Bitcoin retreated below $80,000 on Monday as investors remained cautious ahead of a Federal Reserve meeting and awaited tech earnings for clues on the outlook for the artificial intelligence trade.
The largest digital asset fell as much as 1.4% to under $79,300 before paring some losses to trade around $80,300 in early trading in New York. Smaller tokens including Ether, XRP and Solana also declined. The moves came after investors pulled $772.4 million from US-listed spot Bitcoin exchange-traded funds on Thursday and Friday, a sharp reversal from more than $1 billion of net inflows earlier in the week.
Crypto stocks dropped in morning trading. Circle fell 8%; SharpLink Gaming fell 5%; Strategy, Bitmine, Figure Technology Solutions, and Coinbase fell 4%; Robinhood, CleanSpark, Bullish, and Riot Platforms fell 3%.
The declines came as broader markets edged higher after two weeks of steep losses, with heavy spending on the AI buildout set to come under scrutiny as some of the world’s biggest technology companies report earnings this week. Futures on the S&P 500 and the Nasdaq 100 were up by 0.1%, while Europe’s Stoxx 600 benchmark climbed 0.5%. Brent crude fell 2% to below $115 a barrel.
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