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Bitcoin’s price climbed on Monday, continuing a weekend rebound after the defunct crypto exchange Mt Gox delayed its asset repayment to creditors by a year, alleviating concerns about a near-term sell-off. Despite the gains, broader crypto markets remained rangebound, with limited positive catalysts. Last week, prices were shaken by concerns over potential U.S. regulatory actions.
Bitcoin rose 1.7% to $63,913 by 01:32 ET (05:32 GMT). Trading volumes were muted on Monday due to a holiday in Japan.
Mt Gox Postpones Repayment Deadline
Last week, Mt Gox trustees announced that they would distribute the remaining assets—stolen during a 2014 hack—by October 31, 2025. The exchange had begun returning nearly $9 billion worth of stolen tokens, primarily Bitcoin, to creditors in July. However, recent data showed that $2.8 billion worth of tokens were still held by the trustees.
Earlier this year, fears over the distribution had triggered significant losses in Bitcoin due to concerns about a massive increase in supply.
Bitcoin Remains Rangebound
Despite some recent gains, Bitcoin remained confined to a trading range seen throughout much of the year, between $50,000 and $65,000. The token struggled to surpass $65,000 due to a lack of positive market drivers.
Prices were also pressured by concerns over potential regulatory action, after the U.S. Securities and Exchange Commission (SEC) sued a crypto market maker last week for operating as an unregistered dealer. Meanwhile, a crypto exchange filed a lawsuit against the SEC, accusing the regulator of overstepping its authority in regulating a futures contract.
The SEC has ongoing cases against major crypto exchanges over the classification of cryptocurrencies, specifically whether they should be considered securities.
Crypto assets have underperformed compared to stock markets in recent sessions, with the prospect of a slower reduction in U.S. interest rates adding to market caution.
Altcoins Track Bitcoin’s Gains
In the broader crypto market, most altcoins mirrored Bitcoin’s performance. Ether, the second-largest cryptocurrency, rose 2.7% to $2,529.79. SOL and XRP gained 3.6% and 0.2%, respectively, while ADA and MATIC posted slight declines. Among meme tokens, DOGE saw a minor dip.
