Bitcoin
Cryptocurrency Stocks Fall Overall as Bitcoin Falls By Investing.com
Cryptocurrency stocks are in decline ahead of the market on Monday as the price of Bitcoin has fallen more than 4% in the last 24 hours.
The leading cryptocurrency is currently trading at $61,159.6. In the last seven days, Bitcoin has fallen by almost 7%.
The price of Bitcoin fell on Monday, extending a deep drop from last week. Concerns about US interest rates and anticipation of key inflation data kept traders heavily tilted towards the dollar.
Traders were skeptical about the timing of the Federal Reserve’s interest rate cuts. High rates are negative for cryptocurrencies as they diminish the appeal of speculative and risk-oriented assets.
As a result, Coinbase is trading -3.9% in pre-market, Marathon Digital Holdings (NASDAQ:) is -5%, Riot Platforms (NASDAQ:) -3.3%, Hut 8 Mining Corp ( HUT) -5.6%, CleanSpark (NASDAQ: (NASDAQ:) -5.1%, Cipher Mining (NASDAQ:) -6.3% and Bitdeer Technologies (BTDR) -4%.
Broader cryptocurrency prices also came under pressure on Monday.