Investing.com – Bitcoin moved little on Monday as concerns about high interest rates lingered ahead of key U.S. inflation data due later in the week, while Ether saw an extended rally amid progress towards a listed fund on the spot exchange.
Broader cryptocurrency prices were also largely subdued as investors remained biased toward the dollar amid waning optimism about Federal Reserve interest rate cuts this year.
fell 0.3% in the last 24 hours to $68,760.3 by 01:04 ET (05:04 GMT), remaining within the trading range established over the past two months.
But the world doesn’t. 2 token achieved a key performance, rising 4.4% to $3,913.79, approaching its highest level in over two months.
Ether boosted by SEC approval for spot ETF
The world’s second-largest crypto token saw a significant gain 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.
This approval now opens the door for the SEC to partner with fund operators, including VanEck, ARK Investment Management and seven other issuers that have submitted listing applications for their spot ETFs.
Analysts expect the approval of spot ETFs to trigger a surge in the Ether market, similar to what was seen in Bitcoin after the approval of spot Bitcoin ETFs earlier this year.
However, Bitcoin has largely fallen in recent months as initial enthusiasm for ETFs waned. Recent weeks have seen stagnation in capital inflows into Bitcoin ETFs.
Today’s Cryptocurrency Price: Altcoins Reduced as PCE Test Approaches
Fear of high and longer U.S. interest rates has been a key point of pressure on cryptocurrency markets in recent weeks, especially after a number of Federal Reserve officials warned that stiff inflation would delay any plans to cut interest rates.
This view has kept altcoin price movements largely muted. and decreased by 2% and 0.8%, respectively.
Meme tokens and are losing 4.3% and 1.6% respectively.
This week, the focus is squarely on the data – the Fed’s preferred measure of inflation.
This reading is widely expected to take into account interest rate expectations.
Nevertheless, according to .
