Key Takeaways
- • Bitcoin traded at $80,227.7, down 0.4%, by 01:52 ET on Monday after a roughly $2,000 slide over the weekend, according to Investing.com.
- • Bitcoin sat near the bottom of its $80,000-$87,000 trading range established over the past month, with no clear positive catalysts for crypto markets.
- • Oil prices, though down from six-month highs after reports of further Middle Eastern talks with Iran, remain near annual peaks, keeping markets on edge over global economic impact.
- • The Federal Reserve, European Central Bank and Bank of Japan are all widely expected to hold rates this week but to signal a hawkish stance amid sticky inflation and energy risks, raising the prospect of further hikes later in the year.
- • Ether fell 0.9% to $2,320.05, and most altcoins declined, while the usual October seasonal rally in crypto, dubbed "uptober", failed to materialize for a second straight year.
Summary
Bitcoin moved little on Monday, trading at $80,227.7 by 01:52 ET (05:52 GMT), down 0.4%, after sharp losses over the weekend, according to Investing.com. The world's largest cryptocurrency had slid by about $2,000 over the weekend as sentiment failed to recover amid a sustained decline in global technology stocks and positioning ahead of hawkish signals from major central banks.
The price sat close to the bottom of an $80,000 to $87,000 trading range established over the past month, with few positive cues available to crypto traders. Oil prices slid from six-month highs on Monday after a report of further talks between Middle Eastern powers and Iran, but they remained close to annual peaks, leaving markets uneasy about the effect on the global economy.
Monetary policy is a further source of pressure. The Federal Reserve, European Central Bank and Bank of Japan are all scheduled to meet this week and are widely expected to leave rates unchanged. However, the article notes that all three are expected to present a hawkish outlook given increasingly sticky inflation and energy risks, leaving the door open to further rate hikes later in the year. Higher rates are generally unfavorable for speculative assets such as crypto and could weigh on prices over the longer term.
Broader digital asset markets followed Bitcoin lower. Ether fell 0.9% to $2,320.05 and XRP dropped 0.5%, while Solana fell 0.2%, Cardano shed 0.8% and BNB declined 0.2%. Among memecoins, Dogecoin rose 0.4% while $TRUMP fell 0.6%. The article notes that the seasonal October rally in crypto, known as "uptober", did not materialize for a second consecutive year, with retail and institutional sentiment toward the sector remaining weak.
The price sat close to the bottom of an $80,000 to $87,000 trading range established over the past month, with few positive cues available to crypto traders. Oil prices slid from six-month highs on Monday after a report of further talks between Middle Eastern powers and Iran, but they remained close to annual peaks, leaving markets uneasy about the effect on the global economy.
Monetary policy is a further source of pressure. The Federal Reserve, European Central Bank and Bank of Japan are all scheduled to meet this week and are widely expected to leave rates unchanged. However, the article notes that all three are expected to present a hawkish outlook given increasingly sticky inflation and energy risks, leaving the door open to further rate hikes later in the year. Higher rates are generally unfavorable for speculative assets such as crypto and could weigh on prices over the longer term.
Broader digital asset markets followed Bitcoin lower. Ether fell 0.9% to $2,320.05 and XRP dropped 0.5%, while Solana fell 0.2%, Cardano shed 0.8% and BNB declined 0.2%. Among memecoins, Dogecoin rose 0.4% while $TRUMP fell 0.6%. The article notes that the seasonal October rally in crypto, known as "uptober", did not materialize for a second consecutive year, with retail and institutional sentiment toward the sector remaining weak.
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