Investing.com– The price of was little changed on Friday, after suffering significant losses over the past month, as anticipation of a major distribution by the now-defunct Mt Gox exchange kept traders on the lookout for further weakness in the price.
Sentiment towards broader crypto markets was also on hold ahead of a key US inflation reading due on Friday, which is likely to be a factor in the interest rate outlook.
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The rose 1.2% over the past 24 hours to $61,515.2 as of 01:39 ET (0539 GMT).
Mt Gox liquidation fears persist, Bitcoin heads for June loss
Distributions of stolen tokens from the Mt Gox exchange in 2014 remained the biggest area of concern for Bitcoin. The exchange’s liquidators said distributions would begin in early July and Bitcoin and stolen tokens would be returned to customers.
Since the tokens will be worth significantly more than when they were stolen, traders speculated that the recipients would likely sell their tokens, representing a massive sell-off event for bitcoin that could potentially depress prices. price substantially.
This idea weighed heavily on bitcoin prices throughout the week, and set the world’s largest crypto on a path to a nearly 9% drop in June.
Cryptocurrency Price Today: Ether Receives Bids From ETF Hopefuls
Cryptocurrency prices in general drifted higher, but still suffered losses in June.
The world’s second-largest token rose about 1%, buoyed by reports that the Securities and Exchange Commission could approve an Ether exchange-traded fund as soon as next week.
But the token also traded down nearly 9% in June.
Altcoins , and , rose 1.4% to 6% and also posted losses in June. Altcoin trading volumes were also limited.
Among meme tokens, and were up more than 2% each on Friday.
The strength of the dollar, which hit a two-month high, put pressure on crypto prices, as traders turned to the greenback ahead of PCE price index data due later on Friday.
The reading is the Federal Reserve’s preferred gauge of inflation, and is likely to be linked to the outlook for interest rates.
The prospect of high long-term interest rates weighed on cryptocurrency prices in June, as the sector usually thrives in a low-rate and highly speculative environment.
