Investing.com - Bitcoin's price rose on Monday, reversing some of its recent losses, although sentiment towards the token and broader cryptocurrency markets remained largely negative.
Markets have been on edge over a possible major event involving the liquidation of the Mt Gox exchange, which is set to begin distributing stolen tokens this week.
Waiting for new signals on US interest rates from the Federal Reserve and economic data also kept sentiment on edge.
Bitcoin Over the past 24 hours, the cryptocurrency rate has increased by 4% and reached $63,259.0 by 00:57 Eastern Time (04:57 GMT). The token also received some support from dollar weakness, which lost about 0.2% on Monday.
Mt Gox Bitcoin Distribution Begins
Mt Gox liquidators said they will begin distributing bitcoins stolen during the 2014 hack from early July.
Traders speculated that recipients of the stolen tokens would be mostly inclined to sell, given that Bitcoin has soared in value over the past decade.
Such an event puts a lot of pressure on Bitcoin and could lead to significant losses in price. At the end of June, the token suffered significant losses on this basis.
Crypto investment products also recorded two straight weeks of outflows amid fears of selling pressure on Bitcoin.
Cryptocurrency Price Today: Altcoins Rise Amid Rate Concerns
Among the broader cryptocurrency markets, altcoin prices rose on Monday, recouping some of the significant losses suffered in June.
The world's second-largest token Ether jumped 3.7% to $3,490.79, also getting a boost from speculation that the Securities and Exchange Commission will approve a spot ether exchange-traded fund as soon as this week.
SOL Tokens XRP and ADA rose between 1.5 and 8%, although trading volumes for all three trades were insignificant.
Meme tokens DOGE and SHIB rose in price by more than 4% each.
However, sentiment on cryptocurrencies was still cautious ahead of a slew of new US interest rate signals this week.
Fed Chairman Jerome Powell will speak on Tuesday, and minutes from the June Fed meeting will be published on Wednesday.
Nonfarm payrolls Data will be released on Friday that will also have an impact on interest rates.
Traders have raised bets that the Fed will cut rates by 25 basis points in September, an idea that has also provided some support for cryptocurrencies.
