Bitcoin Below $80,000 as Traders Monitor AI Sell-Off, Fed Decision

Dow Jones15:28

Bitcoin started the week below $80,000 as investor sentiment remained subdued following last week's stock-market declines.

The flagship cryptocurrency was 0.1% lower at $79,961 after falling below the $80,000 threshold in early Asian trade. Asian equities fell Monday amid waning appetite for risky assets as oil prices hovered around multimonth highs, limiting the scope for cryptocurrencies to rally.

Bitcoin is down 7% since last Monday, enduring some tough sessions as fears around artificial intelligence spurred investors to seek safe havens such as U.S. Treasurys. JPMorgan estimated redemptions of $636 million in U.S. spot bitcoin exchange-traded products on Thursday.

Market participants are looking to the Federal Reserve's coming interest-rate decision for direction. The CME FedWatch tool suggests a 90% likelihood that policymakers will hold interest rates at the current target range of 3.75% to 4%.

Ether was also down 0.6% on Monday at $2,313.

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