Bitcoin Recovers Amid Market Uncertainty
Bitcoin prices rose on Monday, bouncing back from recent losses, though overall sentiment toward the token and the broader cryptocurrency market remained largely negative.
Potential Major Liquidation Event Looms
Markets are on edge due to the anticipated major liquidation event with the now-defunct exchange Mt Gox set to begin distributing stolen tokens this week. Traders are also awaiting more cues on U.S. interest rates from the Federal Reserve and upcoming economic data, keeping sentiment cautious.
Bitcoin Gains
Bitcoin climbed 4% in the past 24 hours to $63,259.0 by 00:57 ET (04:57 GMT). The token also received some support from a weaker dollar, which dropped about 0.2% on Monday.
Mt Gox Bitcoin Distribution Begins
Liquidators of Mt Gox announced they will start distributing Bitcoin stolen during a 2014 hack from early July. Traders speculate that recipients of the stolen tokens are likely to sell, given the significant increase in Bitcoin’s valuation over the past decade. This could lead to substantial selling pressure and potential price declines for Bitcoin, which already saw steep losses in late June due to this concern.
Crypto Investment Outflows
Crypto investment products recorded two consecutive weeks of outflows amid fears of selling pressure on Bitcoin.
Altcoins Rebound
In the broader crypto market, altcoin prices rose on Monday, recovering some of the steep losses from June. Ether, the world’s second-largest token, jumped 3.7% to $3,490.79, buoyed by speculation that the Securities and Exchange Commission might approve a spot Ether exchange-traded fund soon. SOL, XRP, and ADA saw gains between 1.5% and 8%, although trading volumes were low. Meme tokens DOGE and SHIB both rose over 4%.
Market Sentiment and U.S. Interest Rates
Despite the recovery, sentiment towards crypto remains cautious ahead of key U.S. interest rate signals this week. Federal Reserve Chair Jerome Powell is scheduled to speak on Tuesday, and the minutes of the Fed’s June meeting are due on Wednesday. Nonfarm payrolls data is expected on Friday, providing more insights into interest rate trends. Traders have increased their bets that the Fed will cut rates by 25 basis points in September, which also provided some support to the crypto market.
.
#everyday_information #forex #option #Binary_Option #trading #trader #goldstocks #forextrader #fx_trade_time #fxttime #USDollar #euro #JPY #GBP #chfcurrency
#dubai #UAENews #ksasaudiarabia #Syrian #iraq #kuwait #jordan #morocco #Libya #tunisia #algerian #Egypt #qatar #lebanon
#كل_يوم_معلومه #فوركس #خيارات_ثنائيه #تداول_عملات #بورصه #ذهب #فوركس_تريد_تايم #اف_اكس_تريد_تايم #دولار #يورو
#دبي #امارات #السعوديه #سوريا #العراق #الكويت #الاردن #المغرب #ليبيا #تونس #الجزائر #مصر #قطر #لبنان
.
www.fxttime.com/trade