Bitcoin and Ethereum failed to take off as discussions on the US debt ceiling stuttered.
The largest coin by market cap was down 0.81% to US$26,848, well below its highs so far in 2023 of US$30,490.
Ethereum, on the other hand, fared slightly better, down 0.05% to US$1,814, although also some way off its highs of US$2,120 for the year.
Talks on the US debt ceiling, which limits the amount of debt the nation can hold, stuttered over the weekend, sparking a selloff in equities and a rise in yields, although the uncertainty did little to move Bitcoin, often dubbed ‘digital gold’.
“Traders are certainly hesitant about taking risks due to debt ceiling drama,” said Naeem Aslam, chief investment officer at Zaye Capital Markets.
“If by luck we do get a resolution on it this week, we could see some improvement in the price. But overall, bulls are disappointed that the great momentum which was behind the price is no longer there which is driving the price lower.”
Among some of the altcoins, Dogecoin was down 2.35% to US$0.071, XRP lost 2% to US$0.45 and Solana was down 2.63% to US$19.78.