KEY POINTS:
- Bitcoin prices float near $68,000.
- Technology shares drift lower.
- Ether ETFs coming Tuesday.
Bitcoin remained well-bid to start the week, briefly jumping above $68,000 per token, after it pulled ahead of tech stocks on Friday.
- Bitcoin prices BTCUSD approached their record high early Monday after the orange coin was unbothered by a red-hot selloff right across the street in the stock corner. While the major Wall Street indexes were getting battered on Friday, tech shares in particular, the OG crypto topped $67,000 per coin. Digital asset investors maintained that price level over the weekend and Bitcoin was gravitating around $68,000 to fairly flat as it opened for weekly trading today.
- Recent political events in the US have supported the bullish narrative for the crypto space. Former President Donald Trump boosted his chances of entering the White House for another four years after surviving an assassination attempt and then getting endorsed by Tesla CEO Elon Musk. Favorable crypto regulations are top of mind for the Republican nominee and that’s helping prices grind higher. President Biden’s decision to withdraw from the race, however, threw some uncertainty in the outlook.
- Excitement over the first spot Ethereum exchange-traded funds is building, too. The second-largest token ETHUSD is up about 2% since last week and the first Ethereum-holding investment vehicles are slated to start trading on Tuesday. Analysts are optimistic that more than $5 billion in net inflows could be seen getting injected into the ETFs on day one. Volatility could be expected.
