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hovers around $68,000, Ether jumps on ETF spot progress By Investing.com
Investing.com– Bitcoin price moved little on Monday as concerns over high interest rates persisted ahead of key US inflation data due later this week, while Ether saw a sustained rally on progress towards a bottom listed on the spot stock exchange.
Broader cryptocurrency prices were also largely subdued, as traders remained biased towards the dollar amid waning optimism about interest rate cuts by the Federal Reserve this year.
fell 0.3% over the past 24 hours to $68,760.3 as of 01:04 ET (0504 GMT), remaining within a trading range established over the past two months.
But not the world. 2 was a key performer, rallying 4.4% to $3,913.79, nearing a more than two-month high.
Ether Boosted by SEC Approval for Spot ETF
The world’s second-largest crypto token saw a notable 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 interact with fund operators including VanEck, ARK Investment Management and seven other issuers who have applied to list their spot ETFs on Ether.
Analysts expect the approval of spot ETFs to trigger a strong rally in Ether, similar to that seen in Bitcoin following the approval of spot Bitcoin ETFs earlier this year.
But Bitcoin has largely remained afloat in recent months after the initial enthusiasm for ETFs wore off. Capital flows into Bitcoin ETFs have also stagnated in recent weeks.
Cryptocurrency Price Today: Altcoins Are Subdued as PCE Test Approaches
Fears of higher US interest rates for a longer period have been a key point of pressure on cryptocurrency markets in recent weeks, especially after a series of Federal Reserve officials warned that sticky inflation will delay any cut plans of rates.
This notion has kept altcoin price movements largely muted. and decreased by 2% and 0.8% respectively.
Meme Tokens and Shed lost 4.3% and 1.6% respectively.
This week the focus is on data, the Fed’s preferred inflation indicator.
The reading is widely expected to take into account interest rate expectations.
However, according to the .