During Monday morning trading in Asia, Bitcoin experienced a slight decline but managed to stay above the crucial support level of US$30,000.

Ether, along with several other non-stablecoin cryptocurrencies in the top 10, also saw a modest decrease in value.

The overall market sentiment reflects reduced risk appetite across various markets, driven by anticipation of additional interest rate hikes in the United States, Yahoo Finance has reported.

In addition, a report from JPMorgan suggests that the recent surge in Bitcoin exchange-traded fund (ETF) applications in the U.S. may not have the transformative impact that some had hoped for.

As a result, the optimism surrounding ongoing Bitcoin ETF applications by prominent Wall Street entities, including BlackRock, has diminished to some extent.

Written by staff