Bitcoin price today: dips below $112k, near 6-wk low despite Fed cut bets

Investing.com-- Bitcoin slid below $112,000 on Monday, erasing sharp gains sparked 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 last traded 3% lower at $111,610 as of 06:21 ET (10:21 GMT).

The token retreated to over a six-week low near $111,000 in the previous session, as traders booked profits after the jump seen on Friday.

Bitcoin erases gains from Fed rate cut bets

Bitcoin jumped above $117,000 on Friday following Powell’s dovish remarks at the Jackson Hole symposium, where he acknowledged growing risks to the job market and suggested that the "shifting balance of risks may warrant adjusting our policy stance."

Powell’s suggestion of a potential cut in September boosted investor sentiment, leading to a surge in risk assets, including cryptocurrencies.

However, r, Bitcoin’s price declined as investors took profits and analysts cited resistance levels and a consolidation phase as reasons for the pullback.

Japan’s finance minister pledges supportive crypto framework

Japan’s Finance Minister Katsunobu Kato said on Monday that the government will work to establish an appropriate environment for crypto assets. 

Kato indicated that digital currencies could be part of diversified investment portfolios, signalling an evolving stance toward broader market adoption. 

He made the comments amid ongoing efforts to clarify regulations and investor protections in the sector. 

The move reflects Japan’s commitment to balancing innovation with financial stability, as authorities increasingly recognise the growing role of crypto assets in investment strategies.

Crypto price today: altcoins rangebound, Ether near record highs

Most altcoins traded in a tight range on Monday, tracking subdued moves in the world’s largest cryptocurrency.

World no.2 crypto Ether fell 3.7% to $4,577.51, after hitting a record high of $4,955 in the previous session.

World no. 3 crypto XRP dropped 2.5% to $2.94.

Solana fell almost 5%, while Cardano lost 3.1%, and Polygon edged 1.8% lower.

Among meme tokens, Dogecoin dropped 5%, while $TRUMP retreated 3%.

(Ayushman Ojha contributed to this report.)