Investing.com– Bitcoin moved little on Monday after logging sharp losses over the weekend, as persistent concerns over rising oil prices and anticipation of key central bank meetings largely dented appetite for cryptocurrencies.
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The world’s largest crypto fell 0.4% to $80,227.7 by 01:52 ET (05:52 GMT).
Bitcoin slid by about $2,000 over the weekend as sentiment showed little improvement amid a sustained decline in global technology stocks, and as markets positioned for more hawkish signals from the world’s biggest central banks in the coming days.
Losses in Bitcoin also spilled over into broader crypto markets, with most altcoins also in the red on Monday.
Oil, rate jitters pressure Bitcoin
Bitcoin was trading close to the bottom end of a $80,000 to $87,000 trading range established over the past month, amid a dearth of positive cues for crypto markets.
While oil prices slid from six-month highs on Monday– following a report of more talks between Middle Eastern powers and Iran– they still remained close to annual peaks, leaving markets on edge over their impact on the global economy.
Adding to the risk aversion, a host of major central banks are set to meet this week, with the Federal Reserve, European Central Bank, and the Bank of Japan widely expected to leave interest rates unchanged.
But all three banks are expected to present a hawkish outlook in the face of increasingly sticky inflation and energy risks, leaving the door open for more rate hikes later in the year.
Higher rates bode poorly for risky, speculative assets like crypto, and stand to further pressure prices in the long term.
Crypto price today: altcoins dither amid few positive cues
Broader crypto prices largely fell on Monday, tracking declines in Bitcoin.
A seasonal trend of crypto price strength in October– dubbed as “uptober”– failed to materialize for a second consecutive year, as retail and institutional sentiment towards the sector remained weak.
World no.2 crypto Ether fell 0.9% to $2,320.05, while XRP fell 0.5%.
Solana fell 0.2%, Cardano shed 0.8%, while BNB fell 0.2%.
Among memecoins, Dogecoin rose 0.4% and $TRUMP fell 0.6%.
Bitcoin steadies near $80,400 after weekend selloff, Fed decision looms
