PakGazette– Bitcoin fell on Monday and traded in a tight range after posting sharp losses last week, as traders remained cautious about macroeconomic pressures induced by the Federal Reserve’s hawkish comments.
fell 0.7% to $95,445.4 at 12:41 a.m. ET (05:41 GMT).
It fell below the $100,000 mark on Thursday after Federal Reserve officials signaled a slower pace for future cuts. The world’s largest cryptocurrency has fallen for five of the last six days.
Fed’s U-turn drags Bitcoin down from all-time highs
The Federal Reserve signaled a more hawkish stance, signaling just two interest rate cuts next year, compared with earlier expectations of two cuts.
This shift has led investors to reevaluate their positions in speculative assets like Bitcoin, which has contributed to its price decline.
Meanwhile, incoming US President Donald Trump congratulated the cryptocurrency market for reaching a record peak of over $108,000, while speaking at an event in Phoenix.
Profit-taking also weighed on Bitcoin after it hit record highs last week. Prospects of a strategic Bitcoin reserve had driven prices to an all-time high of $108,244.9 on Tuesday, after which prices fell steadily.
It was Bitcoin’s first weekly drop since Trump’s election victory.
Trump nominates key figures for crypto policy
President-elect Donald Trump has nominated key figures for defense and crypto policy in his next administration.
Michael Kratsios has been nominated to lead the Office of Science and Technology Policy. Kratsios, previously at Scale AI, held technology-related positions during Trump’s first term and was involved in the federal downsizing initiative led by Elon Musk.
Lynne Parker, a former Kratsios congresswoman, will head the President’s Council of Advisors for Science and Technology (PCAST), and Bo Hines, a former athlete and Republican congressional candidate, will head the new Crypto Council.
Both boards will report to David Sacks, the “cryptocurrency czar,” who will divide his time between the White House and Silicon Valley.
Trump’s posts on Truth Social on Sunday highlighted these and other personnel announcements as he prepares for his inauguration next month.
Cryptocurrency price today: Most altcoins subdued as liquidity concerns persist
Other cryptocurrencies were largely mixed on Monday, but moved in a close range as investors were still assessing the outlook for speculative assets after the hawkish Fed shook investor sentiment.
Most altcoins have fallen for several consecutive sessions, in line with Bitcoin’s movement.
The world’s No. 2 cryptocurrency fell to $3,303.66, while the world’s No. 3 cryptocurrency fell 1.9% to $2.1896.
On the other hand, it rose 1.9% and gained 1.2%, while it rose 0.7%.
Among meme tokens, it rose by 1.3%.
