The price of Bitcoin experienced a significant drop, reaching its lowest point since February, as the defunct cryptocurrency exchange Mt. Gox commenced the repayment process to its creditors. The exchange, which collapsed in 2014, is distributing approximately 140,000 Bitcoins and 143,000 Bitcoin Cash (BCH) tokens to its creditors. This payout has raised concerns that creditors might attempt to liquidate a portion of their received assets, potentially driving down Bitcoin's price. The price of Bitcoin has fallen by over 6.7% in the past 24 hours and has experienced a decline of more than 11% compared to the previous week. Other cryptocurrencies also faced a sell-off, with Ethereum dropping below $2,900, while Binance's BNB and Solana declined by 11% and 5.8%, respectively. This situation highlights the potential impact of large-scale cryptocurrency distributions on market sentiment and price fluctuations.

Mt. Gox's repayments of around 140,000 Bitcoins to its creditors have triggered concerns that many may try to quickly liquidate their returned assets.

Bitcoin Plunges to $54,000 as Mt. Gox Begins Repaying Creditors

### **The Bizarre Case of James Howells**  
**James Howells**, a software engineer from Wales, has found himself in the headlines for a **bizarre incident** that dates back to **2013**. He accidentally discarded a hard drive containing **8,000 Bitcoins**, which is now valued at over **$514 million**.  
  
### **What Happened?**  
In a desperate attempt to recover his lost fortune, Howells has filed a **lawsuit against Newport City Council** for approximately **£495.31 million** (around **$647 million**). His lawsuit stems from the council's repeated refusals to allow an **excavation of the landfill** where the hard drive is believed to be buried.  
  
Howells clarified that this legal action is more of a strategy to persuade the council to permit the excavation rather than a reflection of the actual situation.  
  
### **Plans for Recovery**  
He has organized a team of specialists ready to carry out the excavation at **no cost** to the council, and he has even proposed to share **10% of the recovered Bitcoin's value** with them.  
  
### **Council's Response**  
The Newport Council has labeled the lawsuit as **“weak”** and has expressed concerns about the potential **environmental impacts** of the excavation.  
  
### **Why It Matters**  
This case highlights the **peculiar intersection of technology and law** in the world of cryptocurrency. The incident not only emphasizes the **volatile nature of Bitcoin** but also raises questions about the **responsibility of local councils** in such unique situations.  
  
As of the latest updates, the value of **8,000 Bitcoins** stands at **$514.37 million**, with the market price at **$64,296.34 per unit**.

James Howells, etched in the history books for accidentally discarding Bitcoin (CRYPTO: BTC), which is worth more than half a billion dollars today, took a major step in retrieving them. What Happened: In a last-ditch effort, the Wales-based software engineer filed a lawsuit against Newport City Council for roughly 495.31 million British pounds, or about $647 million, in damages for repeatedly denying his request to excavate the landfill site housing the discarded hard drive, which contains arou

Lost Fortune: Man Sues City Council Over $647 Million Bitcoin Hard Drive in Landfill

### Neel Kashkari's Perspective on Bitcoin
Minneapolis Fed President **Neel Kashkari**, known for his critical stance on Bitcoin, recently expressed his views on the cryptocurrency's relevance after over a decade in existence. Kashkari stated that despite its longevity, Bitcoin remains **useless** in practical terms.

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Minneapolis Fed President Neel Kashkari (not a BTC fan)

Fed's Neel Kashkari Claims Bitcoin is Still Useless After a Decade

### Bitcoin Cash (BCH) on the Rise

Bitcoin Cash (CRYPTO: BCH) has seen a significant **increase of 8.1%**, reaching **$355.45** as of Monday afternoon. This surge can be attributed to a notable influx of investments into **Bitcoin** and **Ethereum** exchange-traded funds (ETFs) over the past week.

### Factors Behind the Surge

The recent uptick in Bitcoin Cash's price is primarily driven by changing sentiments in the cryptocurrency market, particularly in the U.S. Investors are increasingly turning to cryptocurrencies as a hedge against traditional market fluctuations, thus amplifying the inflows into BCH.

### Market Dynamics

The **inflows into ETFs** are a clear indicator of rising interest in cryptocurrencies, which is positively impacting Bitcoin Cash. As more investors look to diversify their portfolios, BCH stands out as a viable option.

![Bitcoin Cash Surge](https://example.com/image.jpg)  
*Image showing Bitcoin Cash price trends.*  

### Conclusion

This price movement suggests that Bitcoin Cash may continue to gain traction in the market, driven by investor interest and broader cryptocurrency adoption.

