Bitcoin fell 0.7% to $95,445.4 by 00:41 ET (05:41 GMT).
It fell below the $100,000 mark on Thursday after the Fed officials signaled a slower pace for future cuts. The world’s largest cryptocurrency has fallen for five out of the last six days.
The Federal Reserve signaled a more hawkish stance, indicating only two interest rate cuts for the upcoming year, compared to prior expectations of two cuts.
This shift has led investors to reassess their positions in speculative assets like Bitcoin, contributing to its price decline.
Meanwhile, incoming U.S. President Donald Trump congratulated the crypto market on hitting a record peak of over $108,000, while speaking at an event in Phoenix.
Profit-taking also weighed on Bitcoin after it surged to record highs last week. Prospects of a strategic Bitcoin reserve had pushed prices to an all-time high of $108,244.9 on Tuesday, after which prices fell steadily.
It was the first weekly fall for Bitcoin since Trump’s election victory.
President-elect Donald Trump has nominated key figures for defense and crypto policy in his upcoming administration.
Michael Kratsios has been nominated to lead the Office of Science and Technology Policy. Kratsios, formerly with Scale AI, held tech-related roles in Trump’s first term and has been involved in the federal downsizing initiative led by Elon Musk.
Lynne Parker, Kratsios’ former deputy, will head the Presidential Council of Advisers for Science and Technology (PCAST), and Bo Hines, a former athlete and Republican congressional candidate, will lead the new Crypto Council.
Both councils will report to David Sacks, the “crypto czar,” who will divide his time between the White House and Silicon Valley.
Trump’s Truth Social posts on Sunday highlighted these and other personnel announcements as he prepares for his inauguration next month.
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 rattled investor sentiment.
Most altcoins have declined for several consecutive sessions, in line with Bitcoin’s movement.
World no.2 crypto Ether fell to $3,303.66, while world no.3 crypto XRP fell 1.9% to $2.1896.
On the other hand, Solana rose 1.9% and Polygon gained 1.2%, while Cardano edged 0.7% higher.
Among meme tokens, Dogecoin rose 1.3%.
