Bitcoin Price Faces Pressure as Mt. Gox Begins $9.4B Repayment. Bitcoin (BTC), the world’s leading cryptocurrency has come under intense scrutiny as Mt.Gox commences a $9.4 billion repayment to investors. According to reports, 137,890 BTC coins were moved out of wallets belonging to Mt.Gox to creditors.The movement of the large amount of BTC raises concerns about a potential sell-off that could drive down the price of Bitcoin. As a reminder, Mt.Gox was one of the largest Bitcoin exchanges before it was hacked in 2014. Following reports from Crypto News Flash, the exchange processed 70% of all Bitcoin transactions worldwide at the time. Following the hack, it reported 840,000 BTC in stolen funds.

Salvadoran Government Introduces Bitcoin Banking Law Reform. Bitcoin adoption is set to experience a new boom in El Salvador. The Salvadoran government has introduced an initiative to reform the current banking law by introducing a new kind of bank that can lend bitcoin and crypto services.The banking bill reform was presented to the Technology, Tourism, and Investment Commission of the National Assembly on June 13 including 14 new articles that define Private Investment Banks (PIB) as “an essential instrument at the international level that promotes economic development and facilitates the channeling of financial resources towards business and government projects.”

A board member of the Bitcoin Voter Project described the group as nonpartisan and planned to take a different approach than initiatives like Stand With Crypto.Three executives representing some of the largest cryptocurrency mining companies in the United States have helped launch a nonprofit organization to educate voters on Bitcoin. Jayson Browder, the senior vice president of government affairs at mining firm Marathon Digital Holdings, told Cointelegraph that he and two executives from Riot Platforms and CleanSpark formed the board members of the Bitcoin Voter Project. Browder said the group was registered as a 501(c)(4) in the United States.In contrast to a political action committee (PAC), organizations registered under a 501(c)(4) cannot primarily support one candidate or political party. The launch of the voting project came less than 24 hours after different representatives from Marathon, CleanSpark, TeraWulf and Riot met with former U.S.

Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of JuneIn the first full trading week of June, U.S. Bitcoin ETFs acquired almost as much Bitcoin as they did in the entire month of May. Spot Bitcoin exchange-traded funds (ETFs) in the United States acquired the equivalent of around two months’ worth of the cryptocurrency’s mining supply in the first week of June. With inflows of approximately $1.83 billion, the 11 ETFs bought 25,729 Bitcoin BTCtickers down$69,331 in the trading week between June 3 and 7 — around eight times more than the 3,150 new BTC mined over the same time, according to data from HODL15Capital.The amount of Bitcoin acquired in the week alone was almost as much as the entire of May, 29,592 BTC, per HODL15Capital’s count, and is the biggest week of buying since mid-March when Bitcoin hit its current all-time high of $73,679.