The largest cryptocurrencies experienced a decline ahead of Monday's US equities open as investors are poised for crucial inflation data and anticipate Microsoft shareholders' vote regarding the proposal to incorporate bitcoin as a hedge against inflation on the company's balance sheet. In the last 24 hours, Bitcoin (BTC) fell 1.4%, trading around $98,357.
Ethereum (ETH) dropped 3.2%, reaching $3,852. The global cryptocurrency market capitalization decreased by 2.6% to approximately $3.57 trillion. The CoinDesk Market Index, which monitors digital assets, showed a decline of 2.9% in the past day. On Tuesday, Microsoft shareholders will face a proposal from the National Center for Public Policy Research that suggests adding bitcoin to its treasury.
Some directors are advising shareholders to reject this initiative, while it has garnered support from MicroStrategy's executive chairman, Michael Saylor. On Friday, spot price bitcoin exchange-traded funds reported total net inflows of $376.59 million, as per data collected by research platform SoSoValue.
Meanwhile, Ethereum ETFs concluded the week with notable inflows of $83.76 million. The economic data slated for release this week includes consumer-price inflation on Wednesday and producer-price growth on Thursday, both essential in the lead-up to next week’s meeting of the Federal Open Market Committee regarding interest rates..