Bitcoin Falls to Six-Week Low as U.S. Rate-Cut Enthusiasm Fades — Market Talk
Bitcoin falls to a six-week low of $111,096, according to LSEG. The crypto currency has dropped back since hitting an all-time high of $124,480 on August 14. Monday's fall comes as European equity markets turn lower and reverse some of their gains on Friday. Federal Reserve Chair Jerome Powell opened the door to a likely interest-rate cut in September at a speech at Jackson Hole on Friday, boosting risk appetite. However, analysts say investors are reassessing Friday's enthusiasm as a new week gets underway. "The river ahead appears far from being ripple-free," FP Markets' Aaron Hill says in a note, adding that Powell also cautioned that the Fed would proceed carefully. Bitcoin is last down 1.25% at $111,375. ([email protected])