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 now-defunct exchange Mt Gox set to begin distributing stolen tokens from this week.
Expectations of more information on US interest rates from the Federal Reserve and economic data also kept sentiment tense.
rose 4% in the past 24 hours to $63,259.0 as of 00:57 ET (04:57 GMT). The token also received some support from dollar weakness, with the greenback losing around 0.2% on Monday.
Mt Gox Bitcoin Giveaway 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 massive increase in valuation over the past decade.
Such an event represents enormous selling pressure on Bitcoin and could trigger substantial price losses. The token suffered steep 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 the broader cryptocurrency markets, altcoin prices rose on Monday, recovering some of June’s steep losses.
The world’s No. 2 token jumped 3.7% to $3,490.79, also receiving support from speculation that the Securities and Exchange Commission will approve a spot Ether exchange-traded fund later this week.
and rose between 1.5% and 8%, although trading volumes on all three were thin.
Meme tokens increased by more than 4% each.
But sentiment towards crypto still remained tense ahead of a series of other hints on US interest rates this week.
Federal Reserve Chairman Jerome Powell is expected to speak on Tuesday, while the Fed’s June meeting is 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.