Markets
Bitcoin, Dogecoin and Ethereum Overcome Fears of Billion-Dollar Mt Gox Transfers: King Crypto Consolidation Likely Between $60K and $70K, Says Analyst
The cryptocurrency market fell on Tuesday with Mount Gox Bitcoin transfers worth billions of dollars kept investors largely averse.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: Bitcoin) | -1.34% | US$68,346.62 |
| Ethereum (CRYPTO: ETH) | -0.98% | US$3,844.84 |
| Dogecoin (CRYPTO: DOGE) | -1.69% | $0.1652 |
What happened: The world’s largest digital asset, Bitcoin, fell below $68,000 during U.S. trading hours before recovering to the $68,000 zone late Tuesday EDT.
The hype around Ethereum Spot ETFs also failed as the second-largest cryptocurrency fell below $3,900.
On Monday, the now-defunct exchange Mt.Gox transferred Bitcoin worth billions to different portfolios for the first time in nearly five years, raising concerns of a sell-off. However, an official statement from the exchange denied the immediate sale of the coins.
The market crash resulted in the liquidation of positions worth $152 million in the last 24 hours, with long liquidations representing 71% of the total. Ethereum led with $38.55 million in liquidations.
Interestingly, Bitcoin open interest has risen by 0.19% in the last 24 hours. An increase in open interest coupled with a price decrease typically indicates that new short positions have been opened, a sign of bearish sentiment.
This was supported by an increase in the number of short positions taken for the asset relative to long positions in the last few hours.
Biggest earner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Celestia (AUNT) | +15.09% | $11.59 |
| Chilez (CHZ) | +11.44% | $0.1519 |
| dog with hat (WIF) | +11% | $3.75 |
The global cryptocurrency market value is $2.57 trillion, after a 1.01% drop in the last 24 hours.
Stocks were a mixed bag on Tuesday. The technology heavy Nasdaq Composite was catalyzed by a jump in shares of Nvidia Corp.. (NASDAQ:NVDA), ending 0.59% higher at 17,019.88, breaking the 17,000 level for the first time.
O Dow Jones Industrial Average fell 0.55% to end at 38,852.86, while the S&P 500 gained 0.02% to close at 5,306.04.
In an interview with CNBC, the president of the Federal Reserve Bank of Minneapolis Neel Kashkari said it would take “many more months” of positive inflation data to justify a rate cut. He even predicted the possibility of the Fed raising rates again
This week, investors will pay special attention to the personal income and expense report, which will be released on Friday.
View more: Best Cryptocurrency Scanners
.Analyst Notes: Well-known cryptocurrency analyst Rekt Capital observed the formation of a new local top as a result of the recent rally.
“Ultimately, history suggests that Bitcoin will likely continue to consolidate between ~$60,000 and ~$70,000,” the analyst noted.
On-chain analytics company Sanction observed a large change in Bitcoin supply level shares due to recent Mt.Gox transfers.
However, taking an optimistic approach, the company added that the development will not have a “major” impact on prices.
Photo by SvetlanaParnikova on Shutterstock
Read next: Dogecoin could reach $0.322 if it breaks this key resistance level, analysts note
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