Bitcoin price today: steady at $68k amid rate fears, MT Gox risk eases

Bitcoin’s price edged up slightly on Wednesday but remained confined within a recent trading range as caution over U.S. inflation and interest rates kept traders wary of risk-driven assets like cryptocurrencies.

However, the world’s largest cryptocurrency saw some relief after media reports suggested that crypto exchange Mt. Gox clarified it had no immediate plans to sell its substantial Bitcoin holdings, though it was preparing a plan to repay creditors.

Bitcoin rose 1.5% over the past 24 hours to $68,826.3 by 01:00 ET (05:00 GMT). The token stayed within the $60,000 to $70,000 range observed over the past two months.

Mt. Gox Mobilizes Bitcoin Holdings, No Immediate Sales Bitcoin was initially unsettled by bankrupt crypto exchange Mt. Gox moving about $9 billion worth of the token this week, leading to speculation that the exchange might sell the token to repay its creditors and account holders.

However, later reports indicated that the exchange had no plans to immediately sell any tokens, although it was still preparing to fulfill its obligations.

Former Mt. Gox CEO Mark Karpeles mentioned that the Bitcoins being moved were likely trustees preparing the tokens for eventual distribution, with no imminent sale planned.

Mt. Gox has been a significant concern for Bitcoin traders, as the now-defunct exchange holds a large pool of tokens that could be liquidated to repay creditors. Such a liquidation could create substantial selling pressure on Bitcoin.

Crypto Price Today: Altcoins Rise, Rate Fears Limit Gains Most major altcoins saw slight increases on Wednesday, with Ether, the second-largest token, up 0.8% at $3,864.29. Ether remained close to two-month highs, retaining most of its recent gains after the Securities and Exchange Commission made some progress towards approving an exchange-traded fund that directly tracks the token.

Similar spot products also began trading in UK markets.

Other altcoins inched higher, though gains were limited due to ongoing concerns about prolonged high interest rates and persistent inflation.

XRP rose 0.8%, SOL added 3.6%, while meme tokens saw notable gains: SHIB surged nearly 17%, and DOGE increased by 2.6%.

The focus this week is on the PCE price index data, the Federal Reserve’s preferred inflation gauge, due on Friday. This reading is likely to influence the central bank’s plans for interest rates.

This data follows warnings from several Fed officials that rates will remain high for longer, a scenario that poses challenges for the crypto market.