By Adam Clark
Bitcoin and other cryptocurrencies were dropping early Thursday. The largest cryptocurrency is still struggling to gain as the market braces for sales of digital assets refunded from the collapsed crypto exchange Mt. Gox.
Bitcoin was down 1.4% over the past 24 hours to $60,638.
Bitcoin fell sharply from levels of around $64,000 on Monday after news that the trustee of Mt. Gox will begin to return more than $8.5 billion worth of the crypto owed to creditors from the beginning of July.
That news added to other headwinds for Bitcoin, as expectations for interest-rate cuts have been scaled back. 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.
There have been around $140 million worth of outflows from spot Bitcoin ETFs this week, according to crypto data firm Coinglass.
Ether -- the second-largest crypto -- was down 0.7% at $3,367 but has risen around 80% over the past 12 months.
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 red, with Solana falling 0.9% and Cardano dropping 2.5%. Dogecoin lost 3.8%.
Write to Adam Clark at adam.clark@barrons.com
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(END) Dow Jones Newswires
June 27, 2024 08:54 ET (12:54 GMT)
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