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Bitcoin price today: dropped below $113K, near 6-week low despite Fed rate cut expectations
Bitcoin fell below $113,000 on Monday, erasing the sharp rally triggered by dovish remarks from Federal Reserve Chair Jerome Powell, while the world’s second-largest cryptocurrency, Ether, traded near record highs.
The world’s largest cryptocurrency was down 2.1% at $112,550.5 as of 08:27 Moscow time.
The token fell to a more than six-week low of around $111,000 in the previous session as traders took profits after Friday’s surge.
Bitcoin erases gains from Fed rate cut bets
Bitcoin jumped above $117,000 on Friday after Powell’s dovish comments at the Jackson Hole symposium, where he acknowledged rising risks to the labor market and suggested that “the shifting balance of risks may require an adjustment to our policy stance.”
Powell’s hint at a possible rate cut in September boosted investor sentiment, leading to gains in risk assets including cryptocurrencies.
However, Bitcoin prices fell as investors booked profits, with analysts pointing to resistance levels and a consolidation phase as reasons for the pullback.
Japan’s Finance Minister pledges supportive framework for cryptocurrencies
Japan’s Finance Minister Katsunobu Kato said on Monday that the government will work on creating an appropriate environment for crypto assets.
Kato noted that digital currencies could be part of diversified investment portfolios, signaling an evolving stance toward broader market adoption.
He made the comments amid ongoing efforts to refine regulations and investor protections in the sector.
This move reflects Japan’s push to balance innovation with financial stability, as authorities increasingly recognize the growing role of crypto assets in investment strategies.
Cryptocurrency prices today: altcoins in tight range, Ether near record highs
Most altcoins traded in a narrow range on Monday, following subdued moves in the world’s largest cryptocurrency.
The world’s second-largest cryptocurrency Ether fell 1.7% to $4,715.73 after hitting a record high of $4,955 in the previous session.
The world’s third-largest cryptocurrency XRP fell 1.7% to $3.00.
Solana slipped 0.8%, while Cardano lost 0.7%, and Polygon edged down 0.2%.
Among meme tokens, Dogecoin fell 3%, while $TRUMP retreated 1.6%.
See also: "ChatGPT-5 Predicted XRP Price in Case of ETF Approval"
