Investing.com — Bitcoin price edged up marginally from recent losses on Tuesday, although sentiment remained wary of a potential surge in token supply, while Ether rose sharply amid speculation that a spot exchange-traded fund was near.
The world’s largest cryptocurrency has been suffering heavy losses over the past two weeks, having hit a more than four-month low last week amid concerns over token distributions by defunct cryptocurrency exchange Mt Gox. But losses in the token appear to have stopped, at least for now.
rose 3.2% over the past 24 hours to $57,280.7 as of 01:06 ET (05:06 GMT). The world's No. 2 token outperformed Bitcoin, rising 5.4% to $3,070.71.
Bitcoin suffers heavy losses due to fears of Mt Gox
Bitcoin fell to $53,000 last week after Mt Gox administrators said they had begun distributing tokens stolen during a 2014 hack, though they did not specify what the total value of the distribution would be.
But the news has caused traders to further dump Bitcoin on concerns that recipients of the token are also inclined to sell, given Bitcoin's massive price rise over the past 10 years.
Several major Bitcoin “whale” wallets were observed dumping the token, while sales of Bitcoin confiscated by the German government to a hacking website also increased selling pressure.
Still, Bitcoin now appears to have stabilized as recent data showing strong capital inflows into cryptocurrency investment products helped improve sentiment.
Crypto assets see weekly gains thanks to bargain hunting
Data from digital asset manager Coinshares showed on Monday that cryptocurrency investment products saw inflows totaling $441 million in the week to July 8, attributing the trend to bargain hunting as concerns of a token crash hit cryptocurrency prices.
Bitcoin continued to control the majority of inflows, but other major altcoins also saw inflows. Ether products saw around $10 million in inflows.
Cryptocurrency Price Today: Altcoins Rise, Ether ETF Speculation Grows
Cryptocurrency prices generally followed the rally of Bitcoin and Ether, although Ether remained the best performer of the lot.
The Securities and Exchange Commission is widely expected to approve S-1 filings from several major issuers for spot ETF listings in late July, and the narrowing of a price discount on Coinbase (NASDAQ:) to Binance reflects increased confidence in the token.
But Ether, like the broader cryptocurrency industry, faced declining retail interest this year. Slow trading volumes in spot Bitcoin ETFs also reflected this trend.
Still, altcoin prices edged higher on Tuesday, recovering slightly from recent losses, adding 3.1% and 6.5%, respectively, while gaining 5.8% as exchange operator CBOE filed for approval to list Solana spot ETFs.
Among the meme tokens, approximately 4% each was added.
