Bitcoin price dropped to $58,520.7 after weekend sell-off, with crypto market sentiment weak

From Investing.com
August 12, 2024 02:21:23 am:

Bitcoin price fell on Monday, continuing a weekend sell-off as sentiment towards crypto markets remained weak. The cryptocurrency dropped 4.3% to $58,520.7 with low trading volumes due to a Japanese market holiday. Bitcoin remained rangebound between $50,000 and $60,000 following a drop to $49,000 earlier.

While stock markets saw some recovery, crypto markets lagged as investors awaited U.S. inflation data this week. The dollar gained strength as traders positioned for the data, expected to show cooling inflation. Altcoins also dipped, with Ethereum falling 4.3% to $2,549.22 and XRP dropping 4.7% to $0.5625.

The XRP rally faded after Labs was ordered to pay a fraction of fines sought by the SEC for selling securities illegally, but the case did not clarify whether crypto tokens are considered securities. Other altcoins like and slid 5.8% and 8.3% respectively, while memetokens and lost over 6% each.

Read more at Investing.com: down to $58k after weekend sell-off By Investing.com