Bitcoin Price Today: Steady at $57k Amid Mt Gox Concerns, Ether Up on ETF Hopes

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Bitcoin Price Today: Steady at k Amid Mt Gox Concerns, Ether Up on ETF Hopes

Investing.com– Bitcoin rose slightly after recent declines on Tuesday, although sentiment remained uncertain over a potential enhance in the token’s supply, while Ether rose sharply amid speculation that an ETF trade deadline is approaching.

The world’s largest cryptocurrency has been suffering massive losses over the past two weeks, hitting its lowest level in over four months last week amid concerns about the distribution of tokens by defunct cryptocurrency exchange Mt Gox. However, losses in the token have apparently stopped, at least for now.

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rose 3.2% in the past 24 hours to $57,280.70 by 01:06 ET (05:06 GMT). The world’s No. 2 token outpaced Bitcoin, rising 5.4% to $3,070.71.

Bitcoin Nurtures Big Losses on Mt Gox Fears

Bitcoin’s price fell to $53,000 last week after Mt Gox management said it had begun distributing tokens stolen in a 2014 hack. It did not specify how much the overall value of the distribution would be.

However, the news caused investors to sell off Bitcoin even more, as they feared that recipients of the token would also be tempted to sell, given the exponential rise in Bitcoin’s price over the past 10 years.

Several major Bitcoin “whale” wallets have been reported to have dumped the token, while the sale of Bitcoin confiscated by the German government on a piracy website has also added to the selling pressure.

However, bitcoin appears to have stabilized as recent data showing gigantic capital inflows into cryptocurrency investment products has helped improve sentiment.

Crypto assets see weekly inflows as bargain hunting continues

Data from digital asset manager Coinshares on Monday showed that cryptocurrency investment products saw inflows totaling $441 million in the week ending July 8, attributed to bargain hunting as fears of falling token prices hit cryptocurrency prices.

Bitcoin continued to control the majority of inflows, but other major altcoins also saw inflows. Ether products saw around $10 million in inflows.

Cryptocurrency price today: altcoins are rising, Ether ETF speculation is rising

Cryptocurrency prices followed the recovery of Bitcoin and Ether, although Ether still performed the best of all.

The Securities and Exchange Commission is expected to approve Form S-1 filings from several major issuers for spot ETF listings in behind schedule July, and the reduction in the price discount for Coinbase (NASDAQ:) on Binance will reflect increased confidence in the token.

But Ether, like the broader cryptocurrency industry, has struggled this year with a decline in retail interest. Slow trading volumes in the spot Bitcoin ETF have also reflected that trend.

Still, altcoin prices rose on Tuesday, recovering mildly from recent losses and were up 3.1% and 6.5% respectively, while they were up 5.8% as exchange operator CBOE filed for approval to list spot Solana ETFs.

Among meme tokens, about 4% each was added.

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