updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Ethereum is trading at critical price levels after a sharp 10% decline from the $4,750 mark, reflecting growing uncertainty across the broader crypto market. The recent correction has pushed ETH toward the $4,300 support zone, a level that bulls are now fiercely defending to prevent a deeper retracement. Despite the pullback, on-chain data suggests that large holders remain confident, signaling that this dip may be part of a healthy market reset rather than the start of a downtrend.
According to recent data, Bitmine continues its aggressive accumulation of ETH, adding to its holdings even as prices fluctuate. This steady inflow from institutional players highlights strong conviction in Ethereum’s long-term fundamentals, particularly as the network maintains dominance in DeFi and smart contract activity.
Still, sentiment among retail traders remains mixed. Some fear that sustained weakness below $4,300 could trigger another wave of selling pressure, while others see this as a potential accumulation opportunity before the next major move. As Ethereum stabilizes at these levels, the coming days will be crucial to determine whether the market resumes its bullish momentum or enters a prolonged consolidation phase amid heightened volatility.
According to data shared by Lookonchain, institutional accumulation around Ethereum remains strong despite recent market volatility. Just a few hours ago, Bitmine received another 23,823 ETH (worth $103.68 million) from BitGo, marking yet another significant inflow of capital. This move comes only two days after Bitmine acquired 20,020 ETH ($89.7 million) via FalconX, underscoring their consistent strategy of building exposure during price dips rather than chasing rallies.
Such accumulation patterns are often seen as a sign of confidence in Ethereum’s long-term fundamentals, particularly from institutional investors who view ETH as a core asset within the broader digital economy. While short-term sentiment remains cautious after the recent correction, these inflows suggest that smart money continues to see value around current prices.
The coming days will be critical for Ethereum’s technical structure. Bulls must defend the $4,300 support zone to maintain momentum and set up a potential recovery toward the $4,600–$4,750 resistance area. A strong defense here could pave the way for a new all-time high, confirming renewed investor confidence and establishing $4,300 as a key accumulation level.
Ethereum (ETH) is currently trading near $4,325, showing signs of consolidation after a 10% decline from its recent high of $4,750. The 12-hour chart reveals that ETH has fallen below the 50-day moving average (blue line), signaling short-term weakness, while the 100-day (green) and 200-day (red) moving averages are still trending upward — a sign that the broader uptrend remains intact.
The $4,300 level now acts as a key support zone, with bulls attempting to establish a base and prevent further downside pressure. If this level holds, the next target would be a retest of $4,500–$4,600, where sellers are likely to reappear. However, a break below $4,250 could expose Ethereum to a deeper pullback toward the $4,000 psychological level, an area that previously served as a strong accumulation zone in late September.
Momentum indicators suggest that selling pressure is easing, aligning with the recent on-chain data showing continued accumulation from large entities such as Bitmine. This reinforces the idea that institutional confidence remains strong, even amid volatility. For now, holding above $4,300 is critical — a successful defense could mark the foundation for Ethereum’s next push toward new highs.
Featured image from ChatGPT, chart from TradingView.com
BitGo, a leading digital asset custodian, will offer custodial services for USDA, a Cardano-based stablecoin, according to an Oct. 1 press release.
The collaboration involves BitGo Trust, USDA’s issuer Anzens, and EMURGO, the tech provider behind the Anzens platform. Their combined efforts will focus on creating a secure stablecoin solution for the Cardano blockchain that would also bolster USDA’s security and functionality by integrating it within advanced financial infrastructure.
According to the release, BitGo’s its involvement will strengthen USDA’s security and efficiency, aligning with Anzens’ goal of bridging traditional finance and crypto ecosystems. The partnership will streamline and ensure compliance for minting, burning, and custody services.
Stablecoins remain vital to the crypto industry due to their extensive use in remittances and payments. These digital assets are designed to maintain value, shielding users from the volatility typical of other cryptocurrencies. As of Oct. 1, stablecoins had a $173 billion market cap, reflecting their significant relevance in the crypto industry.
Despite their importance, Cardano has struggled to capture a significant market share, with stablecoins issued on Ethereum and TRON controlling nearly 90% of the market, according to data from DeFiLlama.
Meanwhile, this development occurs as USDA attempts to make a comeback after a hiatus in 2023. At the time, the Anzens team abruptly paused communication with the community because of the regulatory uncertainty surrounding the stablecoin sector.
However, EMURGO revealed that the digital asset would launch under new ownership later this year. According to information on Cardano’s Forum, the USDA stablecoin would be launched by Encryptus, a Dubai-based platform that was established in 2020.
According to the platform:
“[Encryptus] facilitates seamless buying and selling of crypto assets, offering conversion to local currencies. Encryptus is compliance-centric, holding a European license, VASP status in Lithuania, and boasting the largest payout network spanning over 80 countries.”
