July 2 2024: Bitcoin’s price remained relatively flat on Tuesday, hovering around $62,000, as the anticipation of token distributions from the defunct Mt Gox exchange and crucial interest rate signals kept crypto markets cautious.
Fund flow data indicated a third consecutive week of outflows from digital assets, although the sentiment showed signs of recovery following significant outflows in June.
Bitcoin fell 0.4% in the past 24 hours to $63,039.3 by 01:19 ET (05:19 GMT). The world’s largest cryptocurrency has been experiencing significant losses throughout June, remaining within the $60,000 to $70,000 trading range observed during most of the second quarter.
Bitcoin Price Subdued Amid Mt Gox Sale Fears Investor sentiment towards Bitcoin showed limited improvement, especially as Mt Gox managers announced the distribution of Bitcoin stolen during a 2014 hack, set to begin in early July. The exchange was seen mobilizing about $9 billion worth of Bitcoin earlier this year, although the exact distribution amount remains unclear. Traders speculated that recipients of the Bitcoin might be inclined to sell, given the token’s substantial growth over the past decade, which could exert significant selling pressure on Bitcoin and potentially drive prices down.
Crypto Outflows Slow in the Past Week Data from digital asset manager CoinShares indicated that capital outflows from crypto investment products slowed sharply in the week leading up to July 1. However, trading volumes remained below 50% of their weekly average for the year, suggesting a cooling retail interest in crypto. Ether-linked products experienced the heaviest outflows, despite reports suggesting that the Securities and Exchange Commission could approve a spot Ether ETF soon.
Crypto Price Today: Altcoins Muted Amid Rate Fears Among broader crypto tokens, altcoin prices remained subdued as traders hesitated to invest in crypto ahead of crucial U.S. interest rate signals. Ether fell 0.9%, while ADA and XRP saw slight increases. Meme tokens DOGE and SHIB dropped by 2.2% and 1.3%, respectively.
Market focus was directed towards Federal Reserve Chair Jerome Powell’s address later on Tuesday, with the minutes of the Fed’s June meeting due on Wednesday and key nonfarm payrolls data expected on Friday.
Crypto received limited support from increased expectations of a September rate cut by the Fed, as traders largely favored the dollar.
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