down to $58k after weekend sell-off

Investing.com—The price of Bitcoin (BTC-USD) fell on Monday, extending a weekend sell-off as sentiment toward cryptocurrency markets remained weak following last month’s deep crash.

Cryptocurrencies enjoyed some relief late last week, tracking a recovery in broader financial markets as investors argued that fears of a U.S. recession were overblown.

However, this sentiment faded over the weekend and cryptocurrencies have seen prolonged sales in the last two days.

Bitcoin was down 4.3% to $58,520.7 as of 01:52 ET (05:52 GMT). Trading volumes were also slightly weaker due to a market holiday in Japan.

Bitcoin is on a range-bound trend after falling to $49,000

The world’s largest cryptocurrency has been hovering in the $50,000 to $60,000 range over the past week, after previously falling to as low as $49,000.

The sentiment in risk-on markets remained tense, particularly in anticipation of key U.S. inflation data due on Wednesday, which is expected to provide further clues about the Federal Reserve’s interest rate cut plans.

While stock markets have seen some recovery in recent sessions, with Asian stocks rising on Monday, cryptocurrencies lagged behind the recovery due to the more speculative nature of the market.

Some resistance in the dollar also weighed on the dollar, which saw inflows as traders took positions ahead of Wednesday’s inflation reading, which is expected to show inflation cooling further in July and give the Fed more confidence to start cutting interest rates.

Cryptocurrency price today: Altcoins fall, XRP rise fades

Broader cryptocurrency markets also fell as the sell-off in Bitcoin spilled over into major altcoins.

Ether, the world’s number 2 token, fell 4.3% to $2,549.22.

XRP is down 4.7% to $0.5625 after a strong rally last week.

XRP issuer Ripple Labs has been ordered to pay a portion of the fines sought by the Securities and Exchange Commission over the firm’s illegal sale of securities.

However, the case did not provide regulatory clarity on whether crypto tokens should be considered securities.

Among other altcoins, ADA fell by 5.8% and SOL fell by 8.3%.

Memetokens SHIB and DOGE lost more than 6% of their value.

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