Markets
Crypto market recovers despite Mt. drama Gox; Bitcoin remains above the US$68,000 mark
After initially falling to the $67,200 level following news of Mount Gox transferring Bitcointhe biggest in the world cryptocurrency in value, it recovered and rose almost 1% to reach $68,852 in Wednesday trading.
At 12:18 p.m., BTC was trading 0.7% higher at $68,446, while Ethereum experienced a slight decline of over 0.1% to $3,856.
BTC quickly recovered from falling below the $67,500 mark, maintaining its consolidation around $68,000. Selling pressure on BTC appears to be linked to the transfer of approximately 140,000 BTC worth over $9 billion from the now-defunct Mt. Gox exchange to an unknown address. Mt. Gox, the largest Bitcoin exchange in 2014, is expected to return Bitcoin holdings to its creditors by October 31, 2024. Investorswho acquired these bitcoins for around US$700, will have to sell some holdings upon receiving them, according to CoinSwitch Markets Desk.
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Edul Patel, CEO of Mudrex, commented: “Bitcoin consolidates at the $68,000 level following the $9 billion transfer from Mt. Gox yesterday. However, there is a key bullish trendline at support at $67,600. If there is a new rise, the next resistance would be at $68,800 and then $69,550.” He added: “If Bitcoin fails to rise above, the next support will be at $67,600 and then $67,500.” Read too: Long-term investment in Bitcoin remains promising despite market volatility, says Kumar Gaurav of CashaaSeveral major crypto tokens, including BNB, Solana, XRP, Dogecoin, Toncoin, Polkadot, and Chainlink, rose as much as 4%. Notably, Shiba Inu rose 15.5% and surpassed Cardano (ADA) by Marketplace capitalization. Additionally, Shivam Thakral, CEO of Buy Ucoin, noted: “The market is expected to remain volatile in the coming weeks due to uncertain macroeconomic conditions.” , marking a drop of 1.96%. Stablecoins accounted for $83.13 billion of the crypto market’s total 24-hour volume, representing 93.39% of the total, according to CoinMarketCap.
In the last 24 hours, the market value of Bitcoin, the world’s largest cryptocurrency, rose to US$1.348 trillion. Bitcoin’s dominance currently stands at 52.29%, according to CoinMarketCap. BTC volume in the last 24 hours fell 2.65% to $28.79 billion.
(Disclaimer: Views expressed by experts are their own and do not necessarily reflect those of The Economic Times)