Bitcoin was largely unchanged on Monday, in line with broader cryptocurrency prices, reflecting a risk appetite after the recent rally driven by increasing optimism about U.S. trade deals and a potential interest rate cut in the country.
The largest cryptocurrency in the world fell 0.4% to $107,600.0 by 4:01 PM Saudi time. Bitcoin initially rose to $108,771 in early trading and was on track to break out of the trading range seen for most of June before erasing its gains.
The initial boost was partly due to Canada's decision to scrap the digital services tax on U.S. companies and its offer to restart trade talks with Washington. Ottawa is targeting a deadline of July 21 to reach a trade agreement.
This move came as Japan also indicated ongoing efforts to reach a trade agreement with the United States, while the recent trade agreement between the U.S. and the U.K. came into effect on Monday.
Markets hope that the United States will sign trade agreements with more major economies before the July 9 deadline for President Donald Trump's higher tariffs to take effect.
Bitcoin is on track for its third consecutive month of gains.
Bitcoin traded up about 3.5% for June, as a mix of optimism regarding U.S. policy, trade progress, and bets on interest rate cuts helped boost risk-driven flows into cryptocurrencies. Bitcoin also reached a record high earlier in the month.
The largest support point for Bitcoin was the advance of a stablecoin regulation bill through Congress, highlighting President Donald Trump's commitment to delivering more cryptocurrency-friendly regulations.
Signs of government adoption continued as mortgage giants Freddie Mac (OTC:FMCC) and Fannie Mae (OTC:FNMA) indicated that they would consider using cryptocurrencies as collateral in home loans.
In addition to signs of institutional adoption, risk appetite was boosted over the past week by a ceasefire between Israel and Iran, which appears to be holding.
Cryptocurrency prices today: Altcoins lag behind Bitcoin in June.
In line with Bitcoin, broader cryptocurrency prices were quiet on Monday.
Most altcoins significantly lagged behind Bitcoin in June, as the largest cryptocurrency in the world continued to be the focus of investor and regulatory interest. Corporate buying of Bitcoin also increased in June, helping the cryptocurrency outperform broader markets.
The second-largest cryptocurrency, Ethereum, rose 0.7% to $2,463.54 on Monday, but it fell about 3% in June. XRP traded unchanged on Monday and rose 0.9% during the month.
Solana traded down 2.8% in June, while Cardano was the worst performer among major altcoins, trading down more than 17%.
Among meme coins, $TRUMP fell about 20% in June, while Dogecoin dropped over 14%.
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