Bitcoin and Ethereum reversed some of last week’s gains on Monday morning as investors began to think about second-quarter earnings.
The leading coin by market value eased 1.2% lower to US$21,213, while its closest rival, Ethereum, fell 2.3% to US$1,217.
Company performance, which will be monitored by Q2 results, will underline the economic impact of the Federal Reserve’s tightening and indicate whether investors should be cautious with their spending on riskier assets like cryptos.
“Investor attention will slowly start shifting to the second-quarter earnings to give a better idea of how the Fed tightening and the persistent inflation impacted the company earnings in the latest quarter,” Ipek Ozkardeskaya, Swissquote senior analyst, said.
All main indices rocketed higher on Friday, with the tech-heavy Nasdaq – to which cryptos are most closely correlated – having soared 3.3%. But like digital currencies, analysts expect most US stocks to open lower.
The top digital currencies were changing hands roughly 70% and 75% lower than November's all-time highs respectively.
92 of the top 100 coins traded in negative territory, following the leading currencies.
Amongst some altcoins, Cardano, Avalanche and Polygon declined 4.6%, 4.2% and 5.1% respectively.
Further down, ApeCoin and Elrond both gave up 7.1%.
On the contrary, Dogecoin surged 13% as it comfortably consolidated its place amongst the 10 most popular coins.