Bitcoin’s price jumped 2.8 per cent, to $58,870.5, on Wednesday as bargain hunters snapped up the token after its recent price drops, even as the wider mood turned cautious as buyers worried about the possibility of large-scale sales by Mt Gox and the German government. Mt Gox has started moving around $9 billion of Bitcoin, with some observers fearing a sell-off that could bite further into prices. Meanwhile, the German government has begun to sell off $2 billion of bitcoin seized from the servers of a piracy website, entering the market with large supplies of Bitcoin.
Ethereum, the second-biggest crypto, also rose, by 1.2%, to $3,106.66. Institutional investment into Ethereum could surge pending the Securities and Exchange Commission’s decision by mid-July on the acceptance of spot exchange-traded funds for Ether. Expectations of a fresh wave of inflation data and discretions from U.S. financial authorities on changing interest rates helped Bitcoin and the wider crypto market stabilise after a volatile week.
Source: Investing.com
