Bitcoin Price Update

Investing.com—Bitcoin price fell marginally on Friday, leading to an underwhelming weekly performance as fears of further token distributions by Mt. Gox and unclear regulatory outlooks dragged down crypto markets, which lagged behind stock recoveries.

The world’s biggest cryptocurrency dropped 1.2% to $58,201.0 by 08:33 ET (12:33 GMT), maintaining a trading range of $50,000 to $60,000 seen throughout most of the year. A brief rebound in the dollar on Thursday applied additional pressure.

Bitcoin Lags Stock Recovery Even as Sentiment Improves

Despite improving sentiment across risk-driven markets due to easing recession fears and expected rate cuts by the Federal Reserve, crypto markets failed to gain momentum. Global stocks saw gains, with Wall Street indexes hitting two-week highs, benefiting from strong U.S. retail sales data and softer inflation readings that contributed to optimism in the economy and increased bets on a 25 basis point rate cut in September.

Lower interest rates typically support Bitcoin and crypto; however, the sector faced pressure from reports indicating that Mt. Gox would mobilize more Bitcoin to refund clients after a 2014 hack. A wallet linked to Mt. Gox, possessing $2 billion of Bitcoin, initiated test transactions this week that could signal a sale event.

Furthermore, uncertainty regarding the upcoming U.S. presidential election added hesitation towards crypto investments, especially as Kamala Harris and Donald Trump remain in a tight race, with only Trump currently endorsing pro-crypto policies.

Earlier data indicated traders withdrew over $1 billion of USDT from exchanges, suggesting a potential risk-off event. Bitcoin exchange-traded funds also experienced significant outflows this week.

Crypto Price Today: Altcoins Drift Lower

Broader crypto markets mirrored Bitcoin’s decline, exhibiting little improvement in sector sentiment. The second-largest token, Ether, fell 2.3% to $2,578.18, marking its fourth consecutive week of losses, down 1.7% for the week. XRP, ADA, and SOL remained in a flat-to-low trading range, with meme token DOGE declining by 3.5%.

NYSE Withdraws Application to List Bitcoin ETF Options

The New York Stock Exchange (NYSE) retracted its application to list and trade options tied to the Bitwise Bitcoin ETF and Grayscale Bitcoin Trust, as revealed in a Securities and Exchange Commission (SEC) filing. The SEC extended its review several times after opening the NYSE proposal for public comment in February 2024, formally initiating proceedings in April. However, the NYSE withdrew the proposal before the SEC reached a final decision.

In contrast, the Chicago Board Options Exchange (CBOE), which oversees several Bitcoin ETFs, withdrew its application but has since resubmitted a more comprehensive proposal, according to information from Bloomberg’s James Seyffart. The SEC has yet to issue any public statements or feedback on this matter. The NYSE announced intentions to list index options tracking Bitcoin prices in May.