Bitcoin declined on Tuesday, as trading in cryptocurrency markets remained muted due to public holidays across several major financial centers, limiting fresh catalysts.
As of 11:06 GMT, Bitcoin was down 1.59 percent at $67,770.
Investor caution also persisted ahead of a series of key U.S. economic data releases, while markets kept a close watch on anticipated discussions between Washington and Tehran.
Investors brace for key U.S. data releases
Bitcoin nearly slipped below the $60,000 mark last week, as the world’s largest cryptocurrency led a broader, months-long downturn across the digital asset space. Since reaching a record peak in October, Bitcoin has shed almost half its value, battered by a wave of sector-wide headwinds.
The latest bout of weakness came amid growing unease over the trajectory of U.S. monetary policy under Kevin Warsh, President Donald Trump’s nominee to chair the Federal Reserve. Warsh is widely seen as less dovish than markets had hoped, raising concerns that monetary conditions may remain tighter than previously anticipated, creating an unfavorable backdrop for risk-driven assets such as cryptocurrencies.
Investors are also bracing for key U.S. data releases in the days ahead, including industrial production figures, trade statistics and the Personal Consumption Expenditures (PCE) price index, the Fed’s preferred measure of inflation. Minutes from the central bank’s January meeting are also scheduled for release later this week.
Read: Bitcoin trades near $69,000 as market awaits key U.S. macro data
Wider crypto market eases
Bitcoin also took little support from Strategy’s comments on Sunday, where it said it could meet all of its debt obligations even if Bitcoin’s price were to plunge to $8,000.
Strategy currently holds 714,644 Bitcoin, accumulated through a combination of equity issuances and long-term debt financing. The firm, led by outspoken Bitcoin advocate Michael Saylor, has continued to add to its holdings in recent weeks, even as the cryptocurrency faced sustained selling pressure.
The wider cryptocurrency market edged lower on Tuesday as prices remained under pressure after steep declines in recent weeks.
Ethereum, the world’s second-largest cryptocurrency, fell 0.39 percent to $1,969.08, while XRP dipped 1.79 percent to $1.4584. BNB fell 0.24 percent to $617.70, Solana eased 0.70 percent to $84.988, and Cardano posted a 0.78 percent decline to $0.2811
Meme tokens also underperformed, with Dogecoin slipping 2.73 percent and $TRUMP dropping 1.27 percent.
