Bitcoin price today: erases gains after briefly rising near $109k; up 3.5% in June

Investing.com-- Bitcoin remained little changed on Monday, mirrored by broader cryptocurrency prices as risk appetite cooled following the recent rally driven by increased optimism over U.S. trade deals and potential interest rate cuts in the country. 

The world’s largest crypto slipped 0.4% to $107,600.0 by 09:01 ET (14:01 GMT). Bitcoin initially rose to $108,771 in early trading and was on track to break out of a trading range seen through most of June, before erasing its gains. 

The initial boost came partly due to Canada’s decision to rescind a digital service tax on U.S. companies and offer to restart trade deals with Washington. Ottawa is eyeing a July 21 deadline to reach a trade deal.

The move came as Japan also signaled continued efforts to reach a U.S. trade deal, while a recent U.S.-UK trade agreement took effect on Monday. 

Markets are hoping that the U.S. will sign trade deals with more major economies before a July 9 deadline for President Donald Trump’s steep tariffs to take effect. 

Bitcoin set for third straight month of gains

Bitcoin was trading up around 3.5% for June, as a mix of U.S. policy optimism, trade progress, and rate cut bets helped boost risk-driven flows into the crypto. Bitcoin had also hit a record high earlier in the month. 

Bitcoin’s biggest point of support was the progress of a stablecoin regulation bill through Congress, which highlighted President Donald Trump’s commitment to doling out more crypto-friendly regulation.

Signs of government adoption continued with mortgage giants Freddie Mac (OTC:FMCC) and Fannie Mae (OTC:FNMA) signaling that they will consider using crypto 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 appeared to be holding. 

Strategy discloses a new near 5k Bitcoin purchase

Strategy, formerly known as MicroStrategy (NASDAQ:MSTR), purchased 4,980 more Bitcoins between June 23 and June 29 for $531.9 million, at an average price of $106,801, according to a regulatory filing.

The world’s largest public holder of Bitcoin now holds 597,325 BTC, valued at over $64 billion, acquired at an average price of $70,982 per coin. Executive chairman Michael Saylor said the total cost amounts to $42.4 billion, implying unrealized gains of about $21.6 billion.

The latest purchase was funded through proceeds from recent equity sales, including $519.5 million raised from selling over 1.35 million MSTR shares, as well as preferred stock offerings.

Crypto price today: altcoins lag Bitcoin in June 

In line with Bitcoin, broader crypto prices were muted on Monday.

Most altcoins severely lagged Bitcoin in June, as the world’s largest crypto continued to be the locus of investor and regulatory interest. Corporate buying of Bitcoin also picked up in June, helping the crypto outpace broader markets. 

World no.2 crypto Ether inched 0.7% higher to $2,463.54 on Monday, but was down nearly 3% in June. XRP traded flat on Monday and was up 0.9% for the month.

Solana was trading down 2.8% in June, while Cardano was by far the worst performer among major altcoins, and was trading down over 17%. 

Among memecoins, $TRUMP was down roughly 20% in June, while Dogecoin was down over 14%.

(Ambar Warrick contributed to this report.)