September looms as a risk month for stocks, Yardeni says
Investing.com-- Bitcoin fell to a two-month trough below $108,000 on Monday, pressured by substantial sell-offs from dormant "whale" wallets, declining ETF inflows, while traders assessed U.S. interest rate cut bets ahead of the crucial U.S. jobs report.
The world’s largest cryptocurrency last traded 0.8% lower at $107,994.6 as of 02:42 ET (06:42 GMT).
It fell to as low as 107,274.6 earlier in the session, its lowest level since early July.
Media reports showed that a long-dormant whale transferred large amounts of the cryptocurrency for conversion into Ether, following a similar move earlier, signaling renewed profit-taking activity among large holders.
Meanwhile, U.S. spot Bitcoin ETFs continued to see outflows, contrasting sharply with strong inflows into Ethereum ETFs during August—highlighting shifting investor preferences within crypto markets.
Bitcoin’s pullback also coincided with seasonal caution, where historically September has seen declines, often dubbed "Red September" as traditional markets screen higher volatility during this period.
Traders cautious ahead of US jobs report
Traders see an 89% chance that the Fed will lower its benchmark rate by 25 basis points at the Sept. 16-17 meeting, according to CME FedWatch tool.
Expectations were reinforced after Fed Chair Jerome Powell said at the Jackson Hole conference that policymakers were prepared to adjust policy if inflation continued to moderate and the labor market showed signs of cooling.
Data released on Friday showed that the U.S. core PCE price index, the Federal Reserve’s preferred gauge of inflation, rose in line with expectations.
Attention now turns to Friday’s nonfarm payrolls report for August, which will be crucial to cement bets for a Fed cut.
Adding to investor unease are broader market headwinds, including President Trump’s shifting tariff rhetoric and attempts to influence the Federal Reserve.
Crypto price today: altcoins subdued amid broader risk-off mood
Most altcoins fell on Monday, remaining rangebound amid a broader risk-off mood.
World no.2 crypto Ethereum fell 0.8% to $4,398.68.
World no. 3 crypto XRP dropped 3.3% to $2.73.
Solana fell 1.6%, and Cardano declined 2.8%, while Polygon gained 3.6%.
Among meme tokens, Dogecoin fell 2.8%, while $TRUMP rose 3.3%.