Bitcoin Cash (CRYPTO: BCH) is trading higher by 8.1% to $355.45 Monday afternoon following a surge in inflows into Bitcoin and Ethereum exchange-traded funds (ETFs) last week. This uptick, driven by shifting U.S.

Bitcoin Cash Soars: What’s Driving the Surge?

## Current Bitcoin Price

**Bitcoin price today:** $65,975  
**Bitcoin price gains 5% on Monday** as data shows demand for BTC growing at a fast pace since April.  
**Spot ETFs** noted **$257 million of inflows** on October 14.  
Bitcoin trades under **$66,000**, less than **12% away from the all-time high** of **$73,777**. BTC needs to close the week above **$66,849** to break to the upside of the descending channel.

## Reasons for Bitcoin's Potential Return to All-Time High

Bitcoin has noted a **steady increase** in demand among traders since April 2024, according to **CryptoQuant**.  
On-chain data shows retail investors and small whales holding between **10 and 1,000 BTC** have consistently accumulated since October 1, while large wallet investors have shed their holdings.  
This consistent demand from retail traders could generate **buying pressure** across exchange platforms.

![Bitcoin Holdings](https://editorial.fxstreet.com/miscelaneous/Bitcoin%20(BTC)%20[00.28.57,%2015%20Oct,%202024]-638645306902581305.png)  
*Bitcoin holdings of different cohorts of holders*

## Bitcoin Price Forecast

To confirm a bullish breakout from the descending channel, Bitcoin needs to close above **$66,849**.  
The **Moving Average Convergence Divergence (MACD)** indicator shows a weakening negative momentum, and a crossover above the signal line would indicate a trend reversal.  
The **Relative Strength Index (RSI)** reads **56**, indicating potential for further gains.

![BTC/USDT Weekly Chart](https://editorial.fxstreet.com/miscelaneous/BTCUSDT_2024-10-14_20-22-37-638645307938661986.png)  
*BTC/USDT weekly chart*

Bitcoin is currently **11.94% away** from its all-time high, facing resistance at **$70,011** and **$66,849**. If it fails to close above the **October 12 low of $62,457**, it could invalidate the bullish thesis for BTC.

![BTC/USDT Daily Chart](https://editorial.fxstreet.com/miscelaneous/BTCUSDT_2024-10-14_21-31-07-638645308343549019.png)  
*BTC/USDT daily chart*  

**Note:** Bitcoin is the largest cryptocurrency by market capitalization and operates without the control of any one entity, making it a decentralized currency.  

### Understanding Bitcoin, Altcoins, and Stablecoins
- **Bitcoin** is the largest cryptocurrency, serving as a decentralized form of payment.  
- **Altcoins** refer to any cryptocurrency other than Bitcoin, with Ethereum often considered separately.  
- **Stablecoins** are cryptocurrencies pegged to stable assets to minimize volatility, providing a stable investment option for users.

Bitcoin (BTC) trades close to $66,000 on Monday. The largest asset by market capitalization has noted a steady increase in its demand among traders since April 2024, according to data from crypto intelligence tracker CryptoQuant. 

Bitcoin Set for a Comeback: Can BTC Reach Its All-Time High Again?

Former President and Republican frontrunner **Donald Trump** is set to launch his own **crypto coin** associated with **World Liberty Financial (WLFI)**, a decentralized finance platform. The waitlist for this new token opens tomorrow at **8 a.m. ET**, marking what Trump calls his first step to "make America the crypto capital of the world."  

> "I promised to Make America Great Again, this time with crypto," Trump stated on X last month, urging supporters to be part of this historic moment.  

**WLFI** functions as a money market where users can borrow, lend, and earn interest on their cryptocurrencies, eliminating financial intermediaries. Additionally, holders of the token will have voting rights within the WLFI ecosystem.  

Ryan Waite, a political marketing expert, noted that this initiative not only serves as a financial venture but also as a **political statement** aimed at rallying Trump's supporters to engage with the movement while participating in the **DeFi space**. The WLF token is branded as a chance for supporters to "shape the future of finance," promoting **financial autonomy** and conservative values.  

### How is WLFI Different from Bitcoin?  
While Bitcoin is widely recognized as a decentralized digital currency and a store of value, Trump's new crypto coin has distinct differences. The **WLF token** will not be transferable and lacks yield, with a significant portion reserved for **accredited investors**. In fact, **63%** of the token supply is allocated to those with a net worth of **$1 million or more**.  

