Bitcoin Struggles For $20,000 As Mt.Gox BTC Dump Fades Into Cloud
After a weekend slump to approximately $19,600, Bitcoin rallied back above $20,000 on Monday.
a falling off in the market’s stock prices
The situation on Wall Street, with US equities also grappling with sell-off pressure since Powell’s hawkish statements on Friday, does add to the general pessimism, but it does not change the overall outlook.
Following a loss of more than 3.3% on Friday, the S&P 500 began lower on Monday and is currently 0.6% below its previous closing price. As the benchmark yield on the 10-year US Treasury note creeps above 3%, both the Dow Jones Industrial Average and the Nasdaq Composite are currently trading in the negative.
Mt. Gox dump is “not happening,” according to recent reports.
In addition to the widespread sell-off across risk-on markets on the back of US Federal Reserve Jerome Powell’s Jackson Hole blow, the Bitcoin market saw some negative movement on anxiety and uncertainty due to the Mt.Gox news.
Fear of what a nearly 140,000 BTC dump might do to pricing has gripped the cryptocurrency retail market as the month of August draws to a conclusion. The anticipation of payouts for creditors of the collapsed Bitcoin exchange has been building as the month moves closer to its end. The Rehabilitation Plan, which was launched the previous month, would not, however, be delivered in one single payment. Instead, it will be staggered throughout a number of different months beginning in this week.
Michael van de Poppe, an analyst for cryptocurrencies, stated in a tweet that investors should not be alarmed by the dividend, adding that Bitcoin was trading at approximately $20,245 at the time of writing. Over the course of the previous 24 hours, it has increased by approximately 1.2%.
However, while bulls are fighting to preserve the psychological support region, weakening across risky assets could potentially push the cryptocurrency towards intraday lows and possibly a retest of the $19,000 zone.
This article, “Bitcoin Struggles to Break $20,000 as Mt. Gox BTC Dump Cloud Fades,” was originally published here on CoinJournal.com.