• Bitcoin recovered from a 4% drop to reach $57,000, while Ether surpassed $3,000.
  • Markets are shifting their focus away from Mt. Gox’s payments to U.S. Federal Reserve policy, with traders focusing on economic data releases and Fed chair Jerome Powell’s testimonies later in the week.

Bitcoin recovered from a 4% drop in the Asian session to reach $57,000 on Monday morning, while some majors gained as much as 3 percent.

ADA Price Index and Live Chart – CoinDesk”>(ADA) led gains with a 3.3% rise over the past 24 hours. Solana’s SOL, BNB Chain’s BNB and Dogecoin (DOGE), were all up at least 1%.

Celestia’s TIA token, with a capitalization of between $1 billion to $5 billion, led the gains. It jumped 15% before its Modular Summit scheduled for Thursday.

The broad-based CoDesk 20 index, which is an index of large tokens, has edged up, after a 7% drop earlier in the day.

BTC traders have returned to following the Federal Reserve’s speeches and policies, as the market is now largely pricing in the impact that the defunct crypto-exchange Mt. Gox’s repayments.

BTC experienced one of the steepest drops in its history last week. Prices fell by more than 8% within a span of just a few short hours on Friday. They dropped to $53,600, shortly after Mt. Gox began moving millions of tokens to the Japan-based bitBank Exchange. In an email sent to CoinDesk on Monday, the exchange’s trading department told CoinDesk that it expects a lesser impact of Mt. Gox’s future wallet movements are expected.

Yuya Hasegawa is a crypto market analyst for bitBank. She said that Bitcoin was already trading around $54,000 when Mt.Gox announced they were beginning repayment. The price recovered briefly after the announcement, and briefly reached $58,000 over the weekend.

Hasegawa continued, “The market overpriced the repayment before it started and reacted later to the jobs report (in the U.S.), which was released on Friday after Mt.Gox began its repayment.” This suggests that market concern over Mt.Gox repayment is beginning to fade and the focus is now shifting to the Fed policy decisions.

The U.S. Consumer Price Index report (CPI) is due on Thursday. Federal Reserve Chair Jerome Powell is scheduled to testify before Congress on Tuesday and Wednesday. He may provide clues about whether the central banks intends to relax monetary policy over the next few months.

Some market analysts expect the price decline to continue in spite of the summer holidays.

In an email, Philippe Bekhazi shared that investors are experiencing more summer blues. The bottom line is that sellers are more motivated right now than buyers. Many people are on holidays, small miners have shut down and long-term investors are trimming their position.

Bekhazi continued, referring the seasonality that is commonly observed in the bitcoin market cycles.

Stephen Alpher edited the book.