Investing.com — Bitcoin prices edged up on Wednesday but remained within recent trading ranges as caution over U.S. inflation and interest rates kept traders largely reluctant to take on riskier assets such as cryptocurrencies.
However, prices of the world's largest cryptocurrency fell somewhat after reports that cryptocurrency exchange Mt. Gox said it has no plans to sell its vast bitcoin holdings anytime soon, although it has a plan in place to repay creditors.
It has risen 1.5% over the past 24 hours to $68,826.3 as of 1 a.m. ET (5 a.m. GMT), remaining within the $60,000 to $70,000 range it has been in for the past two months.
Mt. Gox appears to be mobilizing its Bitcoin holdings, but no sales are taking place
Bitcoin was shaken this week when bankrupt crypto exchange Mt. Gox moved around $9 billion worth of tokens, spurring speculation that the exchange plans to sell the tokens to repay creditors and account holders.
However, subsequent reports have stated that while the exchange is ready to repay its debt, it has no plans to sell its tokens anytime soon.
Former Mt. Gox CEO Mark Karpeles said the Bitcoin transferred was a transfer of tokens by the trustee in preparation for eventual distribution, and that no sale was imminent.
Mt. Gox has become a key point of contention for bitcoin traders because the now-shuttered exchange had a huge pool of tokens that could be liquidated to repay creditors. Such a liquidation could immediately put huge selling pressure on the world's largest cryptocurrency.
Crypto prices today: Altcoins rise, interest rate concerns limit gains
Most major altcoins were up slightly on Wednesday, with the world’s second-largest token rising 0.8% to $3,864.29. The token remained near a two-month high, holding on to much of its recent gains after the Securities and Exchange Commission showed some progress toward approving an exchange-traded fund that would directly track the token.
Trading of a similar spot product has also begun in the UK market.
Other altcoins saw modest gains, but the gains were limited by persistent concerns over prolonged high interest rates and prolonged inflation.
It rose 0.8% and increased 3.6%. Meme tokens surged nearly 17% and increased 2.6%.
Attention this week has been entirely focused on data on the Federal Reserve's key inflation measure, due to be released on Friday and likely to influence the central bank's interest rate plans.
The data comes as Fed officials warn that interest rates will remain high for an extended period of time, a scenario that bodes ill for cryptocurrencies.
