Bitcoin (BTC) has extended losses by 1.4% to trade at $57,800.
Bitcoin (BTC) has extended losses by 1.4% to trade at $57,800. This is despite a weekend where the major cryptocurrency had sat comfortably above $60,000, following encouraging U.S. economic data.
The wider crypto market is declining ahead of a key week in which the US Federal Reserve is expected to make its first interest-rate cut in more than four years. Ethereum (ETH) fell by 0.83% to reach $2,270, while BNB (BNB) suffered a 3.4% drawdown to trade at $530.
U.S.-listed Bitcoin spot ETFs finished the week with net inflows of over $436 million, the most since July 22, as institutional investors regained optimism in Bitcoin.However, Ethereum spot ETFs continued its poor performance, with $19 million in outflows for the week.
Participants in crypto are highly anticipating this Fed decision. Polymarket bettors are giving it a 51% chance of a 50 basis point cut, a 48% chance of a 25 basis point cut, and only a 2% chance of no change. In the past, a pivot to lower borrowing costs has led to bullish sentiment in the crypto market, as risk assets tend to perform better in a low interest rate environment.
Despite the wider market downtrend, the Nervos Network (CKB) has jumped 10.5% in the last 24 hours, following its listing on the Korean exchange Upbit - known for traders who like memecoins.
One interesting development to watch is the ETH/BTC ratio, which is at a four-year low. This may be due, in part, to Ethereum's increasing competition, with Solana becoming a popular destination for launches of memecoins and up-and-coming chains like Base and the TON network.
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