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

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. , who acquired these bitcoins at around $700, are anticipated to sell some holdings upon receiving them, according to .

Edul Patel, CEO of , 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."

Also Read:

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

Also, Shivam Thakral, CEO of , 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 .

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)

Source: Forex-Markets-Economic Times