Trump is projecting to raise **$300 million** from the WLFI sale, potentially valuing the company at **$1.5 billion**. However, concerns have been raised regarding the platform's possible constitutional violations, especially if foreign governments gain access, which could create a conflict of interest during a potential second Trump presidency.  

Critics have described this initiative as an **obvious pump scheme**, highlighting the elitist nature of requiring a high net worth to participate. Many middle-class individuals expressed frustration over being excluded from the whitelist.  

### Trump's Crypto Views  
Interestingly, Trump's stance on crypto has shifted over time. Initially, he expressed skepticism about Bitcoin, labeling it as a volatile asset with no intrinsic value. He previously stated, "We have only one real currency in the USA, and it will always stay that way: the **United States Dollar**!"  

Waite suggests that Trump's new approach may reflect changing views among his voter base, particularly as digital assets gain popularity among those seeking to bypass centralized financial systems. Financial literacy instructor **Alex Beene** emphasized that while Trump's venture into cryptocurrency is not surprising, it may indicate a market he felt compelled to enter rather than a genuine passion.  

![Trump](https://d.newsweek.com/en/full/2494939/trump.jpg?w=1200&f=9763daf0d4b908a1f6e7d6c2c7e8c4a8)  
*Republican presidential nominee, former U.S. President Donald Trump gestures as he walks onstage for a campaign rally on October 12, 2024, in Coachella, California.*  
*Mario Tama/Getty Images*

Trump will be offering a token for World Liberty Financial (WLFI), which is a decentralized finance platform.

Donald Trump's New Crypto Coin: A Game Changer or Just Another Scheme?

## Crypto Investment Surge Amid Political Shifts

Crypto investors are feeling more **bullish**, with a staggering **$419 million** directed towards **Bitcoin-related funds** last week. This marks a significant turnaround from the previous week's negative outflows. According to **CoinShares**, the reason behind this surge is the improving election odds for **Donald Trump**, the self-proclaimed crypto candidate.

CoinShares reported that investors are now prioritizing the upcoming presidential election over economic data. With polls showing a tighter race between candidates, this has positively influenced **crypto ETF investments**.

### Trump: The Crypto-Friendly Candidate

Donald Trump has branded himself as the more **crypto-friendly candidate**, advocating for Bitcoin to be produced solely in the U.S. He has a colorful history with **NFT collectibles** and is even launching a **DeFi project**.

> “Stronger-than-expected economic data had little impact on stemming outflows, whereas the recent U.S. vice presidential debate and a shift in polling towards the Republicans—perceived as more supportive of digital assets—led to an immediate boost in inflows and prices,” CoinShares explained.

### Bitcoin Price Surge

As a consequence of these developments, the price of **Bitcoin** has risen, now trading at **$65,642**—a nearly **3% increase** over the past week. Bitcoin even surpassed the **$66,000** mark earlier this month.

Despite a total of **$407 million** invested in digital currency funds, there was a notable withdrawal from **Ethereum** and short Bitcoin investment products. CoinShares highlighted that the primary focus last week was on **Bitcoin-related investment funds**.

### Impact of Newly-Approved ETFs

Globally, investors have various options for cryptocurrency exposure, but the newly-approved **exchange-traded funds (ETFs)** on stock exchanges are making the most significant impact. The **Securities and Exchange Commission** approved these funds from Wall Street giants like **BlackRock** and **Fidelity** earlier this year.

Both major candidates in the election have adopted a **crypto-friendly** stance, although Democratic candidate **Kamala Harris** was late to reveal her positive plans for the industry. Recently, Harris expressed her support for a **regulatory framework for cryptocurrency**, emphasizing protection for Black investors in digital assets.

Improving polls for Donald Trump—the self-proclaimed crypto candidate—may be boosting Bitcoin ETF interest, CoinShares said.

Trump's Election Boosts Bitcoin ETF Investments: What You Need to Know!

Both the **S&P 500** and the **Dow Jones Industrial Average** extended their **record highs** on Monday, reflecting continued **bullish sentiment** as investors anticipate key **corporate earnings reports** later this week.

The **S&P 500** surged past **5,850 points** during midday trading in New York, while the **Dow Jones** broke above the **43,000 mark** for the first time. Wall Street celebrated the two-year anniversary of the **bull market’s start**.

However, the **Nasdaq 100** is still lagging, gaining **0.7%** on the day but remaining about **1% below its all-time high** set on July 10.

**Small-cap stocks** also advanced, with the **Russell 2000** climbing **0.6%**. Among sectors, **utilities** and **technology** led the gains, while **semiconductors** and **homebuilders** were the top-performing industries.

