Cryptocurrency prices are back in the red on Monday following a short-lived rally on Friday, triggered by Federal Reserve (Fed) Chair Jerome Powell’s dovish remarks, which signalled interest rate cuts in September.
Bitcoin (BTC) price remains under pressure this week, consolidating above $111,980 support after dropping more than 3%. BTC pullback continued as weakening demand and profit-taking keep weighing in, as spot Exchange Traded Funds (ETFs) saw over $1.15 billion in outflows.
Ripple (XRP) faces a volatility spike with the price declining slightly to $3.11 on Tuesday as participants in the broader crypto market anticipate the release of United States (US) inflation data.