Ethereum
hovers around $60,000 amid Mt Gox fears; Ether ETF hype fades By Investing.com
Investing.com–Bitcoin’s price fell Thursday, with little relief after a major rout over the past week, as fears of a selloff stemming from the defunct Mt. Gox exchange kept traders opposed to the token .
Markets received little support from a Reuters report that the Securities and Exchange Commission could approve exchange-traded funds tied to the spot price of Ether as soon as next week.
Broader sentiment towards crypto was also dampened by fears of an upcoming US inflation number, which is likely to be factored into the interest rate outlook. This notion also kept traders heavily weighted towards the dollar.
fell 1.1% in the past 24 hours to $60,918.7 as of 1:28 a.m. ET (05:28 GMT).
Bitcoin price hit by Mt Gox nervousness and a strong dollar
Liquidators of defunct crypto exchange Mt Gox have said they plan to begin trading crypto assets stolen in a 2014 hack as early as early July. Distributions will primarily consist of large amounts of Bitcoin and .
But given that Bitcoin returned to customers will be worth significantly more than when it was stolen, traders expect that recipients of the assets will be more likely to liquidate their holdings, putting selling pressure on massive on Bitcoin.
Mt Gox liquidators were seen mobilizing around $9 billion worth of Bitcoin earlier this year. But their token holdings are much larger.
Beyond the Mt Gox sales, anticipation of data from the PCE Price Index, which is the Federal Reserve’s preferred inflation indicator, has also kept investors on their toes.
The strength of US interest rates – amid ongoing fears of high long-term US interest rates – has weighed heavily on cryptocurrency prices in recent sessions.
Crypto price today: Ether less than enthusiastic about ETF report
Among broader cryptocurrency prices, altcoins also fell as traders remained biased toward the dollar.
The world’s No. 2 token fell 0.4% to $3,374.23, receiving weak support from a Reuters report that the SEC could approve a spot Ether ETF as early as next week.
Optimism regarding a spot Ether ETF saw the token rebound strongly through May. But much of those gains were found to have been given up over the past two weeks as traders questioned how much a spot ETF could boost prices.
The approval of a spot Bitcoin ETF earlier this year saw the token briefly rebound to record highs. But Bitcoin has since remained in a tight trading range and struggled to deliver meaningful returns in the short term.
Hype around spot Bitcoin ETFs has also waned in recent weeks, as crypto investment products saw two weeks of significant outflows.
Other altcoins also declined on Thursday, falling between 0.5% and 2.7%.
Among meme tokens, they fell 3.4% and lost 3.2%.