Litecoin, XRP, Tron, Toncoin gained, while Solana, Shiba Inu and Dogecoin declined

Bitcoin declined during the early trading session on Monday, while other top crypto assets were mixed. Bitcoin posted its worst weekly drop since the FTX crash in November last year. The court battle between Grayscale and US regulators weighed on the crypto prices, while traders await macroeconomic signals due later this week.

Bitcoin continued to stay under selling pressure as the world’s biggest crypto by market cap dropped further but managed barely to hold above $26,000-levels. Its biggest peer, Ethereum, advanced nearly half-a-per cent to hold above the $1,675-level. Price action in the altcoins was on the mixed side.

Bitcoin is presently priced near the $26,000 level. This may be because of widespread token selling by traders driven by unrelated triggers such as a lack of clarity in the Grayscale vs. US Securities and Exchange Commission case for a Bitcoin ETF, SpaceX writing down the value of their Bitcoin reserves, and China’s Evergrande group filing for bankruptcy, said Edul Patel, Co-Founder & Chief Executive Officer at Mudrex.

In the meantime, Ethereum is maintaining a position above $1,600. Over the last 24 hours, altcoins Ripple, Litecoin, and Stellar have each increased in value by over 3 per cent, he said.

All other top crypto tokens were trading mixed on Monday. Among the advancers, Litecoin soared over 3 per cent, followed by XRP with posted similar gains. Tron and Toncoin advanced 2 per cent each. Among the losers, Solana and Shiba Inu declined 2 per cent each, while Dogecoin was 1 per cent lower.

The global crypto currency market cap was flat, marginally up to $1.06 trillion-mark as it edged up less than half-a-per cent during the past 24 hours. However, the total trading volumes declined nearly 9 per cent to $22.04 billion.