Bitcoin held above $111,000 on Monday as traders awaited key U.S. inflation data, while corporate treasury adoption in Africa offered a supportive backdrop amid turbulence in Japan’s bond market.
Ether (ETH) hovered around $4,293, XRP rose 2.5% to $2.90, Solana (SOL) added 2.6% to $208, and Dogecoin (DOGE) outperformed with a 7% gain to $0.2374. Market capitalization for major cryptocurrencies edged higher, though trading volumes remain below August highs.
Macro Data Under Scrutiny
Investors are closely monitoring midweek U.S. producer and consumer inflation reports. Jeff Mei, COO at BTSE, said: “Cryptocurrencies have traded in a subdued range as the Fed weighs rate cuts amid persistent inflation. Higher-than-expected numbers could weigh on Bitcoin and Ethereum, while lower readings may trigger a rally.” With daily inflows into spot BTC ETFs under $100 million—far below summer highs—macro signals are increasingly driving market sentiment.
African Corporate Adoption
Johannesburg-based Altvest Capital plans to raise $210 million to purchase Bitcoin and rebrand as Africa Bitcoin Corp., allowing pension funds and unit trusts to gain regulated BTC exposure via equity. The move mirrors strategies from firms like MicroStrategy and Japan’s Metaplanet, using equity issuance to fund long-term Bitcoin reserves.
Japan’s Market Adds Headwinds
Prime Minister Shigeru Ishiba’s resignation triggered a selloff in long-dated Japanese government bonds, pushing 30-year yields to 3.285% and steepening the curve. Yen volatility may influence Bitcoin and broader crypto markets, historically seen as a macro hedge.
Outlook
Bitcoin currently balances supportive flows from treasury adoption and ETF inflows against macro risks from Japan and the U.S. Traders will be watching midweek inflation data to gauge the next directional move, with September historically a weaker month for crypto.
