Summary:
- Bitcoin surged to $67K but fell to $65K amid Mt. Gox distributions.
- Fed’s rate decision affects crypto market sentiment.
- Broad-market crypto benchmark remains flat; some altcoins outperform.
Bitcoin experienced significant price fluctuations, touching $67,000 at 10 PM Asia time on Wednesday night before falling back to $65,000 by Thursday morning. The anticipated distributions from the collapsed Mt. Gox exchange, set to begin on Thursday, likely contributed to the selling pressure impacting Bitcoin’s price. Kraken has already completed fund distributions to Mt. Gox creditors, but the expected selling pressure has not yet materialized. Bitstamp is set to begin distributions on July 25 after receiving a large asset transfer from the trustees.
The Federal Reserve’s decision to hold interest rates steady at the June meeting has also influenced market sentiment, dampening hopes for significant rate cuts before the end of the year and contributing to the downward trend in crypto prices.
The CoinDesk 20 Index remained flat over the past 24 hours, though Solana (SOL) and Ripple (XRP) outperformed the broader market, advancing 3% to 4%. Conversely, Avalanche (AVAX), Uniswap (UNI), and Ethereum Classic (ETC) saw declines of 3% to 4%.
Ether (ETH) also disappointed investors despite a successful debut of spot ETFs on Tuesday, dipping to $3,300, marking a 4% decline over 24 hours and its lowest price versus Bitcoin in two months. Spot ether ETFs saw $1 billion in trading and $107 million in inflows on their first day, but outflows from the Grayscale Ethereum Trust (ETHE) may limit net inflows for these new products.
Other leading altcoins also faced declines: Solana (SOL) and BNB Coin (BNB) each fell by 3%, Cardano (ADA) dropped by more than 2%, and XRP (XRP) decreased by 1%. As traders anticipate upcoming U.S. economic data on Friday and a speech by Donald Trump at the Nashville Bitcoin conference on Saturday, market volatility is expected to continue.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
