Investing.com – Bitcoin’s price rose on Monday, recouping some of its recent losses, although sentiment toward the token market and broader cryptocurrency markets remained largely negative.
Markets were tense over a potential immense liquidation event as the now-defunct Mt Gox exchange was set to begin distributing stolen tokens from this week.
Waiting for further guidance on U.S. interest rates from the Federal Reserve and economic data also caused anxiety.
rose 4% in the last 24 hours to $63,259.0 at 00:57 ET (04:57 GMT). The token also received some support from dollar weakness, with the dollar losing around 0.2% on Monday.
Mt Gox bitcoin distribution begins
Mt Gox liquidators said they will begin distributing Bitcoins stolen in the 2014 hack in early July.
Traders have speculated that recipients of the stolen tokens would be inclined to sell, given that Bitcoin has skyrocketed in value over the past decade.
Such an event creates huge selling pressure on Bitcoin and can trigger significant price losses. In slow June, the token saw immense losses due to this notion.
Cryptocurrency investment products also saw two straight weeks of outflows on fears of selling pressure on Bitcoin.
Cryptocurrency Price Today: Altcoins Rise Amid Worrying Interest Rate Swings
In the broader cryptocurrency markets, altcoin prices rose on Monday, recouping significant losses from June.
The world’s second-largest token rose 3.7% to $3,490.79, further supported by speculation that the Securities and Exchange Commission will approve an Ethereum spot fund as early as this week.
and increased from 1.5% to 8%, although the trading volume in all three cases was petite.
The value of meme tokens increased by over 4% each.
However, sentiment towards cryptocurrencies remained uncertain as there were a number of hints about US interest rates this week.
Federal Reserve Chairman Jerome Powell is scheduled to speak on Tuesday, and the Fed’s June meeting is scheduled for Wednesday.
the data will be released on Friday and is expected to provide more guidance on interest rates.
Investors were seen increasing their bets that the Fed would do so – a concept that also offered some support for cryptocurrencies.
