Cryptocurrencies remained under pressure on Monday, with Bitcoin trading below $107,000 and altcoins struggling even more, three weeks after a historic liquidation event shook the asset class and wiped out billions of dollars in leveraged positions.
This comes as, for the first time in seven months, institutional demand for Bitcoin has also slipped below the rate at which new coins are being mined, according to Charles Edwards, founder of Capriole Investments. While this move suggests that large buyers may be pulling back, other activity shows a risk-off attitude across the crypto market as a whole.