Investing.com– Bitcoin fell to its lowest level in more than six months on Monday, dragged down by fading expectations of a Federal Reserve rate cut next month and heightened caution ahead of delayed U.S. economic data releases.
The world’s biggest cryptocurrency last traded 1.6% lower at $93,876.6 by 19:22 ET (00:22 GMT). It fell to as low as $93,043.9 earlier in this session, reaching its lowest since late April.
Bitcoin declined nearly 7% last week, marking its third straight weekly drop.
Bitcoin slips as Fed cut hopes wane
The decline comes as traders sharply scale back bets on a December policy easing. Rate futures now imply roughly a 40% chance of a cut at the Fed’s Dec. 10-11 meeting, down from about 90% earlier this month.
A growing number of Fed policymakers have signalled reluctance to move further, citing uneven inflation trends and a still-resilient labour market. Boston Fed President Susan Collins said last week she would be “hesitant to ease policy further” without clear evidence of deterioration.
Crypto markets, which had rallied earlier this year on aggressive Fed easing bets, are now losing momentum.
Bitcoin spot ETFs have also seen accelerating outflows as investors unwind positions tied to looser monetary conditions.
Sentiment has been further dented by the recent data blackout caused by the U.S. government shutdown, which left investors without key macro indicators for weeks.
The shutdown delayed releases from the Bureau of Labor Statistics, including the September non-farm payrolls report, now due on Thursday.
Japan mulls classifying crypto as financial products – Asahi
Japan’s Financial Services Agency (FSA) is reportedly preparing to reclassify cryptocurrencies as financial products under its Financial Instruments and Exchange Act, according to the Asahi newspaper.
Under the proposed rules, around 105 cryptoassets — including Bitcoin and Ethereum — would become subject to insider-trading laws, barring trades based on undisclosed information.
The FSA is also pushing to cut the tax rate on crypto profits to a flat 20%, aligning the treatment with equities, down from a top rate that can exceed 55%, Asahi reported.
Crypto price today: altcoins remain upbeat, Ether jumps over 4%
Most altcoins also extended losses on Monday amid a broader risk-off mood.
World no.2 crypto Ethereum fell 1.6% to $3,104.13
World no. 3 crypto XRP was largely unchanged at $2.226.
Solana fell 1%, while Cardano and Polygon each slipped 3% each.
Among meme tokens, Dogecoin lost 1.7%, while $TRUMP edged 0.7% lower.
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