The firm further stated that users can buy and sell USDA via the Anzens website after completing know-your-customers (KYC) verification. USDA will also be available through select partners and redeemable 1:1 for USD. Users in over 80 countries will have access to the stablecoin in their local currencies.
A Bitcoin (BTC) wallet associated with the Mt. Gox exchange repayments has begun test transactions. This wallet was identified as Bitgo, the fifth and final exchange working with the defunct platform’s Trustee to initiate BTC and BCH payouts. Hence, it signals the start of Bitgo payouts to the collapsed exchange’s creditors.
According to Arkham Intelligence, the wallet, identified as bc1q26, received 33,105 BTC from the defunct exchange two weeks ago. The BTC stash was worth approximately $2.19 billion at the time, now valued at $1.95 billion. The wallet is believed to be under the control of Bitgo. On Tuesday, August 13, the wallet executed a test transaction.
It shifted a small fraction of Bitcoin valued at $5.88. This move indicates that the long-awaited repayment process may soon begin. Moreover, it offers some relief to the several creditors affected by the collapse of Mt. Gox in 2014, who are awaiting repayments via Bitgo. The Bitgo-linked wallet currently holds the entire reserve of 33,105 BTC shifted by the defunct exchange.
The distribution of funds has progressed significantly, with 67.7% of the process completed, according to recent data from CryptoQuant. Currently, more than $3.2 billion worth of Bitcoin has been distributed 17,000 creditors. However, despite this large-scale payout, the BTC price remained resilient.
The finalization of these Mt. Gox repayments is seen as a significant milestone. It marks the resolution of a long-standing issue in the crypto industry. In a report from late July, Glassnode referred to this event as the conclusion of a “major market overhang” that has persisted since the exchange’s collapse in 2013.
On July 5, Mt. Gox announced that it had initiated the repayment process to its creditors, distributing BTC and Bitcoin Cash (BCH) according to its rehabilitation plan. The payouts are being processed through several prominent crypto exchanges, including Kraken, Bitstamp, and Bitgo.
Reddit users have also confirmed the commencement of these payments, with one user noting that the “rehabilitation trustee” had transferred BTC and BCH to their account. However, despite official confirmation of repayments by the collapsed exchange’s Trustee, some creditors have been complaining.
Creditors on Kraken have flagged no BTC repayments received. Furthermore, Bitstamp users faced restrictions on BTC withdrawal due to verification steps, such as a video call with the support team. On the contrary, Bitgo’s initiation of test transactions marks a positive development. Nonetheless, some creditors on Bitgo complaining about a favorable approach toward institutional benificiaries.
In total, over $9.4 billion worth of Bitcoin is owed to creditors who have been waiting more than a decade to reclaim their assets from the now-defunct exchange. Netizens expect Mt. Gox repayments to be completed by the end of August.
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency custody specialist BitGo has made a strategic move in the rapidly evolving digital asset landscape by acquiring HeightZero, a software platform dedicated to providing wealth managers with tools to incorporate cryptocurrencies into their clients’ portfolios.
While the financial specifics of this acquisition have not been disclosed, the implications are clear for the growing institutional interest in the crypto market.
With the anticipated approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), BitGo’s CEO, Mike Belshe, has issued a clear call to wealth managers and regulated investment advisors (RIAs) to take action before the ETF is launched. Belshe emphasized the importance of acting swiftly in light of the impending surge in Bitcoin demand that the ETF is expected to trigger.
“RIAs should absolutely be calling up BitGo, getting HeightZero, getting qualified custody and doing it now, before the ETF,” Belshe said in a recent interview. “Because when the ETF hits, there’s going to be massive demand for bitcoin. Now, you can wait for the ETF, and then you can invest in that. But you’re going to miss out on a big growth.”
HeightZero has been instrumental in simplifying the integration of cryptocurrencies into traditional wealth management practices. The platform offers a range of services, including portfolio rebalancing, statement generation, tax loss harvesting, and automated billing tailored specifically for crypto clients.
This acquisition strengthens BitGo’s capabilities in facilitating secure long-term holdings for institutions entering the crypto market.
BitGo recently secured $100 million in funding and has been actively seeking strategic acquisitions. While some companies in the crypto industry have faced financial challenges, BitGo’s approach underscores a commitment to a forward-looking strategy. The acquisition of HeightZero aligns with BitGo’s aim to be a leader in providing comprehensive cryptocurrency solutions to institutions, especially as the crypto market continues to evolve and gain traction among mainstream investors.
This acquisition is a significant step for BitGo, marking a deliberate move towards servicing the wealth management sector as digital assets become an integral part of traditional investment portfolios.
