Bitcoin’s price increased on Monday but remained within a narrow trading range despite optimism about potential interest rate cuts by major central banks and a weaker dollar.
Bitcoin rose 1.5% over the past 24 hours, reaching $69,253.8 by 08:18 ET (12:18 GMT). However, the world’s largest cryptocurrency stayed within the $60,000 to $70,000 range established since mid-March.
Bukele’s Re-election Brings Minimal Impact on Bitcoin Prices
Bitcoin saw little movement even after El Salvador President Nayib Bukele, who made the cryptocurrency legal tender in 2021, was re-elected for a second term over the weekend.
Bukele, a significant figure in the crypto space, had frequently used the country’s treasury to buy Bitcoin. However, he made few references to Bitcoin during his swearing-in ceremony and seemed to have removed mentions of Bitcoin and cryptocurrencies from his social media profiles.
During his inauguration, Bukele focused on promises to address El Salvador’s economic challenges, which had worsened due to rising government debt during his first term. The adoption of Bitcoin had not significantly boosted the economy. His ambitious “Bitcoin City” project also failed to attract substantial private investment. Earlier this year, El Salvador returned to traditional debt markets with a $1 billion bond sale.
Despite these setbacks, El Salvador’s Bitcoin holdings increased in value following a strong rally in 2023 and early 2024.
Cryptocurrency Prices Show Little Enthusiasm Despite Rate Cut Expectations
Cryptocurrency prices showed minimal movement on Monday, even with a broader rally in risk-driven markets due to heightened expectations of interest rate cuts.
Ether, the second-largest cryptocurrency, rose 0.15% to $3,811.02, Solana added 0.5%, and XRP fell 0.4%.
Among meme coins, SHIB lost 0.2%, while DOGE gained 1.6%.
Stock markets rallied on Monday, anticipating interest rate cuts from the European Central Bank and the Bank of Canada later this week. Expectations for a Federal Reserve rate cut in September also increased after recent data indicated some cooling in inflation. The Fed is expected to maintain current rates at its upcoming meeting next week.
First Australian Spot Bitcoin ETF to Launch on Tuesday
Australia-based Monochrome Asset Management announced that its Monochrome Bitcoin exchange-traded fund (ETF), trading under the ticker IBTC, will begin trading on the Cboe Australia exchange on Tuesday, according to a Coindesk report.
This ETF is the first in Australia to hold Bitcoin directly.
Australia has two other exchange-traded products on Cboe Australia offering exposure to spot crypto assets, but neither holds the cryptocurrency directly.
“Before IBTC, Australian investors could only invest in ETFs that indirectly hold Bitcoin or through offshore Bitcoin products, which do not benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) regime,” the company stated.
Launching such a product in Australia requires approval from the Australian Securities & Investments Commission (ASIC) and the exchange where the product will be listed. Monochrome has already secured ASIC approval for this ETF.
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