Crypto market rebounds despite Mt. Gox drama; Bitcoin holds above $68k mark - The Economic Times

After initially dropping to the $67,200 level following news of Mt. Gox transferring Bitcoin, the world’s largest cryptocurrency by value, rebounded and surged nearly 1% to reach $68,852 in Wednesday’s trade.By 12:18 pm, BTC was trading 0.7% higher at $68,446, while Ethereum experienced a slight decline of over 0.1% to $3,856.

BTC swiftly recovered from dipping below the $67,500 mark, maintaining its consolidation around $68,000. The selling pressure on BTC appears linked to the transfer of approximately 140k BTC worth more than $9 billion from the now-defunct Mt. Gox exchange to an unknown address. Mt. Gox, the biggest Bitcoin exchange back in 2014, is expected to return Bitcoin holdings to its creditors by October 31, 2024. Investors, who acquired these bitcoins at around $700, are anticipated to sell some holdings upon receiving them, according to CoinSwitch Markets Desk.

Edul Patel, CEO of Mudrex, commented, “Bitcoin consolidates at the $68,000 level following the $9B Mt. Gox transfer yesterday. However, there is a key bullish trend line on the support at $67,600. If there is a fresh increase, the next resistance would be at $68,800 and then $69,550.” He added, “If Bitcoin fails to climb above, the next support is at $67,600 and then $67,500.”

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Several major crypto tokens, including BNB, Solana, XRP, Dogecoin, Toncoin, Polkadot, and Chainlink, surged up to 4%. Notably, Shiba Inu surged by 15.5% and surpassed Cardano (ADA) in market capitalization.

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Also, Shivam Thakral, CEO of BuyUcoin, noted, “The market is expected to remain volatile in the coming weeks due to uncertain macroeconomic conditions.”

The global cryptocurrency market cap increased by 1.43% to approximately $2.58 trillion in the last 24 hours, while the total crypto market volume reached $89 billion, marking a 1.96% decrease. Stablecoins accounted for $83.13 billion of the total crypto market 24-hour volume, representing 93.39% of the total, according to CoinMarketCap.

Over the past 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.348 trillion. Bitcoin’s dominance currently stands at 52.29%, according to CoinMarketCap. BTC volume in the last 24 hours fell by 2.65% to $28.79 billion.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

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