Cryptocurrency market down overall heading into Monday morning

Bitcoin was trading above $41,000 early Monday morning as the cryptocurrency market was down overall.

According to Coindesk, Bitcoin was trading at $41,218, down 1.64%, while Ethereum and Dogecoin were trading at $2,882 (-1.53%) and approximately 12 cents (-1.88%), respectively, the report said.

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Bitcoin and other major cryptocurrencies fell slightly last week, but finished a mostly upbeat week higher than when they started the week, showing stamina to withstand the U.S. central bank's first interest rate hike in four years and Russia's escalating attacks on Ukraine.

Bitcoin was off about 1.3% over the past 24 hours. Bitcoin topped $42,000 late during U.S. trading hours Friday, a more than 7% increase from where it started the week as investors digested the long-expected Federal Reserve's 25-basis-point increase on Wednesday and global unrest tied to Russia's invasion. 

Meanwhile, Ether, the second-largest crypto by market cap, was changing hands a little under $2,900, a 1.8% drop over the same period, but well up from where it began the week. Most other major cryptos were in the red over the weekend. Trading volume fell over the past three days, Coindesk reported.

In other cryptocurrency news, an Austin, Texas, city council member last week announced a resolution that would explore possible uses of Bitcoin and other cryptocurrencies in the city. 

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The resolution, from Austin City Council Member Mackenzie Kelly (District 6), came ahead of South by Southwest’s return to the city after two years of the COVID-19 pandemic.