Bitcoin
rises above $69K but still within range despite rate cut hopes By Investing.com
Investing.com – The price of Bitcoin rose on Monday but remained largely range-bound despite optimism about possible interest rate cuts by major central banks this week and weakness in the dollar.
rose 1.5% in the last 24 hours to $69,253.8 at 08:18 ET (12:18 GMT). But the world’s largest cryptocurrency has remained within the $60,000 to $70,000 trading range established since mid-March.
Bukele’s re-election brings little price action amid few references to Bitcoin
Bitcoin saw little price action even as El Salvador President Nayib Bukele – who adopted the cryptocurrency as legal tender in 2021 – was re-elected to a second term over the weekend.
Bukele was considered an important figure in the crypto space because of the legalization of the token and also regularly used the country’s treasury to purchase the token on the open market.
But Bukele made little mention of Bitcoin during his inauguration. The president of El Salvador also appears to have removed all mentions of Bitcoin and cryptocurrencies from his social media profile on X (formerly Twitter).
Bukele promised remedies to fix the ailing Salvadoran economy during his inauguration, after government debt levels soared during his first term. The country’s adoption of Bitcoin has done little to stimulate the economy.
Bukele’s highly publicized plans for a “Bitcoin City” also failed as they attracted little interest from private investors. El Salvador returned to traditional debt markets earlier this year with a $1 billion bond sale.
Still, the value of El Salvador’s Bitcoin holdings has risen substantially, after the token enjoyed a stellar recovery in 2023 and early 2024.
Crypto Price Today: Unenthusiastic Despite Rate Cut Expectations
Broader cryptocurrency prices moved little on Monday, receiving little support from a broader rally in risk-oriented markets amid increased focus on interest rate cuts.
The world’s number 2 token rose 0.15% to $3,811.02, while adding 0.5% and falling 0.4%
Among meme coins, it lost 0.2% while rising 1.6%.
Stock markets rose on Monday in anticipation of interest rate cuts later this week.
by the Federal Reserve in September, it also rose after Friday’s data showed some cooling in inflation. The central bank is expected to keep rates stable at .
First Australian spot Bitcoin ETF to launch on Tuesday
Australia-based Monochrome Asset Management announced that its Monochrome Bitcoin exchange-traded fund (ETF), under the ticker IBTC, will begin trading on the Cboe Australia exchange on Tuesday, Coindsk reported today.
This ETF is the first and only in Australia to directly hold bitcoin.
While Australia has two other exchange-traded products on Cboe Australia that offer exposure to spot crypto assets, neither holds the cryptocurrency directly.
“Prior to IBTC, Australian investors could only invest in ETFs that held bitcoin indirectly or through offshore bitcoin products, both of which do not benefit from investor protection rules under the Australian Directly Held Crypto Asset Licensing Regime Financial Services Licensing (AFSL). ,” the company said.
To launch such a product in Australia, companies need approval from the Australian Securities & Investments Commission (ASIC) and the exchange where the product will be listed, in this case, Cboe Australia. Monochrome has already obtained ASIC approval for this ETF.