Investing.com – Bitcoin prices fell on Monday, continuing a wave of selling seen over the weekend, as sentiment toward crypto markets remained weak following a sharp decline last month.
Towards the end of last week, cryptocurrencies saw some relaxation after broader financial markets recovered and investors believed that fears of a U.S. recession were overblown.
But this concept lost momentum over the weekend as crypto tokens have been steadily selling over the past two days.
fell 4.3% to $58,520.7 at 01:52 ET (05:52 GMT). Trading volumes were also somewhat subdued due to a Japanese stock market holiday.
Bitcoin fluctuates after crash to $49,000
The world’s largest cryptocurrency has fluctuated between $50,000 and $60,000 over the past week, after previously falling as low as $49,000.
Sentiment towards risk-on markets remained tight, particularly ahead of the release of key US inflation data on Wednesday, which is expected to provide further clues about the US Federal Reserve’s plans to cut interest rates.
While equity markets have recovered somewhat in recent sessions, with Asian stocks gaining on Monday, cryptocurrencies have lagged behind this recovery as the market is more speculative.
Some resilience in the dollar also weighed on the situation, with the greenback seeing inflows as traders prepared for inflation figures on Wednesday, which are expected to show that inflation continued to cool in July, giving the Fed more confidence to start cutting interest rates.
Crypto price today: Altcoins fall, XRP rally ebbs away
Broader crypto markets also declined as Bitcoin selling spilled over into major altcoins.
The world’s No. 2 token fell 4.3% to $2,549.22.
fell 4.7% to $0.5625, ending last week’s strong rally.
XRP Issuer Labs was ordered to pay part of the penalty demanded by the US Securities and Exchange Commission (SEC) for the company’s illegal sale of securities.
However, the case still did not bring regulatory clarity on whether crypto tokens are considered securities.
Other altcoins fell by 5.8% and 8.3%, respectively.
Memetokens and lost more than 6% each.
