Bitcoin Settles Above $29k After Crashing On Mt. Gox Rumors

Twitter icon  •  Published il y a 11 mois  •  Hassan Maishera

Bitcoin has steadied above the $29k level once again after declining below $28k on Wednesday on Mt. Gox and US Government rumors.

TL;DR

  • Bitcoin is trading above the $29k level once again after dropping below $28k on Wednesday.

  • The poor performance came after rumors that Mt. Gox is set to dump more bitcoins into the market.

Bitcoin Steadies Above $29k

Bitcoin, the world’s leading cryptocurrency by market cap, is trading above the $29k level once again. The positive performance came after Bitcoin erased some of its gains and dipped below $28k on Wednesday.

The leading cryptocurrency dropped below $28k on Wednesday following rumors that the now-defunct Mt. Gox exchange is set to dump more bitcoins into the market. Market intelligence platform Arkham also claimed that the United States government was making wallet transactions with the bitcoins in their possessions.

With both the US government and Mt. Gox still in possession of millions of dollars worth of bitcoins, the sale rumor sparked fear amongst investors in the market. However, Arkham deleted the update, citing bugs for the mistake.

Bitcoin began to surge in price following that development. The world’s leading cryptocurrency is now trading above the $29k level once again, up by more than 2% in the last 24 hours.

Ether, the second-largest cryptocurrency by market cap, continues to trade below $1,900, adding more than 1% to its value in the last few hours. Overall, the market is starting to recover following the poor performance earlier this week.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.