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Cryptocurrency prices buckled Monday alongside modest declines in global equity markets and rising oil prices on renewed Middle East turmoil.
Bitcoin (BTC) dropped 1.7% over the past 24 hours to $27,500, outperforming most digital assets as crypto investment services firm Matrixport touted the largest crypto asset as “better than digital gold.” Bitcoin late Friday and over the weekend seemed primed to challenge a two-month high above $28,400, but was unable to move above $28,200 before sellers finally took over early this morning.
The broad CoinDesk Market Index (CMI) was lower by 2%.
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Ether (ETH) suffered a 2.5% decline as – in addition to macro jitters – the Ethereum Foundation sold $2.7M of tokens on UniSwap. The second largest cryptocurrency by market capitalization extended its losing streak against BTC, dropping to a fresh 15-month low relative to bitcoin.
Losses were larger among other altcoins. Ripple Labs-adjacent token (XRP), solana (SOL), Polygon’s native token (MATIC), Avalanche’s (AVAX) and popular meme token dogecoin (DOGE) are all lower by 4%-5% over the past 24 hours.
