Bitcoin price recouped some of its recent losses, rising 4% to $63,259 on Monday. However, the negative atmosphere towards the cryptocurrency market continues to a large extent.
Mt. Gox exchange liquidators announced that the Bitcoins stolen in the hacking incident in 2014 will be distributed from the beginning of July. Traders predict that holders of these tokens will tend to sell heavily. The fact that Bitcoin has experienced a large increase in value in the last decade may increase this selling pressure. This could put a huge selling pressure on BTC and lead to significant price losses. With these expectations, Bitcoin suffered serious losses at the end of June.
Outflows Continue in Crypto Investment Products
Crypto investment products have surged for two weeks in a row amid fears of selling pressure on Bitcoin. Investors, Mt. Gox is cautious due to uncertainties regarding its distribution and US interest rates.
Rise in Altcoins
In broader cryptocurrency markets, altcoin prices rose on Monday, recouping some of June's big losses. Ethereum rose 3.7% to $3,490 this week on speculation that a spot ETH ETF would be approved. SOL, XRP, and ADA gained between 1.5% and 8%, but trading volumes were low. Leading meme coins DOGE and SHIB increased by over 4%.
General Unrest and Expectations in the Market
General uneasiness about the cryptocurrency market is further fueled by uncertainty regarding US interest rates. Federal Reserve Chairman Jerome Powell will speak on Tuesday. Additionally, the Fed's June meeting minutes will be released on Wednesday. Nonfarm payrolls data to be released on Friday will also provide more clues about interest rates.
Traders have increased their expectations that the Fed will cut interest rates by 25 basis points in September, providing some support to crypto markets.
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