Bitcoin remained virtually unchanged on Monday, as did broader cryptocurrency prices, as risk appetite cooled following a recent rally spurred by heightened optimism regarding U.S. trade deals and a potential interest rate cut in the country.
The world's largest cryptocurrency fell by 0.4% to $107,600.0 as of 4:01 PM Moscow time. Bitcoin initially rose to $108,771 in early trading and was on track to break out of the trading range observed for most of June before erasing its gains.
The initial momentum was partly driven by Canada’s decision to scrap the digital services tax for U.S. companies and propose to resume trade deals with Washington. Ottawa aims to achieve a trade agreement by July 21.
This move followed Japan also signaling a continuation of efforts to achieve a trade deal with the U.S., while a recent trade agreement between the U.S. and the UK came into effect on Monday.
Markets hope that the U.S. will sign trade agreements with a larger number of major economies by July 9 — the deadline for the implementation of high tariffs by President Donald Trump.$BTC