Bearish sentiment kept major coins lower on Monday evening as the global cryptocurrency market cap declined 1.05% to $1.15 trillion at press time.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -1% | 0.8% | $24,020.13 |
| Ethereum ETH/USD | -2.4% | 5.8% | $1,868.18 |
| Dogecoin DOGE/USD | -4% | 9.5% | $0.08 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Chiliz (CHZ) | +8.8% | $0.20 |
| STEPN (GMT) | +7.5% | $1.05 |
| UNUS SED LEO (LEO) | +5.8% | $5.40 |
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Bitcoin and Ethereum followed stocks lower at press time as the S&P 500 and Nasdaq futures turned flat and slipped marginally into negative territory, shedding the day’s gains.
Sentiment in the stock market was marred by weak economic data emanating out of China. Industrial production came in at 3.8% in July below the 5% forecast. In an unexpected move, China’s central bank cut interest rates by 10 basis points.
“The economic data from China overnight was very disappointing, to put it mildly. Combined with the lending figures on Friday, it does not paint a good picture of domestic demand or the growth outlook,” said Craig Erlam, a senior market analyst at OANDA.
“Bitcoin has tested the water above $25,000 and been pushed back on the first attempt. It seems the cryptocurrency, like many other instruments, is testing a potentially significant barrier following the recent recovery and we may be seeing some profit-taking,” wrote Erlam, in a note seen by Benzinga.
However, there is a silver lining. GlobalBlock analyst Marcus Sotiriou noted data from Bank of America that indicates consumer spending is not decelerating in the United States.
“This is shown by online retail spending still being positive year over year, leisure services spending…
