Investing.com – Bitcoin price moves little today As concerns over higher interest rates precede this week's U.S. inflation data, Ether continues to advance in progress on approval of an exchange-traded fund (ETF) listing.
The overall crypto market is quiet. That's because traders are bullish on the dollar as hopes that the Federal Reserve will cut interest rates this year are waning.
At 01:04 ET (05:04 GMT), it was down 0.3% in the past 24 hours to 68,760.3, within its trading range over the past two months.
But the second largest token in the world, on the contrary, is the best performing coin. It rose 4.4% to $3,913.79, nearing its highest level in more than two months.
Ether boosted by SEC's ETF progress
The world's second-largest crypto got a big boost over the weekend after the US Securities and Exchange Commission (SEC) approved several major exchanges' applications for ETF listing.
The approval clears the way for the SEC to join fund operators including VanEck and ARK Investment Management and seven other issuers that have applied for ETF registration.
A live ETF approval is expected to trigger a sharp rally in Ether, similar to what happened with Bitcoin after the ETF approval earlier this year.
However, Bitcoin has continued to trade within a range for the past several months. Capital flows into bitcoin ETFs have also stalled in recent weeks, after ETF enthusiasm died down.
Today's Crypto Prices: Altcoins Steady Ahead of PCE Report
Fears of higher interest rates in the US have been a major dampening factor for the crypto market in recent weeks. Especially after several central bank officials warned that even higher inflation would delay plans to cut interest rates.
This led to a slowdown in price movements in altcoins, which fell 2% and 0.8% respectively.
Meme tokens fell like and 4.3% and 1.6% respectively.
The market's focus this week is on price index data. That's the measure of inflation the central bank was interested in on Friday. This information is expected to have a significant impact on interest rate trends.
However, most traders are downplaying expectations for a September rate cut. The tool shows
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