Bitcoin (BTC-USD) traded largely below $30K on Monday, kicking off the week in the red and weighing on cryptocurrency-related stocks, while ether (ETH-USD) remained above $2K, despite dipping over 2%.
CONSTELLATION BRANDS, INC.The top crypto posted a weekly gain last week after data showed that inflation was starting to cool, while ether (ETH-USD) rallied after its network's successful Shanghai upgrade.
"Bitcoin looks like it might be consolidating here, possibly settling on a new range between the $26.5K and $31K region," said OANDA analyst Edward Moya.
Bitcoin (BTC-USD) fell 3% to $29.49K as of 4.39 pm ET, while ether (ETH-USD) slipped 2.2% to $2.08K.
Crypto-related stocks that ended lower: Cipher Mining (CIFR) -7.6%, Canaan (CAN) -7.1%, Marathon Digital (MARA) -4.3%, Riot Platforms (RIOT) -4.1%, Bakkt (BKKT) -3.9%, Coinbase Global (COIN) -3.1%.
The recent rise in crypto prices continued to boost sentiment as digital asset investment products booked their fourth straight week of inflows last week, CoinShares data showed.
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