Bitcoin inches below $90,000 amid risk aversion ahead of crucial US data

Bitcoin edged slightly lower on Monday, trading below the $90,000 level as risk appetite remained weak and a wait-and-see approach dominated markets ahead of a data-heavy week and multiple central bank decisions.

The world’s largest cryptocurrency slipped 0.4% to trade at $89,768.6 by 01:54 a.m. US Eastern Time (06:54 GMT).

Bitcoin trades in a narrow range ahead of key US data

Bitcoin has struggled to find a clear direction in recent sessions, as investors refrained from opening new positions ahead of a series of major US economic releases expected to play an important role in shaping interest rate expectations.

Markets are awaiting US labor market data, weekly jobless claims, November inflation figures, as well as preliminary December PMI readings, in search of signals on the strength of the US economy.

Comments from Federal Reserve Board members Steven Miran and Christopher J. Waller are also in focus, as investors look for clues on policymakers’ views regarding the future path of interest rates.

Upcoming central bank meetings this week have further pressured sentiment toward risk assets, with policy decisions due from the Bank of Japan, the Bank of England, and the European Central Bank.

These decisions are expected to influence global liquidity conditions, which remain a key driver of cryptocurrency price movements.

Bitcoin’s recent price action, marked by tight trading ranges and weak momentum, reflects the broader sense of caution prevailing across global financial markets.

HashKey raises $206 million in Hong Kong IPO – Bloomberg

Bloomberg reported on Monday that HashKey Holdings Ltd, operator of Hong Kong’s largest licensed cryptocurrency exchange, raised HK$1.6 billion (about $206 million) after pricing its initial public offering near the top of the indicated range.

The company sold 240.6 million shares at HK$6.68 per share, close to the upper end of the HK$5.95–HK$6.95 pricing range, according to people familiar with the matter cited by Bloomberg.

The report added that investor demand exceeded the number of shares on offer by several times.

Cryptocurrency prices today: Altcoins muted amid risk-off mood

Most major altcoins showed muted performance on Monday, trading within narrow ranges amid a broader risk-off environment.

Ethereum, the world’s second-largest cryptocurrency, rose 1% to $3,141.92.

Meanwhile, XRP, the third-largest cryptocurrency by market capitalization, fell 0.6% to $2.00.