The crypto market extended its slide on Monday after a weekend of losses.
The global cryptocurrency market capitalization is $913 billion, a 2% decrease over the last day according to CoinMarketCap.
Bitcoin, the top cryptocurrency by market value, dropped for a fourth day, with no immediately apparent reason, falling almost 2% to $20,506 on a daily scale after posting its biggest weekly gain since March. Ether, the second-largest cryptocurrency by market value, is also down roughly 2% for the day, sitting at $1,140. The broader cryptocurrency market followed suit.
XTZ, the native token to Tezos, a decentralized open-source blockchain based on smart contracts, is today’s top gainer according to the Forbes Digital Assets leaderboard. While the token has seen an 82% decline from its all-time high of $9.18 in October 2021 it has been trending upward since this past Friday. XTZ is trading at $1.68, up 6% over the last day. Tezos launched a developer portal Thursday to help developers build decentralized applications on its blockchain.
Meanwhile, traders are awaiting the U.S. Consumer Price Index release on Wednesday which has been indicating surging inflation in recent months. The CPI increased 8.6% in May, its highest annual rate in 40 years. June’s rates could be even higher after Federal Reserve Chairman Jerome Powell suggested that the central bank will continue to hike rates aggressively with a similar 75 basis-point increase under consideration. The long-term average inflation rate is roughly 3.2%. The report could shed light on the Federal Reserve’s next interest-rate move after it tightened policy by 0.75 percentage point in June, and an expanding economy could encourage a similar move later this month. Rising rates often depress the crypto market.
Friday’s jobs report, which appears good for the economy, showed that companies added 373,000 jobs in June as unemployment remained at 3.6%.
The stock market was down late on Monday following the better-than-expected jobs report. The Dow Jones Industrial Average shed 90 points, the S&P 500 fell 0.9% and the Nasdaq Composite dropped 1.7%.
Investors are also bracing for the start of quarterly corporate earnings results this week.