Bitcoin (BTC) experienced a 2% drop on Monday, impacting the broader crypto market, with major tokens falling as much as 5%, according to CoinDesk Indices. BTC faced resistance at $84,000 on Sunday. XRP, Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) saw significant declines, while BNB Chain (BNB) rose by 3%.
The crypto market has stagnated since last week's sell-off, influenced by U.S. tariffs and macroeconomic concerns. Some analysts suggest potential volatility in altcoins and memecoins, noting increased trading volume after Trump's World Liberty Financial bought MNT and AVAX, as reported by LVRG Research.
The sell-off may be due to unwinding of ETF and spot-linked trades, particularly by multi-strategy hedge funds, according to SignalPlus. Despite the downturn, a 'buy the dip' mentality prevails, with expectations of outperformance in economic hard data, according to SignalPlus.