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Crypto Bloodbath: Bitcoin and Altcoins Plummet, Mt. Gox Starts Repayments, German Govt Contineus Selling: Weekly Crypto Recap

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What a week it’s been…

The cryptocurrency markets ultimately took a turn for the worse, but they haven’t been without their moments. The bottom line is that the total capitalization lost a whopping $200 billion, which is more or less 10% in the past seven days alone.

This came on the back of considerable losses from Bitcoin, but especially from the altcoins. In fact, the BTC dominance – a metric that gauges its share relative to that of the rest of the market – is up by about 0.3% in the past week, outlining the broader failure of altcoins altogether.

That said, BTC’s price crashed by a massive 9%, dipping to a low below $54K – a point that we haven’t seen in many months. But the interesting thing is that it all started incredibly well as the leading cryptocurrency reached an intraweek high of almost $64K on July 1st. It was all downhill from there, though.

The bears seized the opportunity and absolutely dominated the market, bringing it down to its current levels.

But if you think that’s bad, you should take a look at some of the altcoins.

Ethereum is down 14%, currently trading below the important $3K level. BNB crashed by a massive 14.4%, trading below $500. Major altcoins, such as ADA, SOL, XRP, AVAX, and so forth, are charting declines in the range between 8% and 15%. Meme coins also tumbled, with DOGE crashing by 20%, SHIB losing 19%, etc.

You must be wondering what the reason for this blood

Well, first and foremost, Mt. Gox, the defunct crypto exchange that owes its creditors many billions in BTC and BCH, sent a whopping $2.7B to a new address today, sparking fears of immediate selling pressure. On top of that, the German government, which was in possession of around 50,000 BTC seized years ago, started selling and disposed of close to 10K BTC in the past few days.

That, coupled with the broader market uncertainty, pushed the entire sector down, leaving many to wonder whether there’s a bottom anywhere to be found.

Well, the prices are now recovering ever so slightly, and many experts, including Adam Back, are calling this an opportunity that will yield its fruits in the coming years.

We have yet to see how the next few weeks will shape up, but if there’s one thing that’s certain it’s that the crypto markets are starting to heat up once again!

Market Data

Market Cap: $2.146T | 24H Vol: $155B | BTC Dominance: 51.2%

BTC: $55,798 (-8.9%) | ETH: $2,962 (-13.9%) | BNB: $492 (-14.4%)

market_update_cover

This Week’s Crypto Headlines You Better Not Miss

Bitcoin Price Crashes Below $54K as Mt. Gox Transfers $2.7B in BTC to New Address. In a terrible turn of events, Bitcoin’s price was unable to sustain its bullish momentum from earlier in the week and tanked completely. It dropped below $54K today as Mt. Gox sent $2.7B in BTC to a new address.

More Details About the Mt. Gox Bitcoin Repayments: What’s Next? The Mt. Gox fiasco is finally coming to an end, as the defunct exchange has already distributed some of the funds back to its creditors. It did so in Bitcoin and Bitcoin Cash, but there is still a long way to go. The hope is to be completely done by October this year.

Better than the Rest: Bitcoin is the Best Investment so Far in 2024 (Report). In weeks like these, it’s important to zoom out and take a look at the bigger picture. According to a recent report, both Bitcoin and Ethereum remain the best investments so far in 2024, even compared to a lot of TradFi assets.

Are Bitcoin Miners Capitulating Amid the Drop Below $60K? Bitcoin’s price is trading well below the $60K mark at the end of this week, and there are already some signs that the miners are capitulating. This might be interpreted as a glimmer of hope amid the ongoing crypto bloodbath.

Here’s The Key To Reviving Bitcoin’s Bull Market: Analyst. While the prices might be down, some analysts are taking a closer look at potential catalysts for a much-needed recovery. According to CryptoQuant, stablecoin liquidity is a key factor to keep in mind.

KuCoin Introduces 7.5% Tax on Fees for Nigerian Users. KuCoin came up with an announcement this week, stating that it will levy a tax of 7.5% on transaction fees for all trades executed on the platform for its Nigerian users.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Dogecoin, and Polkadot – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

Anthony Pompliano’s ProCap Financial to Go Public with $750M War Chest for Bitcoin Holdings

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ProCap Financial has joined the growing list of firms seeking to become publicly traded bitcoin treasuries, announcing plans to go public through a merger with Columbus Circle Capital Corp. I, a special purpose acquisition company (SPAC).

The firm was founded by investor and crypto entrepreneur Anthony Pompliano, who confirmed raising over $750 million in funding, including $235 million through convertible debt.

The remaining capital was secured through equity financing. Unlike several other companies still navigating regulatory hurdles, ProCap says it is ready to begin purchasing bitcoin immediately.

The company intends to eventually hold up to $1 billion worth of bitcoin on its balance sheet. At the same time, it is building a suite of financial services that includes lending, trading, and capital markets.

Several companies are pursuing bitcoin-focused strategies aimed at stock market investors, such as Trump Media’s $2.5 billion reserve plan. This trend mirrors the model adopted by Michael Saylor’s Strategy, which used public company status to build a bitcoin treasury. However, ProCap says its approach involves creating a broader business model by offering bitcoin-denominated financial services in addition to holding the asset.

According to Pompliano, the goal is to construct a full-service financial platform that mirrors traditional Wall Street institutions but is built entirely on bitcoin rather than fiat currency. The company’s backers will have immediate exposure to bitcoin.

In a statement to CNBC, Pompliano explained,

“Many companies don’t care about the cost of capital. We do. We are traditional capital allocators – we care about building a sustainable business that generates cash flow.”

