Top Cryptocurrency News This Week – Mt Gox money creates speculation in market while Bitcoin use in Egypt increases

Key highlights that moved the crypto markets this week

Key highlights

  • Mt Gox trustee to move 150K Bitcoin (BTC) on Oct 15
  • Adam Back believes Bitcoin market cap could boost by 400 %
  • Kucoin CEO finds hacking suspects
  • Bitcoin(BTC) use in Egypt increases amidst the recession
  • Cardano to preserve its independence says the incoming CEO     

Well, Mt Gox is back to haunt crypto investors again. Across crypto markets, there is growing speculation that Mt Gox trustee could move 150,000 Bitcoin (BTC) on Oct. 15. While the refund process has been continuously delayed since 2019, there is speculation that, the trustee may move the coins this time despite the known hurdles. On Jun. 30, the Mt. Gox trustee released a statement on the official website. The trustee, in charge of redistributing the funds to former users, said the Tokyo District Court granted a deadline extension to Oct. 15. Based on this document, some investors have suggested it could cause 150,000 BTC to move, potentially rattling the market.

This week, Blockstream CEO Adam Back delivered a fresh bullish BTC price outlook. According to him Bitcoin (BTC) hitting a $1 trillion market cap by 2025 is “conservative,” and those levels should hit in less than two years. This statement came when Adam Back was responding to a report by Yassine Elmandjra, a crypto-asset analyst at investment advisor Ark, who in September forecast a Bitcoin market cap of $1 trillion to $5 trillion by 2030 at the latest.

The Kucoin hack came to a surprise to many and there was speculation that finding the ‘stealers’ would be a difficult task as it has been in case of many exchange. But to the relief of investors, KuCoin CEO Johnny Lyu tweeted on Oct. 3 that the exchange now has substantial proof that identifies who hacked the service on Sept. 26. Lyu added that as of Oct. 1, KuCoin has managed to wrestle another $64 million in assets from suspicious addresses with the help of its partners in the industry. This brings the total value of recovered assets to $204 million.  The exchange is also slowly coming back to full functionality, said Lyu, and has reopened deposit and withdrawals for 31 tokens. Services for BTC, ETH, and USDT will follow.  

It has been seen that the countries which face economic recession develop a liking towards BTC as a safe haven. The latest addition to this list is Egypt. As the COVID-19 pandemic pushed the Egyptian economy into recession and deepening unemployment, more and more Egyptians see the benefits of trading and mining Bitcoin as an alternative source of income. According to Al-Monitor, many Egyptians, particularly young people, are interested in cryptocurrencies. Egypt is been struggling economically and unemployment in Egypt has jumped from 7.7% during the first quarter of 2020 to 9.6% during the second quarter, meaning more than half a million Egyptians have lost their jobs, recent numbers from the Egyptian Central Agency for Public Mobilization and Statistics said

Cardano has been a cryptocurrency that has a league of its own thanks to its charismatic founder Charles Hoskinson who has strived hard to keep the independence of the project intact despite complex structure.His thoughts are now echoed by Foundation’s incoming CEO Frederik Gregaard. In his recent interaction, he was quoted saying “The Foundation law in Switzerland says that we need to be independent. That's exactly why it's interesting and why Charles (Hoskinson) chose to set it up like that, because he really, truly feels that the people who are going to protect the Cardano protocol for the generations to come, need to be independent.”

Which crypto news had the most impact on you or your coin portfolio this week? Do let us know in the comments below.