Bitcoin
Steady at $62K amid Mt Gox fears, rate jitters By Investing.com
Investing.com– Bitcoin’s price moved little on Tuesday as anticipation of token distributions from now-defunct exchange Mt Gox, along with closely watched interest rate cues, kept cryptocurrency markets on edge.
Fund flow data showed digital assets marked a third consecutive week of outflows, although sentiment appeared to be improving following large outflows in June.
fell 0.4% over the past 24 hours to $63,039.3 as of 01:19 ET (05:19 GMT). The world’s largest cryptocurrency had been suffering steep losses through June and remained within a $60,000 to $70,000 trading range seen for most of the second quarter.
Bitcoin Price Drops Amid Mt Gox Sell-Off Fears
Sentiment toward Bitcoin has shown limited signs of improvement, especially as Mt Gox managers said they will begin distributing Bitcoin stolen during a 2014 hack in early July, returning the tokens to the exchange’s customers.
Mt Gox was seen mobilizing around $9 billion worth of Bitcoin earlier this year, though it remains unclear how much the distributions will involve. But traders have speculated that Bitcoin recipients will be more inclined to sell, given that the token has grown exponentially over the past decade.
Such a scenario represents excessive selling pressure on Bitcoin, which is likely to put downward pressure on prices.
Cryptocurrency outflows slowed last week
Data from digital asset manager Coinshares showed on Monday that capital outflows from cryptocurrency investment products slowed sharply in the week ending July 1.
But trading volumes remained well below 50% of the weekly average so far this year, as retail interest in cryptocurrencies once again appeared to be cooling.
Ether-linked products saw the biggest outflows this week, despite reports suggesting the Securities and Exchange Commission could approve a spot Ether ETF as early as this week.
Cryptocurrency Price Today: Altcoins Muted Amid Fee Fears
Among broader cryptocurrency tokens, altcoin prices remained steady as traders remained averse to cryptocurrencies ahead of key signals on US interest rates.
fell 0.9%, while and rose slightly.
Among meme tokens, it fell by 2.2%, while it lost 1.3%.
The market’s focus was squarely on a speech delivered later on Tuesday.
Additionally, headline data is due to be released on Wednesday, while core data is due to be released on Friday.
Cryptocurrencies received limited support amid growing expectations of a Fed interest rate cut in September, as investors remained largely biased towards the dollar.