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GSR Foundation Backs Mercy Corps Ventures via Lido Impact Staking, Advancing a New Model for Philanthropic Capital Deployment

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[PRESS RELEASE – London, United Kingdom, June 23rd, 2025]

The GSR Foundation has announced its latest initiative as an Institutional Impact Staker by supporting Mercy Corps Ventures through the Lido Impact Staking mechanism. This partnership marks a significant step forward in the evolution of philanthropic finance, enabling capital preservation while unlocking sustained funding for high-impact development work.

Lido Impact Staking allows institutional capital to remain in ETH, while the staking rewards generated by that ETH are directed towards funding vetted organisations tackling systemic challenges in emerging markets. By choosing to support Mercy Corps Ventures in this way, the GSR Foundation demonstrates continued confidence in this novel, transparent mechanism for philanthropic giving – one that aligns long-term value creation with verifiable impact.

Impact Through Staking

Mercy Corps Ventures, the impact investing arm of global development agency Mercy Corps, is exploring yield-based mechanisms to support its mission of building venture solutions that increase the resilience of underserved communities.

With its Crypto for Good Fund, MCV has partnered with over 30 protocols and startups to reach over 3,000,000 users and provide innovative financial solutions for underserved communities. These solutions have resulted in $10M+ in on-chain transaction volume, generating significant time and cost savings for low-income populations across Africa, Asia and Latin America. The staking returns will support the growth of the Crypto For Good Fund.

This collaboration between GSR Foundation and Mercy Corps Ventures reflects the growing momentum behind yield-based giving, particularly in the Ethereum ecosystem. It highlights how financial innovation can power the work of global development actors, while ensuring that donated capital remains productive and intact.

As more institutions begin to explore staking as a means to fund real-world outcomes, the partnership between GSR Foundation and Mercy Corps Ventures serves as a model for future philanthropy, where the capital is efficient, transparent, and puts impact-first.

About Mercy Corps Ventures 

Mercy Corps Ventures is the impact investment arm of Mercy Corps, an international development agency (501c3) operating in 40+ countries around the world. MCV has made 50+ equity investments, including crypto startups such as Goldfinch (Warbler Labs) and Open Forest Protocol, and has launched 20+ real-world crypto use cases through the Crypto For Good Fund.

About Lido Impact Staking

Lido Impact Staking (LIS) emerged alongside Ethereum’s transition to Proof of Stake, spearheaded by Launchnodes – a company established in April 2020 to empower individuals and institutions to operate their own Ethereum validator nodes while retaining full custody of their assets. As a pioneer in non-custodial staking infrastructure, Launchnodes has played a crucial role in making decentralized staking more accessible and secure.

In 2023, the Lido Ecosystem Grants Organization (LEGO) awarded Launchnodes strategic funding to develop a dedicated middleware layer that would enable staking rewards to be redirected toward high-impact social causes. Built atop Lido’s battle-tested staking framework, this innovation marked the beginning of what is now known as Lido Impact Staking.

Today, LIS collaborates with global NGOs, philanthropic foundations, development institutions, and mission-aligned investors to redefine how impact is funded. By channeling ETH staking rewards into the support of digital public goods and humanitarian projects, LIS offers a crypto-native, regenerative approach to philanthropy, unlocking continuous, on-chain funding for a better world.

Users can start supporting Mercy Corps Ventures by impact staking

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4 Things That Could Rattle Bitcoin and Crypto Markets This Week

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Crypto markets took a big dip in late trading on Sunday, with Bitcoin falling below $100,000 for the first time since early May, but it appears to be recovering already.

Markets have been highly volatile over the past week amid geopolitical tensions and the US air strike on Iranian nuclear facilities over the weekend.

Those tensions escalated with Iran threatening to close the Straits of Hormuz, a key shipping channel, which would impact global oil prices.

Russia has also reportedly stated that countries are ready to supply Iran with nuclear weapons.

Economic Events June 23 to 27

Key inflation data is due this week, kicking off with June’s S&P Global Manufacturing PMI and Services PMI preliminary readings on Monday,

These purchasing managers’ indexes are leading economic indicators used by analysts to gain insights into changing economic conditions and rates of change.

Tuesday will see home sales data and consumer confidence reports released, while Federal Reserve Chair Jerome Powell will be speaking before Congress to give lawmakers an update on the central bank’s views on inflation and the economy.

Thursday will see more GDP data released for Q1, which will paint a broader picture of the state of the economy and what to expect going forward.

Friday’s Personal Consumption Expenditures (PCE) for May is the big report of the week as it tracks changes in inflation based on consumer spending. The Fed considers the annualized Core PCE Price Index its preferred gauge for inflation in the US.

A very busy economic calendar combined with increased tensions in the Middle East is likely to create a very volatile week ahead for crypto markets.

Crypto Market Outlook

Digital assets continued to weaken over the weekend following US military action in the Middle East and more rhetoric from Iran and Russia as the situation escalates.

Markets lost 4% in a fall to $3.15 trillion but managed to recover slightly during early trading in Asia on Monday morning.

Losses were led by Bitcoin, which fell to $98,500 briefly in its first sub-six-figure dip since May 8. However, BTC had reclaimed the $101,000 level at the time of writing.

Ethereum dumped more than 7% in a fall to $2,135, its lowest level since it broke above $2,000 in early May. Nevertheless, it also made a minor recovery to trade around $2,240 on Monday morning.

Altcoins were all in the red aside from Hyperliquid as markets continue to weaken again.

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