The price of bitcoin rose on Monday, continuing the recovery that began over the weekend after the defunct crypto exchange Mt Gox announced that it would postpone payments to creditors for a year.
Writes UNN with reference to Investing.
Despite some positive signals, the value of cryptocurrencies remained within the previously established range, amid concerns about possible new regulatory measures in the United States. Last week, the cryptocurrency market came under pressure due to these concerns.
Bitcoin rose by 1.7% to reach $63,913 at 01:32 ET (05:32 GMT). Trading volumes remained low due to a holiday in Japan.
Mt Gox postpones refunds.
Mt. Gox officials announced last week that assets stolen in the 2014 hacker attack will be returned to creditors by October 31, 2025. Despite the fact that the exchange has already begun payments, there are still assets worth $2.8 billion. This postponement has eased fears of a massive increase in the supply of bitcoin, which could lead to a price drop.
Bitcoin remains within the trading range. Although the largest cryptocurrency has shown growth in recent sessions, it still remains within the $50,000-65,000 range that has been observed for most of the year. Attempts to break through the $65,000 mark have so far failed due to a lack of positive signals.
Additional pressure on prices is exerted by fears of tighter regulation from the United States. Last week, the Securities and Exchange Commission (SEC) sued cryptocurrency company Cumberland for illegal activities related to crypto assets.
Other cryptocurrencies also showed growth following Bitcoin. Ethereum gained 2.7% to reach $2,529.79, while Solana and XRP rose 3.6% and 0.2%, respectively.
Recall
Last month, bitcoin's price hit $63,259, the best result for the cryptocurrency in September in recent years.