Bitcoin price today: steady at $60k, Powell speech awaited

Investing.com-- Bitcoin price moved little on Friday as markets turned cautious before more cues on U.S. interest rates from an address by Federal Reserve Chair Jerome Powell.

A broader risk-off move in financial markets weighed on crypto, while Bitcoin was also dented by fears of more token distributions by defunct exchange Mt Gox.

Bitcoin rose 0.2% to $60,846.8 by 01:56 ET (05:56 GMT).

Crypto markets were also somewhat spooked by a sharp appreciation in the Japanese yen, after Bank of Japan Governor Kazuo Ueda warned that interest rates could rise further.

Strength in the yen had unwound a carry trade earlier in August, battering most risk-driven markets. Bitcoin had also slumped as low as $49,000.

Bitcoin quashed by Mt Gox caution, Powell anticipation

Bitcoin was set for a middling weekly performance, with the token seeing short-lived breaks above $60,000 amid persistent concerns over Mt Gox.

Wallets associated with the exchange were seen mobilizing nearly $3 billion worth of tokens this week, heralding more distributions.

The exchange had begun returning tokens stolen during a 2014 hack back to clients in early-July, with the distributions raising concerns over a mass sale event in Bitcoin, amid increased token supplies.

A risk-off move in broader financial markets also weighed, as Wall Street indexes ended lower on Thursday.

Markets were seen turning somewhat cautious before an address by Fed Chair Jerome Powell at the Jackson Hole Symposium later on Friday, where he is expected to offer up more cues on interest rates and the economy.
Traders are broadly pricing in a rate cut in September, but are split over a 25 or 50 basis point reduction, according to CME Fedwatch.

The case for a deeper cut was furthered by weak labor market data released earlier in the week, although the reading also pushed up concerns that a weakening labor market will weigh on economic growth.

Crypto price today: altcoins advance but set for middling week

Broader cryptocurrency prices rose on Friday, but were also headed for a middling weekly performance as a rebound from early-August losses ran dry.

World no.2 token Ether rose 1.8% to $2,674.99, while altcoins SOL, ADA and MATIC rose between 0.9% and 2.1%. XRP lagged, falling 0.1%.

Among memecoins, DOGE rose 1.2%.

This article first appeared in Investing.com