According to recent data, major blue-chip cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) are experiencing a downward trend. Bitcoin is currently trading in the $27,300s, down close to 1%, while Ether is trading just above $1,550, down a little over 1%. Although Bitcoin remains in a short-term uptrend, there is a possibility of a downside break if the cryptocurrency falls below $27,000 again. Ether, on the other hand, is facing challenges following the underwhelming launch of ETH futures ETFs in the US and the surprise sale of approximately $2.7 million ETH tokens by the Ethereum Foundation.
Other major cryptocurrencies such as XRP, Solana, Cardano, and Dogecoin, have also experienced a decline of 1-4% in the past 24 hours, as reported by CoinGecko. Traders are paying close attention to the ongoing conflict between Israel and Gaza, as well as developments in the US bond and currency markets. However, the release of US PPI and CPI inflation figures on Wednesday and Thursday is expected to be the main event of the week.
