Bitcoin below $90,000 ahead of central bank decisions

The world’s largest cryptocurrency traded 0.6% lower at $88,595.0

Bitcoin inched lower on Monday, trading below the $90,000 level as subdued risk appetite and a wait-and-see approach dominated trading ahead of a heavy week of economic data and central bank decisions.

The world’s largest cryptocurrency last traded 0.6% lower at $88,595.0 by 14:52 GMT.

Bitcoin has struggled to find direction in recent sessions, with investors reluctant to take fresh positions before a series of key US releases that are expected to shape expectations for interest rates.

Markets await upcoming employment data, weekly jobless claims, and November inflation figures, alongside December flash PMI readings, for clues on the strength of the US economy.

Speeches from US central bank Governors Stephen Miran and Christopher J. Waller will also be in focus for signals on how policymakers view the outlook for rates.

Central bank meetings in other countries this week have further dampened sentiment across risk assets. Decisions from the Bank of Japan, the Bank of England, and the European Central Bank are also due this week.

Their decisions are expected to influence global liquidity conditions, which remain a key driver for cryptocurrencies.

Bitcoin’s recent price action has been marked by narrow trading ranges and low momentum, reflecting broader caution in financial markets.

HashKey Holdings Ltd, the operator of Hong Kong’s largest licensed cryptocurrency exchange, raised HK$1.6 billion (US$206 million) after pricing its initial public offering toward the high end of the marketed range, Bloomberg reported on Monday.

The company sold 240.6 million shares at HK$6.68 (US$0.86) each, near the top of a HK$5.95–HK$6.95 (US$0.76-US$0.89) range, according to people familiar with the matter cited by Bloomberg.

Investor demand exceeded available shares by multiple times, the report added.