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Bitcoin Is Hovering Around $68k; Ether’s Spot ETF Progress Is Good

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© Reuters

(CTN News) – The Bitcoin price remained broadly stable on Monday as concerns about rising interest rates persisted ahead of U.S. inflation data later this week.

This is because worries about rising interest rates continued to persist. On the other hand, Ether experienced a sustained increase in value as a consequence of the effort that was made toward establishing a spot exchange-traded fund.

As a consequence of Bitcoin traders continuing to favor the dollar in spite of waning optimism regarding interest rate reductions by the Federal Reserve this year, the values of broader cryptocurrencies were also held back to a substantial amount. This was the case because traders continued to like the dollar.

Since the beginning of the twenty-four hour period, Bitcoin has had a decline of 1.2%, reaching $68,354.5 at 07:49 Eastern Time (11:49 GMT). As of right now, this is still inside the trading range that has been established over the course of the last two months.

Ether, on the other hand, which is the second most valuable token in the world, was trading at a level that was very near to its best point in the past two months. It had climbed by 2.2% to reach $3,897.5.

There has been an increase in the value of ether as a result of the SEC’s approval of a spot exchange-traded fund.
The applications that were submitted by a number of major exchanges for the listing of exchange-traded funds (ETFs) that directly follow the price of Ether were accepted by the Securities and Exchange Commission over the weekend. As a consequence, the value of the world’s second-largest cryptocurrency token experienced a significant increase as a result of this acceptance.

The Securities and Exchange Commission (SEC) is now able to engage with fund operators such as VanEck and ARK Investment Management, in addition to seven additional issuers that have submitted applications to list their spot Ether exchange-traded funds (ETFs). This permission allows the SEC to communicate with these fund operators.

It is anticipated that the approval of spot exchange-traded funds (ETFs) would result in a considerable increase in the value of Ether. This gain is analogous to the spike that happened in Bitcoin because of the approval of spot Bitcoin ETFs earlier this year. At the same time that initial euphoria around exchange-traded funds (ETFs) has subsided,

Bitcoin has, for the most part,

Remained unchanged over the course of the past few months. Furthermore, it was observed that the flow of capital into exchange-traded funds (ETFs) that are invested in Bitcoin has not changed over the course of the past several weeks. At this moment, the price of cryptocurrency is: Although the PCE test is getting closer, other cryptocurrencies continue to be rather quiet.

A significant factor that has contributed to the pressure that has been exerted on cryptocurrency markets over the past several weeks is the fear that interest rates in the United States will remain high for prolonged periods of time.

This is especially true in light of the fact that a number of executives from the Federal Reserve have expressed concern that any efforts to lower interest rates will be delayed so long as inflation remains persistent.

In general, the price fluctuations of other cryptocurrencies were restricted as a consequence of this assumption, with XRP experiencing a decline in value while SOL had an increase in value. The meme token known as DOGE experienced a decrease of 1.6%, whilst the digital currency known as SHIB experienced a surge of over 3%.

One of the most important things to pay attention to this week is the PCE price index, which is the favored inflation gauge of the Federal Reserve. The reading is expected to play a part in formulating projections regarding interest rates, which is something that all parties involved are looking forward to.

The CME Fedwatch tool suggests that traders were observed pricing out bets on a rate cut in September to a large level. This is despite the fact that the rate continues to remain same.


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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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