Oct 14 2024: Bitcoin’s price saw an uptick on Monday, continuing its weekend recovery after the now-defunct crypto exchange Mt Gox postponed its repayment plan to creditors by another year. This delay eased concerns of an imminent sell-off event.
Despite the rise, Bitcoin and the broader crypto market remain largely rangebound, with limited positive momentum. Last week, prices were shaken by concerns over potential regulatory actions in the U.S.
By 01:32 ET (05:32 GMT), Bitcoin increased by 1.7%, reaching $63,913. Trading volumes were relatively quiet due to a holiday in Japan.
Mt Gox Delays Repayment Plan
Last week, the trustees of Mt Gox announced that they would distribute the remaining assets owed to creditors, which were lost in the 2014 hack, by October 31, 2025.
The exchange had begun repaying approximately $9 billion worth of stolen tokens, primarily Bitcoin, to creditors in July. However, recent data revealed that $2.8 billion worth of tokens are still held by the trustees.
Earlier this year, fears surrounding the asset distribution led to significant declines in Bitcoin’s price due to the anticipated increase in supply.
Bitcoin Remains Rangebound
Despite recent gains, Bitcoin continues to trade within a range it has maintained throughout much of the year, fluctuating between $50,000 and $65,000. The token has struggled to surpass the $65,000 mark due to a lack of strong bullish signals.
Concerns over further regulatory action have also weighed on the market. Last week, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against crypto market maker Cumberland for operating as an unregistered dealer. Conversely, crypto exchange Bitnomial sued the SEC, accusing the agency of overreaching its authority regarding a XRP futures contract.
The SEC is currently involved in multiple cases against major crypto exchanges, including Coinbase (COIN) and Kraken, focusing on the classification of cryptocurrencies as securities.
Cryptocurrencies have lagged behind recent gains in the stock market, with expectations of a slower reduction in U.S. interest rates also impacting sentiment.
Crypto Price Movement: Altcoins Follow Bitcoin’s Lead
In the broader crypto market, most altcoins mirrored Bitcoin’s upward trend. Ethereum (Ether), the second-largest cryptocurrency, rose by 2.7% to $2,529.79. Solana (SOL) and XRP gained 3.6% and 0.2%, respectively, while Cardano (ADA) and Polygon (MATIC) saw slight declines. Among meme tokens, Dogecoin (DOGE) edged down slightly.
