Bitcoin experienced minimal movement on Monday amid ongoing concerns about high interest rates ahead of crucial U.S. inflation data scheduled for later in the week. Meanwhile, Ether continued its rally driven by progress towards a spot exchange-traded fund (ETF).
In the broader crypto market, prices remained subdued as traders maintained a preference for the dollar amid diminishing hopes for interest rate cuts by the Federal Reserve this year.
Over the past 24 hours, Bitcoin dipped by 0.3% to $68,760.3 as of 01:04 ET (05:04 GMT), staying within a trading range established over the past two months. However, Ether, the world’s second-largest cryptocurrency, stood out with a 4.4% rally to $3,913.79, nearing a two-month high.
Ether’s surge came after the Securities and Exchange Commission (SEC) approved applications from several major exchanges to list ETFs directly tracking Ether’s price. This approval opens the door for the SEC to collaborate with fund operators such as VanEck, ARK Investment Management, and seven other issuers who seek to list spot Ether ETFs. Analysts anticipate a significant Ether rally following the approval, similar to Bitcoin’s response to spot Bitcoin ETF approvals earlier this year.
In contrast, Bitcoin has largely remained stagnant in recent months after initial excitement over ETFs waned. Capital inflows into Bitcoin ETFs have also stagnated in recent weeks.
Altcoins saw limited movement amid concerns about sustained high U.S. interest rates, particularly after warnings from Federal Reserve officials about persistent inflation delaying rate cut plans. XRP and SOL declined by 2% and 0.8%, respectively, while meme tokens DOGE and SHIB dropped by 4.3% and 1.6%.
The focus for the week is on the PCE price index data, the Fed’s preferred inflation measure. This reading is expected to influence interest rate expectations. However, traders have largely discounted the possibility of a rate cut in September, according to the CME Fedwatch tool.
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