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Settles at $63K with Mt Gox, Rate Signals in Focus By Investing.com
Investing.com– The price of Bitcoin rose Monday, recouping some of its recent losses, though sentiment toward the token and the broader cryptocurrency market remained largely negative.
Markets have been on edge over a potential major liquidation event, with the now-defunct Mt Gox exchange set to begin distributing stolen tokens starting this week.
The wait for further signals on US interest rates, from the Federal Reserve and economic data, also kept sentiment in tension.
rose 4% over the past 24 hours to $63,259.0 by 00:57 ET (04:57 GMT). The token also received some support from dollar weakness, with the greenback shedding about 0.2% on Monday.
Mt Gox Bitcoin distribution is about to begin
Mt Gox liquidators have said they will begin distributing Bitcoin stolen in a 2014 hack from early July.
Traders have speculated that recipients of the stolen tokens will be widely inclined to sell them, given that Bitcoin has seen a huge increase in valuation over the past decade.
Such an event presents massive selling pressure on Bitcoin and could trigger substantial price losses. Due to this concept, the token recorded heavy losses at the end of June.
Cryptocurrency investment products have also seen two consecutive weeks of outflows due to fears of selling pressure on Bitcoin.
Cryptocurrency Price Today: Altcoins Rise on Rate Nervousness
Among the broader cryptocurrency markets, altcoin prices rose on Monday, recovering some measure of June’s steep 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 a spot Ether exchange-traded fund as early as this week.
and increased between 1.5% and 8%, although trading volumes in all three were small.
Meme tokens and rose more than 4% each.
But sentiment towards cryptocurrencies remained tense ahead of a series of further US interest rate signals this week.
Federal Reserve Chairman Jerome Powell will speak on Tuesday, with the Fed’s June meeting conclusions scheduled for Wednesday.
the data will be released on Friday and will provide further guidance on interest rates.
Traders have been seen increasing their bets that the Fed will do so, an idea that has also offered some support to cryptocurrencies.