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Bitcoin price steady at $68k amid rate fears, MT Gox risk eases

Investing.com-- Bitcoin price rose slightly on Wednesday but remained squarely within a recent trading range as caution over U.S inflation and interest rates kept traders largely averse towards risk-driven assets such as crypto.

But the world’s biggest cryptocurrency saw some price relief after media reports suggested that crypto exchange Mt Gox clarified had no immediate plans to sell its massive Bitcoin holdings, although it was preparing a plan to repay creditors. 

Bitcoin rose 1.5% over the past 24 hours to $68,826.3 by 01:00 ET (05:00 GMT). The token remained squarely within a $60,000 to $70,000 range seen over the past two months. 

Mt Gox seen mobilizing Bitcoin holdings, but no sales happen 

Bitcoin was spooked by bankrupt crypto exchange Mt Gox moving about $9 billion worth of the token this week, which sparked speculation that the exchange was planning to offload the token in order to repay its creditors and account holders.

But later reports said that the exchange had no plans to immediately offload any tokens, although it was still preparing to repay its obligations. 

Former Mt Gox CEO Mark Karpeles said that the Bitcoins being moved were likely the trustees moving the tokens in preparation for an eventual distribution, and that there was no imminent sale happening.

Mt Gox has been a key point of contention for Bitcoin traders, given that the now defunct exchange has a massive pool of tokens it is likely to liquidate to repay creditors. Such a liquidation could present massive immediate selling pressure on the world’s biggest cryptocurrency. 

Crypto price today: Altcoins advance, rate fears limit gains 

Most major altcoins rose slightly on Wednesday, with world no.2 token Ether up 0.8% at $3,864.29. The token remained close to two-month peaks, retaining a bulk of its recent gains after the Securities and Exchange Commission marked some progress towards the approval of an exchange-traded fund that directly tracks the token. 

Similar spot products also began trading in UK markets. 

Other altcoins inched higher, although gains were limited amid persistent concerns over high-for-longer interest rates and sticky inflation.

XRP rose 0.8%, while SOL added 3.6%. Among meme tokens, SHIB surged nearly 17%, while DOGE added 2.6%. 

Focus this week was squarely on PCE price index data, which is the Federal Reserve’s preferred inflation gauge. The reading is due on Friday and is likely to factor into the central bank’s plans for interest rates. 

The data comes as a string of Fed officials warned that rates will remain high for longer- a scenario that bodes poorly for crypto.


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