Bitcoin fell sharply on Monday, easing from last week’s one-month high, as investors looked past the Federal Reserve’s interest rate cut and awaited more concrete cues on the U.S. economy. 

The world’s largest cryptocurrency last traded 2.5% lower at $112,843.0 as of 02:11 ET (06:11 GMT), retreating from last week’s peak near $118,000, its strongest level since mid-August.

The token ended largely unchanged last week as gains over the Fed cut optimism were offset by caution over future easing.

Meanwhile, altcoins saw steeper declines on Monday, with Ethereum plunging nearly 10%.

Sentiment towards crypto markets was in part rattled by Praetorian Group International, a crypto trading firm, pleading guilty to the U.S. Department of Justice in operating a ponzi scheme that cost over 90,000 investors at least $62 million. 

Crypto markets were also still grappling with investor doubts over corporate treasuries such as Strategy (formerly MicroStrategy (NASDAQ:MSTR)), amid growing questions over their long-term viability. 

Traders await Fed speeches for rate path clues

The pullback follows a 25-basis-point rate cut by the Fed last week, which initially spurred demand for riskier assets by weakening the dollar and lowering funding costs.

But Fed Chair Jerome Powell’s measured comments after the decision, stressing that further moves would depend on incoming data, dampened expectations of an aggressive easing cycle. 

Investors are now bracing for remarks this week from more than 10 Fed officials, including Powell, which could provide further clarity on the central bank’s policy path. PCE price index data– the Fed’s preferred inflation gauge– is also this coming Friday. 

A hawkish tone would likely pressure Bitcoin and other risk assets, while signals of additional cuts could reignite momentum.

Despite the latest pullback, Bitcoin remains up about 5% in September, helped by improving liquidity conditions. 

Bitcoin has gained over 20% so far in 2025, supported by institutional inflows and optimism around broader adoption, though it remains well below its all-time high above $124,000 reached earlier this year.

Crypto price today: altcoins slump; Ether, XRP plunge 8%

Most altcoins fell more sharply than Bitcoin as risk appetite remained dim.

World no.2 crypto Ethereum slumped 8%  to $4,141.4, hitting its lowest level in more than a month.

World no. 3 crypto XRP also plunged 8% to $2.76, its lowest in nearly three weeks.

Solana fell 7.5%, while Cardano dropped 10%, and Polygon sank 11.5%.

Among meme tokens, Dogecoin lost over 12%, while $TRUMP retreated 9%.