Bitcoin
Stabilizes at $63K as Mt Gox, Rate Signals in Focus By Investing.com
Investing.com– The price of Bitcoin rose on Monday, recovering some of recent losses, although sentiment towards the token and cryptocurrency markets in general remained largely negative.
Markets were nervous about a possible major liquidation event, with defunct exchange Mt Gox set to start distributing stolen tokens from this week.
The anticipation of further signals on US interest rates from the Federal Reserve and economic data also kept sentiment on edge.
rose 4% in the last 24 hours to $63,259.0 at 00:57 ET (04:57 GMT). The token also received some support from dollar weakness, with the dollar losing around 0.2% on Monday.
Mt Gox Bitcoin Distribution Ready to Start
Mt Gox liquidators have said they will begin distributing Bitcoin stolen during a 2014 hack starting in early July.
Traders have speculated that recipients of the stolen tokens will be largely inclined to sell, given that Bitcoin has seen a huge increase in valuation over the past decade.
Such an event represents a huge selling pressure on Bitcoin and could trigger substantial price losses. The token suffered sharp losses in late June based on this idea.
Crypto investment products have also seen two consecutive weeks of outflows amid fears of selling pressure on Bitcoin.
Crypto Price Today: Altcoins Rise as Rate Jitters in Play
Among broader cryptocurrency markets, altcoin prices rose on Monday, recovering some of June’s sharp losses.
The world’s No. 2 token jumped 3.7% to $3,490.79, also supported by speculation that the Securities and Exchange Commission will approve an Ether exchange-traded fund later this week.
and increased between 1.5% and 8%, although trading volumes in all three were reduced.
Meme tokens and rose more than 4% each.
But sentiment towards crypto still remained tense ahead of a series of other US interest rate tips this week.
Federal Reserve Chairman Jerome Powell is scheduled to speak on Tuesday, while the Fed’s June meetings are scheduled for Wednesday.
the data will be released on Friday and should also provide more insight into interest rates.
Traders were seen increasing their bets that the Fed will do so – a notion that also offered some support to crypto.