Bitcoin price today: steady at $57k amid Mt Gox fears, Ether up on ETF hopes

Investing.com
Updated Jul 9, 2024 06:31
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Investing.com-- Bitcoin price rose marginally from recent losses on Tuesday, although sentiment remained on edge over a potential spike in token supply, while Ether rose sharply amid speculation that a spot exchange-traded fund was close.


The world’s largest cryptocurrency was nursing steep losses over the past two weeks, having hit an over four-month low last week amid concerns over token distributions by defunct crypto exchange Mt Gox. But losses in the token appeared to have paused, at least for now.


Bitcoin rose 3.2% in the past 24 hours to $57,280.7 by 01:06 ET (05:06 GMT). World no.2 token Ether outpaced Bitcoin, rising 5.4% to $3,070.71. 


Bitcoin nurses steep losses on Mt Gox fears 


Bitcoin slid as low as $53,000 last week after the trustees of Mt Gox said they had begun distributing tokens stolen during a 2014 hack, although they did not specify what the overall value of the distribution would be.


But the news saw traders further dump Bitcoin on concerns that receivers of the token will also be inclined to sell, given Bitcoin’s massive price jump over the past 10 years.


Several major Bitcoin “whale” wallets were seen dumping the token, while sales of Bitcoin confiscated by the German government from a piracy website also added to the selling pressure. 


Still, Bitcoin now appeared to have stabilized, as recent data showing strong capital inflows into crypto investment products helped improve sentiment.


Crypto assets see weekly inflows on bargain hunting


Data from digital assets manager Coinshares showed on Monday that crypto investment products saw inflows totalling $441 million in the week to July 8, attributing the trend to bargain hunting as concerns of a token dump battered crypto prices.


Bitcoin continued to control a bulk of the inflows, but other major altcoins also saw inflows. Ether products saw about $10 million in inflows. 


Crypto price today: altcoins rise, Ether ETF speculation builds 


Broader crypto prices tracked Bitcoin and Ether’s rebound, although Ether remained the best performer in the lot.


The Securities and Exchange Commission is widely expected to approve form S-1 filings from several major issuers for the listing of spot ETFs later in July, with the reduction of a price discount on Coinbase (NASDAQ:COIN) to Binance reflecting some improved confidence in the token. 


But Ether, like the broader crypto industry, was grappling with decreased retail interest this year. Sluggish trading volumes in spot Bitcoin ETFs also reflected this trend.


Still, altcoin prices rose on Tuesday, recovering mildly from recent losses. XRP and Cardano added 3.1% and 6.5%, respectively, while Solana rose 5.8% as exchange operator CBOE filed for approval to list spot Solana ETFs.


Among meme tokens, DOGE and SHIB added about 4% each.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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