Deniz 
Monday’s Bitcoin price dropped, reflecting a sell-off observed over the weekend, as attitudes toward cryptocurrency markets remained weak following a significant decline over the past month. Tracking a comeback in more general financial markets as investors wagered that worries about a U.S. recession were exaggerated, crypto got some relief near the end of last week.
But during the weekend, this idea lost pace; crypto tokens have seen increased selling during the past two days.
By 07:06 UTC, Bitcoin had dropped 4.6% to $58,318. A Japanese market holiday also helped to somewhat restrict trading volumes.
Source: Coindesk
After dipping as low as $49,000 earlier, the most valuable cryptocurrency in the world ranged between $50,000 and $60,000 throughout the past week.
Particularly in front of important U.S. inflation data on Wednesday, which is anticipated to provide fresh indications on the Federal Reserve’s intentions for interest rate decreases, sentiment towards risk-driven markets stayed tense.
With Asian equities rising on Monday, global markets showed some recovery in previous sessions; crypto underperformed this comeback given the more speculative character of the industry.
Some resilience in the dollar also impacted; the currency saw inflows as traders positioned for Wednesday’s inflation number. The figure is likely to indicate further declining inflation in July, which would inspire more Fed confidence to start reducing interest rates.
Current Situation in the Crypto Industry
More general crypto marketplaces also shrank as Bitcoin sales extended into other cryptocurrencies.
- The second-largest token, Ethereum, globally is down 4.4% to $2,587.
- Pulling back from a significant surge last week, XRP dropped 4.7% to $0.5626. XRP issuer Ripple Labs was directed to pay a part of the fines sought by the Securities and Exchange Commission for improper selling of securities by the company. Still, the ruling left no clear legal definition on whether crypto tokens qualified as securities.
- Among other altcoins, ADA and SOL declined, respectively, by 5.8% and 8.3%.
- Memetokens SHIB and DOGE fell more than 6% apiece.
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