Cryptocurrencies continue to be influenced by the debt ceiling drama in the US with Bitcoin and Ethereum losing ground.
Bitcoin slipped by 2.1% to US$27,198, while Ethereum shed 1.4% to US$1,873.
“The debt ceiling drama is still very much influencing the risk-on assets and this is the reason that we see some more gas coming out of the Bitcoin rally,” said Naeem Aslam, chief investment officer at Zaye Capital Markets.
Aslam added that, with a large set of US economic data set to be released this week, this is an important week for Bitcoin.
“The economic surprise index shows the US economy is performing much better than the pre-Covid period, especially the US labour market," Aslam said.
"This means that there are far greater chances for the Fed to increase the interest rate which isn’t so much great for the Bitcoin price,” he said.
Among some of the altcoins, Dogecoin lost 1.4% to US$0.07166, Polygon lost 1.9% to US$0.8893 and Litecoin slipped by 2.3% to US$89.54.