Bitcoin (BTC) and Ethereum (ETH) continue to suffer losses, with both cryptocurrencies displaying bearish signals at the start of the new week. The broader cryptocurrency market is also struggling, with Bitcoin and ETH each experiencing declines of over 6% in the past few days.
Other notable cryptocurrencies, including Litecoin (LTC) and Dogecoin (DOGE), also show negative sentiment.
The consecutive release of strong US economic data has increased the likelihood of the Federal Reserve's hawkish stance, which is one of the primary factors negatively impacting the cryptocurrency market, including Bitcoin.
Furthermore, the Silvergate incident has worsened the market's losses. Meanwhile, Binance's management expressed concern about regulatory issues related to their association with Binance US.
It is worth noting that Binance believes US authorities will view them as a single entity, which could result in regulatory hurdles, possibly leading to further Bitcoin losses.
Looking ahead, traders and investors are eagerly awaiting positive economic data from China, which is expected to be released this week and may help the cryptocurrency market to recover its strength.
Investors will be keeping an eye on two key economic events later today. Firstly, at 7:30 am, the release of Switzerland's CPI month-on-month figure will be closely monitored. The market expects a 0.6% increase, compared to the previous month's 0.5%.
Secondly, at 3:00 pm, the release of Canada's Ivey Purchasing Managers' Index (PMI) will also be watched closely. The previous month's reading was 60.1, and the market forecast for this month is 55.9.
On Friday, there are several key economic events to watch, including the release of employment data for Canada and the US.Read more on cryptonews.com