Bitcoin and other cryptocurrencies were rising early on Monday but the sector still faces headwinds going into the second half of the year.
Bitcoin was up 4.1% over the last 24 hours to $63,311. That means the largest cryptocurrency has largely recouped the losses that came after last week’s news that the trustee of Mt. Gox, the collapsed cryptocurrency exchange, will begin to return more than $8.5 billion worth of the crypto owed to creditors from the beginning of July.
However,…
Bitcoin and other cryptocurrencies were rising early on Monday but the sector still faces headwinds going into the second half of the year.
was up 4.1% over the last 24 hours to $63,311. That means the largest cryptocurrency has largely recouped the losses that came after last week’s news that the trustee of Mt. Gox, the collapsed cryptocurrency exchange, will begin to return more than $8.5 billion worth of the crypto owed to creditors from the beginning of July.
However, overall the digital asset still looks range-bound. Bitcoin hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price has dropped since then.
“Crypto inertia could well continue in July, meaning a retest of the early-May low of $56,500 can’t be ruled out as ETF inflows and excitement diminish, the Fed seeks more evidence inflation is returning to target (without causing a hard economic landing) and we await the start of Mt. Gox repayments,” said Antoni Trenchev, co-founder of crypto lender Nexo.
—the second-largest crypto—was up 3.5% at $3,483 and has risen around 80% over the past 12 months.
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The Securities and Exchange Commission recently approved critical rule changes to allow spot Ether exchange-traded funds to trade. The final approvals for the ETFs should come this summer, U.S. Securities and Exchange Commission Chair Gary Gensler told senators in a recent budget hearing.
Smaller cryptos or altcoins were in the green, with
climbing 6.8%,
rising 3.8% and
gaining 4.3%.
Write to Adam Clark at adam.clark@barrons.com
