Bitcoin sank below $59,000 after spending much of the weekend above the $60,000 mark. BTC traded around $58,550 in the European morning, marking a 2.4% drop over 24 hours at the start of a week where traders worldwide anticipate the Federal Reserve’s first interest-rate cut in over four years.
The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), is also down by 3.6%. Crypto markets were initially boosted by favorable U.S. economic data released on Friday, leading to a short-term rally. Bitcoin ETFs saw inflows of over $263 million, the highest since July 22, with ether equivalents adding approximately $1.5 million.
Advertisement Banner
