Ethereum
Hovering Around $68,000, Ether Rises on Spot ETF Progress By Investing.com
Investing.com– Bitcoin price was little changed on Monday as concerns over high interest rates persisted ahead of key US inflation data expected later this week, while Ether saw an extended rally towards a cash exchange-traded fund.
Prices for broader cryptocurrencies were also largely subdued, with traders remaining tilted toward the dollar amid waning optimism over interest rate cuts by the Federal Reserve this year.
fell 0.3% over the past 24 hours to $68,760.3 as of 1:04 a.m. ET (05:04 GMT), remaining within a trading range established over the past two months.
But the world doesn’t. Token 2 was a key outperformer, up 4.4% to $3,913.79, closing in on a more than two-month high.
Ether Boosted by SEC Approval for Spot ETF
The world’s second-largest crypto token saw a major boost over the weekend after the Securities and Exchange Commission approved applications 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 who have applied to list their spot Ether ETFs.
Analysts expect the approval of spot ETFs to trigger a sharp rally in Ether, similar to that seen for Bitcoin after the approval of Bitcoin spot ETFs earlier this year.
But Bitcoin has largely stalled 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 Moderate As PCE Test Approaches
Fears of sustained high U.S. interest rates have been a key point of pressure in crypto markets in recent weeks, particularly after a series of Federal Reserve officials warned that persistent inflation would delay any rate reduction project.
This notion has largely limited the price movements of altcoins. and fell 2% and 0.8%, respectively.
Meme tokens lost 4.3% and 1.6%, respectively.
This week, the focus is squarely on the data, the Fed’s favorite inflation gauge.
This reading is widely expected to factor into interest rate expectations.
Still, traders have largely discounted their bets on a rate cut in September, according to the .