On Monday, Bitcoin remained largely stable, declining by 1.2% to $68,354.5, amid persistent concerns over high interest rates and ahead of key U.S. inflation data. Broader cryptocurrency prices were also subdued, with traders favoring the dollar due to diminished optimism about Federal Reserve interest rate cuts this year.
In contrast, Ether saw a significant rally, rising 2.2% to $3,897.5, reaching near two-month highs. This surge followed the U.S. Securities and Exchange Commission's (SEC) approval of applications from several major exchanges to list spot exchange-traded funds (ETFs) that directly track the price of Ether. The approval is expected to prompt further discussions with fund operators such as VanEck and ARK Investment Management, potentially leading to a substantial rally in Ether, similar to Bitcoin's earlier response to spot ETF approvals.
Despite initial excitement, Bitcoin's performance has stagnated recently, with capital flows into Bitcoin ETFs also slowing down. Broader altcoin markets remained mixed, with XRP declining, SOL rising, DOGE shedding 1.6%, and SHIB increasing by around 3%.
The focus this week is on the Personal Consumption Expenditures (PCE) price index data, the Federal Reserve's preferred measure of inflation, which is expected to influence interest rate expectations. However, traders are largely discounting the likelihood of a rate cut in September.
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