Cryptocurrency stocks are falling ahead of Monday’s trading 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. Over the last seven days, the price of Bitcoin has fallen by almost 7%.
Bitcoin’s price fell on Monday, extending the previous week’s deep decline. Concerns about U.S. interest rates and anticipation of key inflation data keep investors largely skeptical about the dollar.
Traders have become increasingly skeptical about the timing of the Federal Reserve’s interest rate cuts. High interest rates are bad for cryptocurrencies because they reduce the attractiveness of speculative risk-based assets.
As a result, Coinbase is trading -3.9% pre-open, Marathon Digital Holdings (NASDAQ:) -5%, Riot Platforms (NASDAQ:) -3.3%, Hut 8 Mining Corp (HUT) -5.6%, Pure spark (NASDAQ:) -4.5%, Microstrategy, Inc. (NASDAQ:) -5.1%, Cipher Mining (NASDAQ:) -6.3% and Bitdeer Technologies (BTDR) -4%.
Broader cryptocurrency prices also came under pressure on Monday.
