Bitcoin price remained relatively stable on Friday, recovering slightly from recent losses as concerns over a major distribution by the defunct exchange Mt Gox kept traders cautious. The leading cryptocurrency rose 1.2% in the past 24 hours to $61,515.2 as of 01:39 ET.
The fear of Mt Gox liquidation continued to weigh on Bitcoin, with distributions of stolen tokens from the exchange in 2014 set to begin in early July. Traders speculated that recipients of the tokens might sell them, potentially causing a significant drop in Bitcoin prices. This uncertainty led to a nearly 9% decline for Bitcoin in June.
In the broader crypto market, Ether saw some gains on hopes that the Securities and Exchange Commission could approve a spot Ether exchange-traded fund soon. However, the token was still down nearly 9% for the month. Other cryptocurrencies like and also experienced modest gains but were nursing losses from June.
The strength of the dollar, which reached a two-month high, put pressure on crypto prices as traders shifted focus to upcoming data releases, including a key U.S. inflation reading. The Federal Reserve’s preferred inflation gauge is expected to influence interest rate decisions, which have been a contributing factor to the crypto market’s performance in June.
Overall, the crypto market faced uncertainties due to Mt Gox liquidation fears and potential interest rate hikes, impacting prices and trading volumes across various tokens. Meme tokens like and saw minor increases on Friday amidst the market fluctuations.