Bitcoin steadies after hitting one-week low

Bitcoin, the world’s largest cryptocurrency by market value, was little changed at $67,309

Cryptocurrencies traded mixed on Monday as a sharp rise in oil prices dampened investor risk appetite.

Bitcoin, the world’s largest cryptocurrency by market value, was little changed at $67,309 as of 09:49 a.m. Mecca time, recovering earlier losses after falling more than 2% to $65,633, its lowest level in a week.

Ethereum rose 1.29% to $1,988.22, remaining below the $2,000 mark, while XRP fell 0.57% to $1.3461.

Hayden Hughes, managing partner at Tokenize Capital, said investors are awaiting the latest US consumer price index (CPI) data due this week.

“The market is positioning defensively ahead of what is likely a hot print given elevated energy costs,” Hughes told Bloomberg.