Bitcoin
fluctuates around US$68,000, Ether rises as spot ETF progresses By Investing.com
Investing.com – Bitcoin was little changed on Monday as concerns over high interest rates persisted ahead of key US inflation data due later this week, while Ether saw an extended rebound in progress toward a spot exchange-traded fund.
Broader cryptocurrency prices were also broadly subdued as traders remained tilted toward the dollar amid waning optimism over interest rate cuts by the Federal Reserve this year.
fell 1.2% in the last 24 hours to $68,354.5 at 07:49 ET (11:49 GMT), remaining within a trading range established over the last two months.
But not the world. 2 was trading near two-month highs, up 2.2% to $3,897.5.
Ether Boosted by SEC Approval for Spot ETF
The world’s second-largest crypto token got a big boost over the weekend after the Securities and Exchange Commission approved requests from several major exchanges to list ETFs that directly track the price of Ether.
The approval now opens the door for the SEC to engage with fund operators including VanEck, ARK Investment Management and seven other issuers that have signed up to list their spot Ether ETFs.
Analysts expect the approval of spot ETFs to trigger a sharp rally in Ether, similar to that seen in Bitcoin following the approval of Bitcoin spot ETFs earlier this year.
But Bitcoin has largely been treading water in recent months after initial enthusiasm for ETFs dried up. Capital flows into Bitcoin ETFs have also stagnated in recent weeks.
Crypto Price Today: Altcoins Subdued as PCE Test Approaches
Fears of longer US interest rate hikes have been a key point of pressure on crypto markets in recent weeks, especially after a number of Federal Reserve officials warned that sticky inflation will delay any plans to cut rates. fees.
This notion has kept price movements in altcoins largely muted, with both downward and upward movements.
The Meme token fell 1.6% and rose around 3%.
This week’s focus is squarely on data – the Fed’s preferred inflation gauge.
The reading is expected to take into account expectations for interest rates.
Still, traders were seen largely pricing in bets on a rate cut in September, according to .