Today, European Union regulators are reportedly scrutinizing the crypto exchange OKX in relation to the alleged laundering of $100 million from the Bybit hack. The European Securities and Markets Authority’s Digital Finance Standing Committee reportedly discussed the potential involvement of OKX’s decentralized finance platform and wallet service during a meeting on March 6. OKX, which recently secured a full Markets in Crypto-Assets (MiCA) license to operate across the EU, has denied any involvement in the alleged activities and refuted claims of ongoing investigations by the EU.
Meanwhile, the cryptocurrency market faces pressures that could precipitate a continued decline in Ether’s value. Analysts warn that Ether might experience a correction to $1,800 due to ongoing macroeconomic concerns and significant outflows from US-based Ether exchange-traded funds (ETFs). Ether has experienced a substantial drop since mid-December 2024, which many attribute to global uncertainties, including those surrounding US import tariffs and reduced activity on the Ethereum network. Despite market challenges, analysts highlight $1,800 as a critical level for Ether.
Additionally, Mt. Gox has resurfaced in the cryptocurrency sphere with its second major Bitcoin transfer in a week, moving 11,833 Bitcoin valued at $926.2 million. This comes amidst a wider market downturn as Bitcoin’s value hit a four-month low, leading to investor concerns. Past significant transactions by the defunct exchange have often signaled forthcoming creditor payouts.
As these developments unfold, Bitcoin continues to face potential depreciation towards $70,000, as both cryptocurrencies and global financial markets contend with a “macro correction,” despite remaining in a broader bull market cycle. Among escalating market jitters, JPMorgan has raised its US recession risk forecast to 40% for this year.
