Investing.com– Bitcoin was little changed on Friday, having fallen sharply over the past month, as anticipation of a vast distribution from the closed Mt. Gox exchange left investors jittery about further price weakness.
Sentiment towards broader cryptocurrency markets was also keen ahead of a key US inflation reading on Friday, which is likely to impact the interest rate outlook.
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 towards June losses
The distribution of tokens stolen from the Mt Gox exchange in 2014 remained the biggest cause for concern for Bitcoin. The exchange’s liquidators said the distribution would begin in early July and that the stolen Bitcoins and tokens would be returned to customers.
Given that the tokens will be worth much more than they did when stolen, traders have speculated that the recipients are likely to sell their tokens, constituting a mass sell-off of Bitcoin that could potentially drive prices down significantly.
This sentiment weighed heavily on Bitcoin prices during the week and caused the world’s largest cryptocurrency to fall by almost 9% in June.
Cryptocurrency Price Today: Ether Sees Some Offers From ETFs
Cryptocurrency prices rose overall but continued to record losses through June.
World no. 2 rose about 1% on reports that the Securities and Exchange Commission may approve an Ether-traded fund as early as next week.
However, in June, the token price also dropped by almost 9%.
and increased by 1.4% to 6% and also recorded losses until June. Altcoin trading volumes were also circumscribed.
Among meme tokens, the value of each increased by more than 2% on Friday.
The strength of the dollar, which hit a two-month high, put pressure on cryptocurrency prices as investors swung towards the greenback ahead of data due later on Friday.
This reading is the Federal Reserve’s preferred inflation gauge and will likely be related to the interest rate outlook.
The prospect of high interest rates on longer-term interest rates was a key influence on cryptocurrency prices in June, given that the sector typically thrives in a low-interest-rate and highly speculative environment.
