Cryptocurrency stocks are falling premarket on Monday as the price of Bitcoin has fallen more than 4% in the past 24 hours.
The leading cryptocurrency is currently trading at $61,159.6. In the last seven days, Bitcoin has fallen almost 7%.
The price of Bitcoin fell on Monday, extending a deep decline from last week. Concerns about US interest rates and anticipation of key inflation data have kept traders largely biased towards the dollar.
Traders have become skeptical about the timing of the Federal Reserve's interest rate cuts. High rates are negative for cryptocurrencies as they decrease the attractiveness of risk-driven speculative assets.
As a result, Coinbase is trading -3.9% pre-market, Marathon Digital Holdings (NASDAQ 🙂 is at -5%, Riot Platforms (NASDAQ 🙂 -3.3%, Hut 8 Mining Corp (HUT) -5.6% , clean spark (NASDAQ 🙂 -4.5%, Microstrategy, Inc. (NASDAQ 🙂 -5.1%, Cipher Mining (NASDAQ 🙂 -6.3% and Bitdeer Technologies (BTDR) -4%.
Broader cryptocurrency prices also came under pressure on Monday.
