Bitcoin takes the start of a new weak with the opening price above $60K, but in the early hours of trade on Monday, a major sell-off dragged the token to trade around $58K, witnessing a drop of almost 4.3% in the past 24 hours.
Despite the Bitcoin price drop, a drop in the Bitcoin ETF was also recorded on Friday. The asset shed almost $89 million through a sell-off, while the Ethereum ETF saw a $15.7 million outflow, according to market data.
Solana bleeds the most in the meme community, recording a price drop of 8% while Doge sees a drop in its price by 6.7%. BNB also became a victim of a sell-off and encountered a price drop of 4.7%, while ADA and XRP slid 5%.
Meanwhile, tokens from blockchains APT, ARB, and metaverse project The SAND fell by up to 7% ahead of upcoming unlocks this week. The following unlocks will collectively release over $120 million worth of tokens into the open market according to data. The tokens set for sell-off are held by the team and early investors.
Due to the major price decline, market watchers are expecting Bitcoin to drop its price, but an upward pull is expected from the traditional market.
On Wednesday, both the U.K. and the U.S. will share their Consumer Price Index (CPI) data for July. On Tuesday, Australia will release its consumer confidence report, which measures how people feel about their finances, and Japan will release its Producer Price Index (PPI), which tracks changes in prices for goods sold within businesses.
This week, retail investment group Ali Baba and Walmart will send their earnings, while Hong Kong and Taiwan will roll out their GDP on coming Friday.
Traditional market events often influence cryptocurrency prices as they provide insights into spending habits and the overall economy. Positive reports usually drive prices up, as investors become more willing to invest in riskier assets like stocks, tech, or cryptocurrencies.
Conversely, disappointing earnings or data can cause prices to drop, with investors moving their money into safer options.
