The Sandbox

Aptos

Bitcoin

Crypto markets remain unsteady and are heavily influenced by shifts in traditional finance, according to one analyst. 
Over the weekend, Bitcoin (BTC) and the broader crypto market saw significant selloffs, with BTC trading just above $58,500—down 4.8% in the last 24 hours. U.S.-listed exchange-traded funds (ETFs) that track these assets also experienced outflows on Friday, with BTC ETFs losing $89 million and ETH ETFs seeing $15.7 million in outflows. 
The decline in Bitcoin triggered a broader market downturn as traders sought direction ahead of a busy week filled with key economic data. In the Asian morning hours on Monday, BTC had dropped 4.8% over the past 24 hours, hovering just above $58,500. 
Major cryptocurrencies like Solana’s SOL and Toncoin (TON) led the losses, with SOL dropping 7%. BNB Chain’s BNB fell 3%, Dogecoin (DOGE) declined by 6%, and Cardano’s ADA and XRP each lost 5%. Additionally, tokens from blockchains like Aptos (APT), Arbitrum (ARB), and the metaverse project The Sandbox (SAND) fell as much as 7%. This decline comes ahead of the release of more than $120 million worth of tokens into the market this week, primarily from team allocations and early investors. 
Market analysts warn that BTC could see further declines in the coming weeks due to technical weakness, although upcoming traditional market releases might offer some upward pressure. “Crypto prices will likely remain rangebound with a bias towards the downside,” said Augustine Fan, head of insights at SOFA.org, in a Telegram message. He noted that technical damage and weakened sentiment could lead to further market shakeouts before the Jackson Hole symposium. 
Fan also emphasized that crypto markets lack a clear anchor and are vulnerable to ongoing position adjustments. “We’ve seen muted ETF inflows for BTC and ETH over the past few sessions,” he added. 
This week, both the U.K. and the U.S. will release July’s Consumer Price Index (CPI) readings on Wednesday. Australia’s consumer confidence index, which measures sentiment about family finances, and Japan’s Producer Price Index (PPI), which tracks price trends within the corporate sector, are scheduled for release on Tuesday. Later in the week, retail giants Alibaba Group and Walmart will report earnings on Thursday, while Hong Kong and Taiwan will publish updated gross domestic product (GDP) figures on Friday. 
Traditional market events often impact crypto prices, as they reveal consumer spending patterns and the overall state of the economy. Positive data releases can boost crypto prices as investors shift toward riskier assets like technology stocks and cryptocurrencies. Conversely, disappointing earnings or data can push prices lower as investors move towards safer investments.

Bitcoin Approaches $58K as Markets Decline Ahead of Key Economic Data Week

CoinstelegramEng

Other articles published on Aug 12, 2024

Volume Perdagangan Kripto di Bursa Melonjak 19 Persen, Apa Penyebabnya?

Terra Blockchain Faces Security Exploit; $6.8M Worth of Tokens Impacted

Futures Market Data Suggests Ethereum (ETH) Could Rally Soon: CryptoQuant

Core Price Under Pressure: A Recovery Ahead Or Further Crash?

Crypto ETFs will expand to new asset types, indexes — Grayscale executive

Argo Blockchain Settles $35 Million Debt

Join our free newsletter for daily crypto updates!