Bitcoin price exceeded $63 thousand today
Kyiv • UNN
Today, the price of bitcoin has surpassed $63,000, recovering some of its losses amid market concerns about potential selling pressure due to the distribution of stolen bitcoins on the Mt. Gox exchange this week.
Bitcoin rose on Monday, recovering some of its recent losses, although sentiment toward the token and broader cryptocurrency markets remained largely negative. This is reported by UNN with reference to Investing.
Details
The markets were in a state of anxiety due to the expectation of significant asset liquidation as the now defunct Mt Gox exchange prepares to start paying out stolen tokens this week.
The liquidators of Mt. Gox announced the start of the distribution of bitcoins stolen during the 2014 hacker attack in early July.
Traders predict that most of the recipients of these tokens will be inclined to sell them due to the significant increase in the value of bitcoin over the past decade, which could provoke significant selling pressure and lead to a sharp drop in cryptocurrency prices in late June.
Tensions in the financial markets were also fueled by the expectation of new interest rate data from the US Federal Reserve and other important economic information.
The price of bitcoin has risen by 4% over the past 24 hours to reach $63,259, and the weakness of the US dollar, which lost about 0.2% on Monday, has also added support.
Amid general fears of a decline in bitcoin prices, crypto investment products have also recorded outflows for two weeks in a row.
On the broader cryptocurrency market, altcoin prices rose on Monday, recovering significant losses recorded in June.
Ether, the world's second-largest token, increased its value by 3.7% to $3,490.79, also taking advantage of the possibility of the SEC approving an Ether spot exchange-traded fund this week.
SOL, XRP, and ADA registered gains of between 1.5% and 8%, although trading volumes remained modest.
The DOGE and SHIB memo tokens increased by more than 4% each.
Sentiment in the cryptocurrency market remains tense amid upcoming updates from the US on interest rates.
Recall
Taxation of cryptocurrencies and other virtual assets in Ukraine is being considered for the post-war period. A draft law on cryptocurrency legalization is to be developed with the help of the IMF and presented by the end of December.
