Shares of cryptocurrency stocks are on the decline premarket Monday as the price of Bitcoin has declined more than 4% in the past 24 hours.
The leading cryptocurrency is currently trading at $61,159.6. Over the last seven days, Bitcoin has declined by almost 7%.
The Bitcoin price fell on Monday, extending a deep decline from the past week. Concerns over U.S. interest rates and anticipation of key inflation data have kept traders largely biased toward the dollar.
Traders have grown skeptical over the timing of the Federal Reserve's interest rate cuts. High rates are negative for crypto as they diminish the appeal of speculative, risk-driven assets.
As a result, Coinbase is trading -3.9% premarket, Marathon Digital Holdings (NASDAQ:MARA) is at -5%, Riot Platforms (NASDAQ:RIOT) -3.3%, Hut 8 Mining Corp (HUT) -5.6%, CleanSpark (NASDAQ:CLSK) -4.5%, Microstrategy, Inc. (NASDAQ:MSTR) -5.1%, Cipher Mining (NASDAQ:CIFR) -6.3%, and Bitdeer Technologies (BTDR) -4%.
Broader cryptocurrency prices were also pressured on Monday.