The biggest cryptocurrencies were down ahead of Monday’s US equities open as investors wait for key inflation data and before Microsoft (MSFT) shareholders vote on adding bitcoin as a balance sheet inflation hedge.
Bitcoin (BTC) was down 1.4% in the past 24 hours to trade at about $98,357. Ethereum (ETH) decreased by 3.2% to $3,852. The global crypto market cap was down 2.6% to $3.57 trillion. The CoinDesk Market Index, which tracks digital assets, was down 2.9% in the last day.
Microsoft shareholders on Tuesday will be presented with a proposal by the National Center for Public Policy Research to add bitcoin to its treasury. Directors are urging investors to vote against the measure, which has the support of MicroStrategy’s (MSTR) executive chairman, Michael Saylor.
Spot price bitcoin exchange-traded funds on Friday saw total net inflows of $376.59 million, according to data compiled by research platform SoSoValue. Ethereum ETFs ended the week with inflows of $83.76 million.
This week’s economic data includes consumer-price inflation on Wednesday and producer-price growth the following day. Both come ahead of next week’s Federal Open Market Committee meeting on interest rates.