#BTCFellBelow$69,000Again

Crypto market drowns in red as bitcoin falls to $68,000

Traders are bracing for a heavy week of macroeconomic events, including Fed minutes and the core PCE inflation report.

What to know:

Bitcoin wilts, pushing the broader market into the red.

Losses have hit 85 out of the top 100 tokens.

The sell-off comes despite weaker U.S. inflation data that strengthened expectations for at least two Federal Reserve rate cuts.

Traders are bracing for a heavy week of macroeconomic events, including Fed minutes and the core PCE inflation report.

The market weakness looks particularly disappointing against the backdrop of the weak U.S. consumer price index data released last week that kept hopes of Fed rate cuts alive.

The CPI growth slowed to 2.4% year-on-year in January from 2.7% in December, the official data showed, reinforcing expectations for at least two 25 basis point rate cuts by the Fed this year. This resulted in the 10-year U.S. Treasury yield falling to 4.05%, the lowest since early December. Bitcoin rallied, rising from nearly $66,800 on friday to over $70,000 over the weekend, but failed to establish a foothold there.

Markets will assess both the monthly momentum and year-on-year trend for implications for the policy path." Ianeva added.

In traditional markets, Mark Nash of Jupiter Asset Management, a high-profile yen bear has flipped bullish, forecasting 8–9% yen appreciation, particularly against the Swiss franc.

The yen and bitcoin have hit a record positive correlation in recent months, which makes any yen strength a key catalyst for bitcoin bulls.