Key takeaways
Crypto custodian BitGo and bitcoin financial services firm Swan have announced plans to launch a Bitcoin-only trust company.
According to the press release published on Thursday, the Bitcoin-only trust company will offer custody without exposure to other digital currencies. The trust, which will be launched following regulatory approval, will combine BitGo’s custody capabilities with Swan’s expertise in fraud prevention and onboarding.
The companies said it would be the first Bitcoin-only trust company in the United States. BitGo CEO Mike Belshe said,
“We believe the best model for the Bitcoin industry is the same battle-tested model that has been part of the US financial industry for over a century: the separation of exchange and custody. Our teams have worked closely together for nearly a year on stronger qualified custody models. Early in 2023, we recognized the opportunity to establish a Bitcoin-only custodian, combining the unique capabilities of each company and supporting the innovators that will be at the forefront of pushing Bitcoin adoption.”
This latest cryptocurrency news comes as BitGo continues to expand its presence in the cryptocurrency space despite the ongoing bear market. BitGo is one of the custodians Swan hired for its Bitcoin storage needs.
Cory Klippsten, Swan’s CEO, also commented that;
“We immediately saw the vision,” said Cory Klippsten, Swan’s CEO. “For years, we’ve heard from major clients, partners, and other Bitcoin companies that they would prefer a Bitcoin-only software and services stack that is focused strictly on the best custody that leverages Bitcoin’s unique features. It’s important to us to build a custodian without the risks of securing many altcoins within the same trust company as Bitcoin. We want to do our part to build a dedicated ecosystem for Bitcoin, separate from industry speculators, to allow for innovation in custodial offerings.”
This latest development comes a few days after South Korean Hana Bank and BitGo announced a partnership to launch a joint crypto custody venture. The joint venture will combine Hana Bank’s knowledge of financial services and compliance with BitGo’s crypto custodial solutions.
Despite challenging market conditions, BitGo secures massive funding as it successfully navigates through the uncertainties in crypto regulations.
On Wednesday, August 16, crypto custodian BitGo announced its plans to raise $100 million at a staggering valuation of $1.75 billion. The company said that it will use these funds for strategic acquisitions as well as to expand its secure and regulated wallet, custody, and other solutions.
BitGo has secured $100M Series C funding.
Trust is not given, it is earned. We believe in delivering it to our clients and the industry. Being a custodial and infrastructure leader is an undertaking, one we have consistently provided for over a decade.
This funding will allow… pic.twitter.com/TlPO7722Ha
— BitGo (@BitGo) August 16, 2023
From January 2023 onwards, BitGo has experienced a 60% surge in newly registered clients and a 20% growth in Assets Under Custody (AUC). Besides, it has also registered a remarkable 200% rise in fiat custody, and an extraordinary 40-fold expansion in staked assets. Notably, BitGo also handles custody services for FTX creditors’ funds under the leadership of John Ray III. Previously, it was serving as the distributor for Mt. Gox creditors as well.
Mike Belshe, the Chief Executive Officer, recognized that the current market is undoubtedly challenging. However, he pointed out that the company’s emphasis on obtaining licenses and adhering to regulations has distinguished it in the midst of a legal environment characterized by uncertainties regarding the classification of digital assets as securities. “Regulatory safety is a top concern for everyone at the moment,” Belshe stated. Speaking further on the matter, Belshe added:
“Not only are we seeing growing demand for regulated custody solutions in the US, but we’re also seeing the demand on a global scale. We are very pleased to announce our $100M Series C for the purpose of meeting this growing need and to provide institutions, brands, coin foundations, and others with secure and seamless participation in the digital asset ecosystem.”
The company, headquartered in Palo Alto, California, secured the funding exclusively from fresh investors, as stated by Belshe. While he refrained from revealing the participants in the round, he did mention that they hailed from both the US and Asia, and some were not from the cryptocurrency sector. Among BitGo’s earlier investors were Goldman Sachs Group Inc., DRW Holdings, and Galaxy Digital Ventures.
The startup’s current valuation significantly exceeds its value in 2021, a period during which Galaxy Digital Holdings intended to acquire the company for $1.2 billion. However, this deal was eventually abandoned.
BitGo’s previous fundraising was in 2017, during which it obtained a Series B funding of $42.5 million. This round was spearheaded by Valor Equity Partners and saw involvement from individuals like former PayPal COO David Sacks, former Remarq CEO Bill Lee, and the trading firm DRW. Notably, the list of earlier investors in the crypto custodian encompasses names like Goldman Sachs, Craft Ventures, and Pantera Capital.
Recently, crypto custodian BitGo decided to cancel the acquisition of Prime Trust, just after a few days of its preliminary agreement.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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