gox estate moved 33,964 BTC ($2.25B) to an unidentified wallet, as part of final preparations to resolve a decade-long hack. An additional $3.1B in Bitcoin was transferred between estate-held cold wallets. Last week, several exchanges, including Kraken, finalized fund returns to creditors. The trustee has completed repayments in Bitcoin and Bitcoin Cash to over 17,000 creditors via designated exchanges. Outstanding repayments will follow account validation and agreement to a distribution plan. Mt. Gox's main wallet still holds about 80 BTC ($5.3B). Recent asset movements suggest preparations for liquidation amid Bitcoin's fluctuating price.
Sebastian Sinclair
3. Grayscale Bitcoin Mini Trust trades Wednesday post-SEC approval.
Grayscale Investment's mini Bitcoin Trust (BTC) began trading on NYSE Arca following SEC approval. This new product is a spin-off of GBTC, designed to offer low-cost Bitcoin exposure. Head of research Zach Pandl anticipates strong investor interest due to current macroeconomic trends, including potential Federal Reserve rate cuts and political factors influencing the U.S. dollar's value. The trust aims to provide clients with optimal access to crypto. The timing is considered ideal, as weakening dollar scenarios often boost demand for assets like Bitcoin. Grayscale's Ethereum product had a similar successful spin-off earlier.
Binance News
4. Worldcoin's World ID verification launches in Austria, expanding in Europe.
The Worldcoin Foundation has launched its World ID orb verification in Vienna, Austria, expanding its biometric “proof of humanness” technology across Europe. This move allows anyone over 18 to join the 6.3 million existing Worldcoin users by verifying their identity through an iris scan, receiving WLD tokens as a reward. Despite the rollout, the project faces scrutiny from European regulators concerned about data privacy. Worldcoin is also developing its Layer 2 network, World Chain, which aims to enhance its platform with increased scalability and open-source governance. The Worldcoin token (WLD) is currently trading at $2.22.
That wraps up today’s Web3 marvels! From XRP's impressive surge and the Mt. Gox Estate's massive wallet transfer to the launch of Grayscale’s Bitcoin Mini Trust and Worldcoin’s European expansion, it’s clear that the world of digital assets is brimming with activity. Stay tuned for more updates as these stories develop and continue to shape the future of the crypto space. Until next time, keep exploring and stay ahead in the world of Web3!
