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Bitcoin price today: hovers around $68k, Ether surges on spot ETF progress

Published 05/27/2024, 01:36 PM
© Reuters

Investing.com-- Bitcoin price moved little on Monday as concerns over high interest rates persisted ahead of key U.S. inflation data due later this week, while Ether saw an extended rally on progress towards a spot exchange-traded fund. 

Broader crypto prices were also largely subdued, as traders remained biased towards the dollar amid waning optimism over interest rate cuts by the Federal Reserve this year.

Bitcoin fell 0.3% in the past 24 hours to $68,760.3 by 01:04 ET (05:04 GMT), remaining within a trading range established over the past two months. 

But world no. 2 token Ether was a key outperformer, rallying 4.4% to $3,913.79, coming close to an over 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 for the listing of 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 one seen in Bitcoin after the approval of spot Bitcoin ETFs earlier this year. 

But Bitcoin has largely tread water in recent months after initial enthusiasm over the ETFs ran dry. Capital flows into Bitcoin ETFs were also seen stagnating in recent weeks. 

Crypto price today: Altcoins subdued as PCE test looms 

Fears of high for longer U.S. interest rates were a key point of pressure on crypto markets in recent weeks, especially after a string of Federal Reserve officials warned that sticky inflation will delay any plans to cut rates. 

This notion kept price moves in altcoins largely muted. XRP and SOL fell 2% and 0.8%, respectively.

Meme tokens DOGE and SHIB shed 4.3% and 1.6%, respectively.

Focus this week is squarely on PCE price index data- the Fed’s preferred inflation gauge.

The reading is widely expected to factor into expectations for interest rates.

Still, traders were seen largely pricing out bets on a rate cut in September, according to the CME Fedwatch tool.

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