Bitcoin price today: steadies at $63K with Mt Gox, rate signals in focus

Bitcoin price today: steadies at $63K with Mt Gox, rate signals in focus

Investing.com-- Bitcoin price rose on Monday, recovering a measure of recent losses, although sentiment towards the token and broader crypto markets remained largely negative.

Markets were on edge over a potential, major liquidation event with the now defunct exchange Mt Gox set to begin distributions of stolen tokens from this week.

Anticipation of more cues on U.S. interest rates, from the Federal Reserve and from economic data, also kept sentiment on edge.

Bitcoin rose 4% in the past 24 hours to $63,259.0 by 00:57 ET (04:57 GMT). The token also took some support from weakness in the dollar, with the greenback losing some 0.2% on Monday.

Mt Gox Bitcoin distribution set to begin

The liquidators of Mt Gox said they will begin distributing Bitcoin stolen during a 2014 hack from early July.

Traders speculated that receivers of the stolen tokens will be largely inclined to sell, given that Bitcoin saw a massive spike in valuation over the past decade.

Such an event presents massive selling pressure on Bitcoin, and could spark substantial price losses. The token saw steep losses in late-June on this notion.

Crypto investment products also logged two straight weeks of outflows amid fears of selling pressure on Bitcoin.

Crypto price today: Altcoins rise with rate jitters in play

Among broader crypto markets, altcoin prices rose on Monday, recovering a measure of steep losses from June.

World no.2 token Ether jumped 3.7% to $3,490.79, also taking support from speculation that the Securities and Exchange Commission will approve a spot Ether exchange-traded fund as soon as this week.

SOL, XRP and ADA rose between 1.5% and 8%, although trading volumes in all three were slim.

Meme tokens DOGE and SHIB rose over 4% each.

But sentiment towards crypto still remained on edge before a slew of more cues on U.S. interest rates this week.

Federal Reserve Chair Jerome Powell is set to speak on Tuesday, while the minutes of the Fed’s June meeting are due on Wednesday.

Nonfarm payrolls data is due on Friday and is also set to provide more cues on interest rates.

Traders were seen increasing their bets that the Fed will cut rates by 25 basis points in September- a notion that also offered some support to crypto.