Bitcoin remained steady above $111,000 on Monday as investors awaited U.S. inflation data, while corporate treasury adoption in Africa offered a supportive backdrop amid Japan’s bond market uncertainty.
Ether (ETH) traded near $4,293, XRP gained 2.5% to $2.90, Solana (SOL) rose 2.6% to $208, and Dogecoin (DOGE) led with a 7% jump to $0.2374. Overall market capitalization for major cryptocurrencies inched higher, though trading volumes remain below August peaks.
Macro Data in Focus
Investors are eyeing U.S. producer and consumer inflation reports due midweek. Jeff Mei, COO at BTSE, noted, “Cryptocurrencies have been trading at subdued levels as the Fed considers rate cuts amid persistent inflation. Higher-than-expected numbers could weigh on Bitcoin and Ethereum, while lower readings may trigger a rally.” With spot BTC ETF inflows under $100 million daily—well below summer highs—macro signals have become a key driver.
African Treasury Adoption
Johannesburg-based Altvest Capital announced plans to raise $210 million to purchase Bitcoin and rebrand as Africa Bitcoin Corp., enabling pension funds and unit trusts to gain regulated BTC exposure via equity. The strategy mirrors U.S. and Japanese firms like MicroStrategy and Metaplanet, using equity issuance to fund long-term Bitcoin reserves.
Japan 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 crypto markets, historically considered a macro hedge.
Outlook
Bitcoin is balancing support from treasury adoption and ETF flows against macro uncertainty from Japan and the U.S. Traders now await inflation data to gauge the market’s next move, with September historically among the weaker months for crypto.
