After a weekend of little change, Bitcoin and Ethereum are expected to experience increased market volatility this week due to macroeconomic events. The release of the Consumer Price Index (CPI) on Wednesday, the Federal Open Market Committee (FOMC) meeting on Thursday, and a speech from Janet Yellen on Friday are seen as potential catalysts for market movement.
The crypto market recently declined following stronger-than-expected U.S. jobs data. This downturn impacted riskier assets, including alternative tokens and meme coins like Dogecoin and Shiba Inu. A record buildup in leverage on Bitcoin futures contributed to the market's sharp drop on Friday after the release of non-farm payroll figures.
Traders have since reduced their bets, as open interest slid from $99 billion to $60 billion. Trading volumes also fell in the past 24 hours. On Monday, Bitcoin hovered around $69,400, while Ethereum traded near $3,660. Solana, XRP, and BNB saw slight losses, while Cardano gained after the confirmation of a technical event.
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