Bitcoin and other cryptocurrencies were rising early on Monday. The crypto market looks to be gaining from the increasing probability of interest-rate cuts from the Federal Reserve.
climbed 2.9% to $57,488 over the last 24 hours. The largest cryptocurrency 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.
Bitcoin fell sharply earlier this month from levels of around $64,000 after news that the trustee of collapsed crypto exchange Mt. Gox will begin to return more than $8.5 billion worth of the crypto owed to creditors from the beginning of July. However, it has bounced off its lows of less than $56,000.
“Bitcoin did not react positively to the cooling manufacturing and nonmanufacturing
last week, but it did to the jobs report on Friday, which was announced after the beginning of Mt. Gox’s repayment. This suggests that the market’s…focus is shifting back to the Fed’s policy decision,” wrote Yuya Hasegawa, an analyst at crypto exchange Bitbank, in a research note.
—the second-largest crypto—was up 5.7% at $3,081 and has risen more than 60% 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
gaining 7.9%,
rising 6.6% and
climbing 3.9%.
Write to Adam Clark at adam.clark@barrons.com
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