Crypto market drowns in red as bitcoin falls to $68,000, XRP, ETH slide over 5%
The crypto market is deep red, with Bitcoin dropping near $68,200 while XRP and Ether see losses exceeding 5%.Summary
The cryptocurrency market experienced significant losses on Monday, with Bitcoin falling near $68,200, down nearly 3% in 24 hours, while major altcoins like XRP and Ether saw declines exceeding 5%. Losses affected 85 of the top 100 tokens by market cap, with privacy coins Monero and Zcash dropping 10% and 8%, respectively. This weakness follows positive sentiment from last week's slower-than-expected U.S. Consumer Price Index (CPI) data, which had fueled hopes for Federal Reserve rate cuts and briefly pushed Bitcoin above $70,000 over the weekend. However, rallies struggled to hold, with analysts suggesting selective demand and ongoing 'de-leveraging' in derivatives markets are keeping traders defensive. The market is now awaiting a packed week of macroeconomic data, including the Fed meeting minutes and the core Personal Consumption Expenditures (PCE) price index, which is the Fed's preferred inflation gauge, for further direction.
(Source：CoinDesk)