Ethereum
Ether Steady at $57,000 on Mt. Gox Fears, Ether Rises on ETF Hopes
Investing.com – Bitcoin prices edged higher from recent losses on Tuesday, though sentiment remained tight over a potential surge in the token’s supply, while Ether rose sharply on speculation that a cash exchange-traded fund was near.
The world’s largest cryptocurrency has suffered heavy losses over the past two weeks, after hitting its lowest level in more than four months last week amid concerns over token distributions by defunct crypto exchange Mt Gox. But the token’s losses appear to have paused, at least for now.
rose 0.4% over the past 24 hours to $57,386.4 as of 08:32 a.m. ET (12:32 p.m. GMT). The world’s No. 2 token overtook Bitcoin, rising 0.7% to $3,074.46
Bitcoin Suffers Heavy Losses on Mt Gox Fears
Bitcoin fell as low as $53,000 last week after Mt. Gox administrators said they had begun distributing tokens stolen in a 2014 hack, though they did not specify the total value of the distribution.
But the news saw traders abandon Bitcoin even more over fears that recipients of the token would also be inclined to sell, given the sharp rise in Bitcoin’s price over the past 10 years.
Several major Bitcoin “whale” wallets were seen dumping the token, while sales of Bitcoin confiscated by the German government on a hacking website also added to the selling pressure.
Nonetheless, Bitcoin now appears to have stabilized as recent data showing strong inflows into cryptocurrency investment products has helped improve sentiment.
Cryptoassets see weekly inflows on bargain hunting
Data from digital asset manager Coinshares showed Monday that cryptocurrency investment products saw inflows totaling $441 million in the week through July 8, attributing the trend to bargain hunting as fears of a token slump sent cryptocurrency prices tumbling.
Bitcoin continued to control the bulk of inflows, but other major altcoins also saw inflows. Ether products saw around $10 million in inflows.
Cryptocurrency Prices Today: Altcoins Mixed, Ether ETF Speculation Grows
Broader cryptocurrency prices saw mixed performance on Tuesday, despite a rebound in Bitcoin and Ether.
The Securities and Exchange Commission is widely expected to approve Form S-1 filings from several major issuers for spot ETF listings later in July, with the reduction of a price discount on Coinbase (NASDAQ:) to Binance reflecting some improved confidence in the token.
But Ether, like the entire cryptocurrency sector, has faced a decline in retail interest this year. The low trading volumes on spot Bitcoin ETFs also reflect this trend.
Meanwhile, shares fell 1.5% and 1.2% respectively, while rising 0.4%, as exchange operator CBOE filed for approval to list Solana spot ETFs.
Among meme tokens, they fell by 0.9% and 1.4% respectively.
German government continues bitcoin sales
Following a series of bitcoin transfers on Monday, the German government transferred an additional $339.2 million worth of bitcoin to addresses linked to centralized crypto exchanges and market makers as of Tuesday.
According to data from on-chain analytics platform Arkham, the German government sent 800 bitcoins ($45.9 million) to cryptocurrency exchange Kraken, 5,000 bitcoins ($287.1 million) to an address associated with market maker B2C2 Group, and nearly 107 bitcoins ($6.2 million) to market maker Cumberland DRW. Another 400 bitcoins ($23 million) were sent to an untagged address.
Additionally, the government received 1,692 bitcoins ($96.9 million) from crypto exchange Bitstamp on Tuesday.
The moves follow the German government’s seizure of 50,000 bitcoins from movie piracy site Movie2k in January and the subsequent transfer of bitcoins to exchanges that began last month.
On Monday, government addresses transferred more than 15,000 bitcoins ($866 million) to addresses identified by Arkham as belonging to market makers and exchanges. Later in the day, 3,623 bitcoins ($203.7 million) were transferred to the German government by Bitstamp, Coinbase, and Kraken.