Bitcoin edged slightly lower on Monday, slipping below the $90,000 mark as cautious sentiment and reduced risk appetite dominated markets ahead of a packed week of economic data and major central bank decisions.
The world’s largest cryptocurrency was last trading 0.4% lower at $89,768.6 by 01:54 ET (06:54 GMT), remaining stuck within a narrow trading range.
Bitcoin trades sideways ahead of key US data
Bitcoin has struggled to establish a clear direction in recent sessions, with investors largely staying on the sidelines ahead of several important U.S. economic releases that could influence interest rate expectations.
Markets are awaiting fresh employment figures, weekly jobless claims, November inflation data, and preliminary December PMI readings to gauge the strength of the U.S. economy. Comments from Federal Reserve Governors Stephen Miran and Christopher J. Waller are also being closely watched for clues on the future path of monetary policy.
Sentiment has been further dampened by a busy central bank calendar. Policy decisions from the Bank of Japan, Bank of England, and European Central Bank are all due this week, with outcomes expected to impact global liquidity conditions, a key driver for cryptocurrency prices.
Bitcoin’s recent price action reflects this uncertainty, with low momentum and tight ranges highlighting broader caution across financial markets.
HashKey raises $206 million in Hong Kong IPO
In related crypto industry news, HashKey Holdings Ltd, operator of Hong Kong’s largest licensed cryptocurrency exchange, raised HK$1.6 billion ($206 million) through its initial public offering, according to a Bloomberg report.
The company sold 240.6 million shares at HK$6.68 each, pricing the IPO near the upper end of the marketed range of HK$5.95 to HK$6.95. Investor demand reportedly exceeded the available shares several times over.
Altcoins muted amid risk-off sentiment
Altcoin markets were also largely subdued, with most tokens trading in narrow ranges amid the broader risk-off mood.
Ethereum rose 1% to $3,141.92, while XRP slipped 0.6% to $2.00. Solana edged slightly lower, while Cardano and Polygon traded mostly flat.
Among meme cryptocurrencies, Dogecoin and the $TRUMP token both fell around 0.5% during the session.
