Bitcoin Dips Below $113K Near Six-Week Low Despite Federal Reserve Cut Expectations
Bitcoin fell below $113,000 after Powell’s dovish remarks sparked a surge past $117,000.
Japan plans supportive crypto regulations, promoting digital assets in diversified portfolios.
Altcoins edged lower Monday; Ether down 1.7% at $4,715.73 after record $4,955 peak.
Bitcoin Slips Below $113,000 After Early Gains
Bitcoin dipped beneath the $113,000 mark on Monday, wiping out the strong rally sparked by Federal Reserve Chair Jerome Powell’s dovish comments. As of 01:27ET(05:27GMT), the top cryptocurrency traded 2.1% lower at $112,550.5.
The digital asset slid to a six-week trough near $111,000 in the previous session as traders realized profits following the surge on Friday.
That day, Bitcoin soared past $117,000 in response to Powell’s remarks at the Jackson Hole symposium, where he acknowledged rising labor market risks and hinted at potential adjustments to monetary policy, including a possible rate cut in September. This shift boosted risk appetite across markets, lifting cryptocurrencies alongside other assets.
Japan Signals Supportive Crypto Regulatory Environment
On Monday, Japan’s Finance Minister Katsunobu Kato announced the government’s intention to foster a favorable framework for cryptocurrency assets. Kato highlighted the potential role of digital currencies as part of diversified investment portfolios, indicating a progressively accommodative stance toward wider adoption. His statements came amid ongoing regulatory clarification and efforts to strengthen investor protections in the crypto space.
This approach reflects Japan’s strategy to balance innovation with financial stability, recognizing the increasing significance of crypto assets within contemporary investment trends.
Altcoins Experience Mild Declines Following Market Pullback
Most alternative cryptocurrencies remained within narrow trading ranges on Monday, mirroring subdued movements in Bitcoin. Ethereum, the second-largest token by market cap, fell 1.7% to $4,715.73 after reaching an all−time peak of $4,955 in the previous session. XRP also dropped 1.7%, settling at $3.00.
Other notable declines included Solana fell 0.8%, and $TRUMP retreated 1.6%, underscoring a broader trend of profit-taking and market consolidation.
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