June 28 2024: Bitcoin prices remained largely unchanged on Friday, holding steady at $61,000 as traders anticipated potential market impacts from the upcoming distribution by the defunct exchange Mt. Gox and awaited a key U.S. inflation reading.
Bitcoin rose 1.2% over the past 24 hours to $61,515.2 by 01:39 ET (05:39 GMT).
Mt. Gox Liquidation Fears Persist, Bitcoin Heads for June Loss
The looming distribution of tokens stolen from the Mt. Gox exchange in 2014 continued to be a significant concern for Bitcoin. Liquidators for the exchange announced that distributions would begin in early July, with stolen Bitcoin and Bitcoin Cash tokens being returned to clients.
Traders speculated that recipients might sell these tokens, which are now substantially more valuable than when they were stolen. This potential mass sale event could significantly depress Bitcoin prices. This speculation has weighed heavily on Bitcoin throughout the week, putting it on track for a nearly 9% decline in June.
Crypto Prices Today: Ether Sees Some Bids from ETF Hopes
Broader crypto prices edged higher but continued to nurse losses for June. Ether, the world’s second-largest cryptocurrency, rose about 1%, supported by reports that the Securities and Exchange Commission (SEC) could approve a spot Ether exchange-traded fund (ETF) as soon as next week. Despite this, Ether was still down nearly 9% in June.
Other major cryptocurrencies like SOL, XRP, and ADA saw increases between 1.4% and 6%, though they too were grappling with losses for the month. Trading volumes for altcoins remained limited.
Among meme tokens, DOGE and SHIB each rose over 2% on Friday.
Dollar Strength Pressures Crypto Prices
The strength of the dollar, which hit a two-month high, added pressure to crypto prices as traders shifted towards the greenback ahead of the PCE price index data due later on Friday. The Personal Consumption Expenditures (PCE) price index is the Federal Reserve’s preferred measure of inflation and is expected to influence interest rate outlooks.
The prospect of sustained high interest rates has been a major headwind for crypto prices in June, as the sector typically thrives in a low-rate, highly speculative environment.