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

After initially falling to the $67,200 level following the news of mount gox transferring bitcoinThe biggest in the world cryptocurrency by value, it recovered and rose almost 1% to reach $68,852 in trading on Wednesday.

At 12:18 p.m., BTC was trading 0.7% higher at $68,446, while Ethereum saw a slight drop of more than 0.1% to $3,856.

BTC quickly recovered from falling below the $67,500 mark, maintaining its consolidation around $68,000. The selling pressure on BTC appears to be related 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 $700, will sell some holdings upon receipt, according to CoinSwitch Markets Desk.

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 uptrend line at the $67,600 support. 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.”Also read: Long-term investment in Bitcoin remains promising despite market volatility, says Cashaa's Kumar GauravSeveral major crypto tokens, including BNB, Solana, XRP, Dogecoin, Toncoin, Polkadot, and Chainlink, rose as much as 4%. Notably, Shiba Inu increased by 15.5% and surpassed Cardano (ADA) in market capitalization. Additionally, 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 capitalization increased by 1.43% to approximately $2.58 trillion in the last 24 hours, while the total cryptocurrency market volume reached $89 billion. , marking a decrease of 1.96%. Stablecoins accounted for $83.13 billion of the total cryptocurrency market volume in 24 hours, representing 93.39% of the total, according to CoinMarketCap.

In the last 24 hours, the market capitalization of Bitcoin, the world's largest cryptocurrency, rose to $1.348 trillion. Bitcoin dominance currently stands at 52.29%, according to CoinMarketCap. BTC volume in the last 24 hours fell 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)