Major Crypto Exchange Concerns Are Not Hurting Bitcoin’s $68,000 Hold

Bitcoin (BTC) is still holding close to $68K, despite the concerns over millions of dollars’ worth of bitcoin being transferred by the once-leading crypto exchange Mt. Gox.

That crypto exchange still owes its users millions of dollars since it went defunct back in 2014. Creditors have been waiting for their money to be returned to them, but the exchange said that it lost tons of money in a major hack. Now, the exchange has been making news once more as millions of dollars are being transferred out to a single wallet.

Concerns about who the money is being sent to and why the former customers are not being paid back first has not been enough to cause Bitcoin to drop in value. The token is at $67,795 (BTC/USD) today, with just a small drop of 0.0% from the day before.

Trade volume is down a bit at the moment, down 11% from the previous day, but still trading at $28 billion over the last 24 hours. Even though the Mt. Gox situation could result in major value changes for Bitcoin with its massive holdings, worries about where that money is going and what will happen to it have not trickled down to how Bitcoin is being traded.

What to Expect from Bitcoin This Week

There is still hope that Bitcoin will surge to $70K this week, as it did a few days ago. The token remains high and has not settled back down to its previous low support level around $65,000. That could mean we are seeing the development of a new and higher support level, closer to $66,500 or $67,000 for the token.

We anticipate some movement after we hear from FOMC members who are speaking this week. Their recent inflation comments have moved the market considerably and raised concerns over the state of the economy.

We may also see an effect from the US dollar’s changing value, as it has started to recover and demonstrate its strength in this economy.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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