The broader cryptocurrency market was similarly uneasy. Investors took a cautious approach before the inflation data, which is expected to be announced on Friday and will have a significant impact on the US Federal Reserve’s interest rate policy.

In the last 24 hours, Bitcoin price increased by 1.2% to $61,515.2. However, despite this increase, Bitcoin lost almost 9% of its value throughout June.

The distribution of Bitcoins stolen in the hacking incident in 2014 continues to be the biggest concern for the Bitcoin market. Mt. Liquidators for Gox announced that the Bitcoin and Bitcoin Cash in question would be returned to customers in early July.

The biggest cause for concern for this return is the following: These tokens, which will have a much higher value than when they were stolen, are expected to be sold by investors. This could lead to a massive selling wave in the Bitcoin market, pushing the price down significantly.

This concern has kept Bitcoin prices under pressure throughout the week, pushing the world’s largest cryptocurrency to the point of losing almost 9% in June.

Although the broader crypto market has trended upwards, it has struggled to recoup June losses. While Ether maintains its title as the world’s second-largest cryptocurrency, it gained 1% on news that the Securities and Exchange Commission may approve a spot Ether exchange-traded fund next week. However, despite this increase, Ether also closed June with an almost 9% loss in value.

Other important altcoins such as SOL, XRP and ADA experienced limited increases ranging between 1.4% and 6%. It was observed that these altcoins were trying to compensate for the losses throughout June. Dogecoin (DOGE) and Shiba Inu (SHIB), also known as meme coins, gained more than 2% on Friday.

Depending on the US inflation data expected to be announced on Friday, investors’ turning to the US dollar, which they see as a safer haven, affected cryptocurrency prices downwards. These data will be an important factor in determining the US Federal Reserve’s interest rate policy.

The expectation that higher interest rates will continue in the longer term continues to put pressure on the cryptocurrency market. The cryptocurrency market performs better in a low-interest and speculation-based environment.

June was a period of losses for Bitcoin and the broader cryptocurrency market. Mt. Concerns about a possible sales wave from Gox and US interest rate policy uncertainty caused an uneasy expectation to prevail in the market. Eliminating these uncertainties in the coming period will be one of the most important factors that will determine the direction of the cryptocurrency market.