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AnalysisCryptocurrencies

Bitcoin price today: flat at $61k amid Mt Gox, inflation jitters

FXStreetJun 28, 2024 7:50 AM

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Investing.com-- Bitcoin price moved little on Friday, nursing steep losses over the past month as anticipation of a major distribution by defunct exchange Mt Gox kept traders on edge over further price weakness.

Sentiment towards broader crypto markets was also on edge before a key U.S. inflation reading due on Friday, which is likely to factor into the outlook for interest rates.

Bitcoin rose 1.2% over the past 24 hours to $61,515.2 by 01:39 ET (05:39 GMT).

Mt Gox liquidation fears persist, Bitcoin heads for June loss

Distributions of tokens stolen from the Mt Gox exchange in 2014 remained the biggest point of concern for Bitcoin. Liquidators for the exchange said distributions will begin in early July, and will see stolen Bitcoin and Bitcoin Cash tokens being returned to clients.

Given that the tokens will be at a substantially higher value than when they were stolen, traders speculated that receivers were likely to sell their tokens, representing a massive sale event for Bitcoin, which could potentially bring down prices substantially.

This notion weighed heavily on Bitcoin prices through the week, and put the world’s largest crypto on course for a nearly 9% tumble in June.

Crypto price today: Ether sees some bids from ETF hopes

Broader crypto prices drifted higher, but were still nursing losses through June.

World no. 2 token Ether rose about 1%, buoyed by reports that the Securities and Exchange Commission could approve a spot Ether exchange-traded fund by as soon as next week.

But the token was also trading down nearly 9% in June.

SOL, XRP and ADA rose between 1.4% and 6%, and were also nursing losses through June. Trading volumes in the altcoins were also limited.

Among meme tokens, DOGE and SHIB rose over 2% each on Friday.

Strength in the dollar, which hit a two-month high, pressured crypto prices, as traders pivoted into the greenback ahead of PCE price index data due later on Friday.

The reading is the Federal Reserve’s preferred inflation gauge, and is likely to tie into the outlook for interest rates.

The prospect of high for longer interest rates was a key weight on crypto prices through June, given that the sector usually thrives in a low-rate, highly speculative environment.

Reviewed byTony

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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