Bitcoin rose on Monday, while broader cryptocurrency prices also advanced as risk appetite was boosted by increased optimism over U.S. trade deals and potential interest rate cuts in the country.
The world’s largest crypto rose 1% to $108,358.7 by 01:10 ET (05:10 GMT), and was on track to break out of a trading range seen through most of June.
Risk appetite was encouraged by Canada on Sunday rescinding a digital service tax on U.S. companies and offering to restart trade deals with Washington. Ottawa is eyeing a July 21 deadline to reach a trade deal.
The move came as Japan also signaled continued efforts to reach a U.S. trade deal, while a recent U.S.-UK trade agreement took effect on Monday.
Markets are hoping that the U.S. will sign trade deals with more major economies before a July 9 deadline for President Donald Trump’s steep tariffs to take effect.
Bitcoin set for third straight month of gains Bitcoin was trading up 3.6% for June, as a mix of U.S. policy optimism, trade progress, and rate cut bets helped boost risk-driven flows into the crypto. Bitcoin had also hit a record high earlier in the month.
Bitcoin’s biggest point of support was the progress of a stablecoin regulation bill through Congress, which highlighted President Donald Trump’s commitment to doling out more crypto-friendly regulation.
Signs of government adoption continued with mortgage giants Freddie Mac (OTC:FMCC) and Fannie Mae (OTC:FNMA) signaling that they will consider using crypto as collateral in home loans.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. In addition to signs of institutional adoption, risk appetite was boosted over the past week by a ceasefire between Israel and Iran, which appeared to be holding.
Crypto price today: altcoins rise but lag Bitcoin in June Broader crypto prices rose on Monday, also taking support from increased speculation over interest rate cuts by the Fed. Bets that the Fed will cut rates by as soon as September were seen growing over the past week.
But most altcoins severely lagged Bitcoin in June, as the world’s largest crypto continued to be the locus of investor and regulatory interest. Corporate buying of Bitcoin also picked up in June, helping the crypto outpace broader markets.
World no.2 crypto Ether rose 2.8% on Monday, but was down 1% in June. XRP rose 0.3% and was up 0.9% for the month.
Solana was trading down 3.4% in June, while Cardano was by far the worst performer among major altcoins, and was trading down nearly 17%.
Among memecoins, $TRUMP was down nearly 20% in June, while Dogecoin was down 13%.
