Bitcoin
Steady at $61K amid Mt. Gox, inflation jitters By Investing.com
Investing.com — The price of Bitcoin showed little movement on Friday, posting sharp losses last month as expectations of a large distribution by defunct exchange Mt Gox kept investors nervous about the possibility of further price weakness.
Sentiment towards broader cryptocurrency markets was also tense ahead of a key US inflation reading due on Friday, which is likely to influence the outlook for interest rates.
rose 1.2% in the last 24 hours to $61,515.2 at 01:39 ET (05:39 GMT).
Mt Gox Liquidation Fears Persist, Bitcoin Heads for Losses in June
Distributions of tokens stolen from the Mt Gox exchange in 2014 have continued to be a major point of concern for Bitcoin. Liquidators at the exchange have said that distributions will begin in early July, and will see stolen Bitcoin and tokens returned to customers.
Given that the tokens will have a substantially higher value than when they were stolen, traders speculated that the recipients would likely sell their tokens, representing a massive sell-off event for Bitcoin, which could substantially reduce prices.
This notion weighed heavily on Bitcoin prices throughout the week and put the world’s largest cryptocurrency on track for a nearly 9% drop in June.
Cryptocurrency Price Today: Ether Sees Some ETF Offerings Hopeful
Broader cryptocurrency prices rose but still suffered losses in June.
World No. 2 rose about 1%, boosted by reports that the Securities and Exchange Commission could approve a spot Ether exchange-traded fund as early as next week.
But the token also fell nearly 9% in June.
, and rose between 1.4% and 6%, and there were also nursing losses until June. Altcoin trading volumes have also been limited.
Among meme tokens, they were up more than 2% each on Friday.
The strength of the dollar, which reached a two-month high, put pressure on cryptocurrency prices, with investors turning to the dollar ahead of data released later this Friday.
The reading is the Federal Reserve’s preferred inflation gauge and is likely to be linked to the outlook for interest rates.
The prospect of higher interest rates for longer was a major drag on cryptocurrency prices through June, as the sector typically thrives in a low-rate and highly speculative environment.