Bitcoin‘s price increased on Monday, building on a weekend recovery, as the defunct crypto exchange Mt. Gox announced a one-year delay in its plans to return assets to creditors. This development alleviated concerns about a potential sell-off in the near future.
Despite the gains, Bitcoin and the broader cryptocurrency market remained largely rangebound, lacking significant positive momentum. Recent market fluctuations were influenced by heightened fears of impending regulatory actions in the United States.
As of 01:32 ET (05:32 GMT), Bitcoin rose 1.7% to $63,913, although trading volumes were subdued due to a holiday in Japan.
Mt. Gox Postpones Repayment Deadline
The trustees of Mt. Gox revealed last week that they would distribute the remaining assets owed to creditors—stolen during a 2014 hack—by October 31, 2025. The defunct exchange had begun returning nearly $9 billion worth of stolen tokens, primarily Bitcoin, to creditors in July. However, recent data indicated that the trustees still retained $2.8 billion worth of tokens.
The fear surrounding this distribution had previously triggered significant losses in Bitcoin, as it would potentially flood the market with additional supply.
Bitcoin Remains Rangebound
Despite the recent gains, Bitcoin continues to trade within a range that has persisted throughout most of the year, fluctuating between $50,000 and $65,000. The token has struggled to surpass the $65,000 mark, hindered by a lack of positive signals in the market.
Sentiment has also been affected by concerns over increased regulatory scrutiny, particularly after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against crypto market maker Cumberland for allegedly operating as an unregistered dealer with crypto assets. In a contrasting move, crypto exchange Bitnomial has sued the SEC, claiming the agency overstepped its authority in regulating an XRP futures contract.
The SEC is currently involved in several ongoing cases against major crypto exchanges, including Coinbase and Kraken, centered on the classification of cryptocurrencies and whether they should be deemed securities.
Overall, crypto assets have struggled to keep pace with gains in stock markets recently, and the outlook of a slower decline in U.S. interest rates has further dampened sentiment.
Crypto Prices Today: Altcoins Follow Bitcoin’s Lead
Among other cryptocurrencies, most altcoins mirrored Bitcoin’s gains. Ether, the second-largest cryptocurrency, increased by 2.7% to $2,529.79. SOL rose by 3.6%, and XRP increased by 0.2%, while ADA and MATIC experienced slight declines. Among meme tokens, DOGE saw a minor dip.
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