Investing.com– Bitcoin price fell on Monday, extending a sell-off seen over the weekend as sentiment towards crypto markets remained frail following a deep rout over the past month.Â
Crypto saw some relief towards the end of last week, tracking a rebound in broader financial markets as investors bet that fears of a U.S. recession were overblown.
But this notion ran out of steam over the weekend, with crypto tokens seeing extended selling in the past two days.
fell 4.3% to $58,520.7 by 01:52 ET (05:52 GMT). Trading volumes were also somewhat muted on account of a Japanese market holiday.
Bitcoin rangebound after sliding to $49kÂ
The world’s biggest cryptocurrency was rangebound between $50,000 and $60,000 over the past week, after sinking as low as $49,000 earlier.Â
Sentiment towards risk-driven markets remained strained, especially in anticipation of key U.S. inflation data on Wednesday, which is set to offer more cues on the Federal Reserve’s plans for interest rate cuts.
While stock markets saw some recovery in recent sessions, with Asian shares advancing on Monday, crypto lagged this rebound, given the market’s more speculative nature.Â
Some resilience in the dollar also weighed, with the greenback seeing inflows as traders positioned for Wednesday’s inflation reading. The reading is expected to show inflation cooled further in July, giving the Fed more confidence to begin cutting interest rates.Â
Crypto price today: altcoins dip, XRP rally fadesÂ
Broader crypto markets also retreated, as selling in Bitcoin spilled over into major altcoins.Â
World no.2 token fell 4.3% to $2,549.22.
fell 4.7% to $0.5625, pulling back from a strong rally last week.
XRP issuer Labs was ordered to pay a fraction of the penalties sought by the Securities and Exchange Commission for illegal sale of securities by the firm.Â
But the case still did not provide any regulatory clarity on whether crypto tokens were considered as securities.Â
Among other altcoins, and slid 5.8% and 8.3%, respectively.
Memetokens and lost more than 6% apiece.