Despite no major economic data releases, **U.S. Treasury yields** edged higher, with the **10-year yield** reaching **4.13%**, its highest level since late July. The **U.S. dollar** also rose by **0.3%**.

**Commodities** were the weakest asset class, weighed down by uncertainty over **China’s stimulus measures**. **Gold**, **silver**, and **copper** fell **0.4%**, **1.2%**, and **2%**, respectively. **Crude oil prices** dropped **2.3%** as OPEC’s weakening demand outlook dampened sentiment.

Chinese equities, tracked by the **iShares MSCI China ETF (MCHI)**, declined **1.1%**.

In the **crypto space**, **Bitcoin (BTC/USD)** stood out as the best performer, rallying **4.5%** to surpass **$65,000**. Other cryptocurrencies and **crypto-linked stocks** followed its lead.

### Monday’s Performance In Major US Indices, ETFs

| Major Indices                        | Price     | 1-day %chg |
|--------------------------------------|-----------|-------------|
| S&P 500                             | 5,857.62  | 0.7%        |
| Nasdaq 100                          | 20,409.65 | 0.7%        |
| Russell 2000                        | 2,245.80  | 0.6%        |
| Dow Jones                           | 43,027.29 | 0.4%        |

*Updated at 12:30 p.m. ET*

According to **Benzinga Pro** data:

- The **SPDR S&P 500 ETF Trust (SPY)** rose **0.7%** to **$583.72**.
- The **SPDR Dow Jones Industrial Average (DIA)** rose **0.4%** to **$430.59**.
- The tech-heavy **Invesco QQQ Trust Series (QQQ)** rallied **0.8%** to **$497.15**.
- The **iShares Russell 2000 ETF (IWM)** rose **0.6%** to **$222.52**.
- The **Technology Select Sector SPDR Fund (XLK)** outperformed, up **1.2%**. The **Energy Select Sector SPDR Fund (XKE)** lagged, down **0.3%**.

### Monday’s Stock Movers

- **Vistra Corp. (VST)** surged more than **5%** after BNP Paribas initiated coverage with an **Outperform rating** and a **$231 price target**.
- **Wells Fargo & Co. (WFC)** rallied **3.7%**, after soaring **5.6%** Friday, after Bank of America Securities raised the price target on the stock from **$70 to $75**.
- **SoFi Technologies Inc. (SOFI)** soared over **9%** following the announcement of a major agreement with Fortress Investment Group LLC for its loan-platform business.
- **Upstart Holdings Inc. (UPST)** jumped over **4%** after Wedbush upgraded the stock to **Neutral**, boosting its price target from **$10 to $45**.
- **Coinbase Global Inc. (COIN)**, **CleanSpark Inc. (CLSK)**, and **MARA Holdings Inc. (MARA)** rallied **7.7%**, **7.3%**, and **5.4%**, respectively, on the heels of Bitcoin’s rally.

Both the S&amp;P 500 and the Dow Jones Industrial Average extended their record highs on Monday, reflecting continued bullish sentiment as investors anticipate key corporate earnings reports later this week.

Bitcoin Plunges to $54,000 as Mt. Gox Begins Repaying Creditors

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Other Latest News

Lost Fortune: Man Sues City Council Over $647 Million Bitcoin Hard Drive in Landfill

Fed's Neel Kashkari Claims Bitcoin is Still Useless After a Decade

Bitcoin Cash Soars: What’s Driving the Surge?

Bitcoin Set for a Comeback: Can BTC Reach Its All-Time High Again?

Donald Trump's New Crypto Coin: A Game Changer or Just Another Scheme?

Trump's Election Boosts Bitcoin ETF Investments: What You Need to Know!

Record Highs for S&P 500 and Dow: Bitcoin Soars and Drives Crypto Stocks Amid Earnings Anticipation

Other Latest News

Lost Fortune: Man Sues City Council Over $647 Million Bitcoin Hard Drive in Landfill

Fed's Neel Kashkari Claims Bitcoin is Still Useless After a Decade

Bitcoin Cash Soars: What’s Driving the Surge?

Bitcoin Set for a Comeback: Can BTC Reach Its All-Time High Again?

Donald Trump's New Crypto Coin: A Game Changer or Just Another Scheme?

Trump's Election Boosts Bitcoin ETF Investments: What You Need to Know!

Record Highs for S&P 500 and Dow: Bitcoin Soars and Drives Crypto Stocks Amid Earnings Anticipation