Crypto Drops as Oil Spike Fuels Rate Concerns, Eyes on Fed Testimony
Major cryptocurrencies were down ahead of Monday's United States session as oil prices jumped following fresh US strikes on Iran, prompting investors to reduce exposure to risk assets amid renewed geopolitical uncertainty. Bitcoin (BTC-USD) decreased 1.3% to about $63,020 in early North American morning trading on Monday, while ether (ETH-USD) decreased 1.1% to $1,780. Ripple's XRP (XRP-USD), the sixth-largest crypto by market cap, traded around $1.07, down 1.5%, while Binance Coin (BNB-USD), the fourth-largest cryptocurrency by market cap, fell by 0.8% to trade at $569. The global cryptocurrency market capitalization decreased 0.83% to $2.17 trillion. The escalation in tensions between the United States and Iran raised concerns that higher energy costs could fuel inflation and keep interest rates elevated, weighing on cryptocurrencies. Markets also awaited US consumer inflation data and Federal Reserve Chairman Kevin Warsh's testimony for signals on the central bank's policy path. In Monday's premarket activity, spot Bitcoin exchange-traded funds were down, led by Grayscale Bitcoin Mini Trust ETF (BTC), down 1.6%, and Invesco Galaxy Bitcoin ETF (BTCO), down 1.5%. The 13.
Major cryptocurrencies were down ahead of Monday's United States session as oil prices jumped following fresh US strikes on Iran, prompting investors to reduce exposure to risk assets amid renewed geopolitical uncertainty.
Bitcoin (BTC-USD) decreased 1.3% to about $63,020 in early North American morning trading on Monday, while ether (ETH-USD) decreased 1.1% to $1,780.
Ripple's XRP (XRP-USD), the sixth-largest crypto by market cap, traded around $1.07, down 1.5%, while Binance Coin (BNB-USD), the fourth-largest cryptocurrency by market cap, fell by 0.8% to trade at $569.
The global cryptocurrency market capitalization decreased 0.83% to $2.17 trillion.
The escalation in tensions between the United States and Iran raised concerns that higher energy costs could fuel inflation and keep interest rates elevated, weighing on cryptocurrencies.
Markets also awaited US consumer inflation data and Federal Reserve Chairman Kevin Warsh's testimony for signals on the central bank's policy path.
In Monday's premarket activity, spot Bitcoin exchange-traded funds were down, led by Grayscale Bitcoin Mini Trust ETF (BTC), down 1.6%, and Invesco Galaxy Bitcoin ETF (BTCO), down 1.5%.
The 13.