Bitcoin is extending its weekend losses ahead of key macroeconomic events this week that could influence the U.S. Federal Reserve’s September rate cut decision. Bitcoin slid 2.8% to $109,882 on Monday with liquidations, primarily longs, over the past 24 hours, topping $940 million, according to CoinGlass data.
“Capital is rotating out of risk, with thin weekend liquidity amplifying swings,” Rachael Lucas, a crypto analyst at BTC Markets, told Decrypt. The recent drop has pushed Bitcoin below $110,800, or the average cost basis of investors who purchased the top crypto in the past three months. “Historically, failure to hold above this level has often led to multi-month market weakness and potential deeper corrections,” Glassnode cautioned in a post to X on Monday. The market volatility comes amid U.S. President Donald Trump’s firing of Federal Reserve Governor Lisa Cook.
The resignation letter posted on TruthSocial after the trading day ended cited “deceitful and potentially criminal conduct” over allegations she falsified documents relating to her primary residence. Eyes are now fixed on this week’s upcoming revised GDP figures for the second quarter on Thursday, with economists expecting the growth rate to be revised slightly higher to 3.1% from the initial 3% estimate.
Meanwhile, year-over-year core PCE inflation, which tracks changes in consumer spending, is forecast to show inflation re-accelerating, from 2.8% to 2.9%, according to MarketWatch data. A drop in growth and a larger-than-expected rise in inflation, however, could derail next month’s plans by the Fed, including future cuts this year, Decrypt was previously told.
On-chain investigator ZachXBT has publicly questioned the financial health of cryptocy exchange AscendEXafter mounting reports of users waiting days—and…
Tether is expanding beyond stablecoins once again—this time by turning its massive $23 billion gold reserve into an…
Strategy Executive Chairman Michael Saylor is standing by his long-term Bitcoin strategy despite mounting pressure from investors as…
Polymarket has pledged to fully reimburse users after hackers stole approximately $2.9 million through a sophisticated phishing attack…
Base, the Ethereum Layer-2 blockchain incubated by Coinbase, has fully restored operations after suffering a block production…
Bitcoin has fallen below the $60,000 level once again, placing the world's largest cryptocy on pace to record…