According to CoinDesk, BTC and ETH rebounded from overnight lows, but they were still down more than 1.5% and 1.9% respectively in 24 hours. BNB and SOL fell 1%, and XRP fell 0.6%. The U.S. dollar index (DXY) rose to 102.97, the highest point since August 16. CME's FedWatch tool shows that traders believe that the probability of the Federal Reserve cutting interest rates by 25 basis points at the November 7 meeting is 85%.

Friday's non-farm payrolls report caused traders to reassess expectations for faster and larger rate cuts. The minutes of the September Fed meeting showed that policymakers were divided on the extent of the rate cut. Alex Kuptsikevich, senior market analyst at FxPro, said that the appreciation of the US dollar and the increased attractiveness of bonds have led to a decline in the institutional appeal of Bitcoin. Thursday's US inflation report may trigger market volatility.