According to CryptoPotato, the cryptocurrency market experienced a decline during the early morning European trading session on Monday. This downturn follows a brief period of positive movement over the past few days. Market participants appear to be awaiting several significant economic events in the US scheduled for the week, including the release of the minutes from the last Federal Reserve meeting.
Bitcoin, the leading cryptocurrency by market capitalization, struggled to maintain its position above the crucial $60,000 level. Despite several attempts by bulls to push the price above this threshold on Sunday, the buying pressure was insufficient to sustain the gains. Consequently, Bitcoin's price dropped by approximately 1.7% over the past 24 hours, settling below $59,000. This decline led to the liquidation of $77 million worth of derivatives positions, with $50 million of these being long trades. The cryptocurrency fear and greed index indicates that the market is currently in a state of fear, slightly worse than the previous day. Traders are likely positioning themselves in anticipation of the upcoming economic events in the US, including the release of the Fed meeting minutes on Wednesday.
The altcoin market presented mixed results, with some cryptocurrencies posting slight gains while others did not. For instance, TRX saw an increase of nearly 2% on the day. TRON has recently garnered attention due to Justin Sun's announcement of the launch of a meme coin launchpad called SunPump, which has generated significant buzz within the community. Despite these developments, most cryptocurrencies remain uncertain in their performance. This uncertainty persists even as the broader stock market experiences an uptick, indicating a slight decoupling between the two markets.
