Bitcoin
unchanged at $61K amid Mt Gox, macro jitters By Investing.com
Investing.com – The price of Bitcoin had a steady performance on Friday, catching its breath from last month’s heavy losses, as anticipation of a large distribution by defunct exchange Mt Gox kept traders nervous about further price weakness .
Sentiment towards broader cryptocurrency markets was also tense ahead of a key US inflation reading due on Friday, which is likely to influence the interest rate outlook.
rose 0.1% in the last 24 hours to $61,367.0 at 08:58 ET (12:58 GMT).
Mt Gox Liquidation Fears Persist, Bitcoin Heads for Losses in June
Distributions of tokens stolen from the Mt Gox exchange in 2014 remained the biggest point of concern for Bitcoin. Liquidators at the exchange said distributions will begin in early July, and will see stolen Bitcoin and tokens returned to customers.
Given that the tokens will be worth substantially more than when they were stolen, traders speculated that the recipients would likely sell their tokens, representing a massive sell-off event for Bitcoin, which could drive prices down substantially.
That notion weighed heavily on Bitcoin prices throughout the week, putting the world’s largest cryptocurrency on track for a nearly 9% drop in June.
Cryptocurrency price today: Ether also stable, altcoins rise
Broader cryptocurrency prices rose but were still suffering losses through June.
World not. Token 2 rose 0.1%, boosted by reports that the Securities and Exchange Commission could approve an Ether exchange-traded fund (ETF) as early as next week.
But the token also fell nearly 9% in June.
and was up between 1.1% and 3.5%, and was also nursing losses until June. Trading volumes in altcoins were also limited.
Among meme tokens, they rose 3.3% and 1%, respectively.
The strength of the dollar, which reached a two-month high, put pressure on cryptocurrency prices, with investors turning to the dollar ahead of data released later this Friday.
The reading is the Federal Reserve’s preferred inflation gauge and will likely be related to the interest rate outlook.
The prospect of higher interest rates for longer was a major drag on cryptocurrency prices through June, as the sector typically thrives in a low-rate and highly speculative environment.
Ether Price Could Hit $6.5K This Year Amid ETF Inflows
The cryptocurrency market is overly pessimistic about the upcoming launch of a spot ether ETF in the US, with net inflows potentially reaching $20 billion in the first year, according to a report from Steno Research on Thursday.
The report noted that ETH’s appeal on Wall Street could generate significant investment.
“We continue to forecast a net inflow of between $15 billion and $20 billion in the first 12 months, even considering the exit of Grayscale Trust (ETHE),” Steno analysts said in a note seen by CoinDesk.
They added that this inflow should increase the value of Ether both in dollar terms and relative to Bitcoin.
Steno Research predicts that Ether could reach at least $6,500 later this year, driven by these expected inflows into spot ETFs and additional positive factors.
Spot ether ETFs are ready to begin trading in the US after the SEC approved issuer registrations last month. Negotiations could begin as early as next week, pending approval of S-1 filings.
Steno Research estimates that if projected spot ether ETF flows materialize, the ether/bitcoin ratio could strengthen to 0.065 later this year.
“A smaller inflow into ether ETFs compared to bitcoin ETFs will have a larger impact on ether due to its smaller market cap and substantially lower liquidity,” the report said, adding that inflows into ETH spot ETFs are more likely to exceed expectations than fall short.