Bitcoin and other leading cryptocurrencies slipped late Sunday, giving back gains made after the U.S. Federal Reserve’s recent interest rate cut.
As of 10:20 p.m. ET, Bitcoin traded near $114,500, down roughly 1% in 24 hours, according to market data. However, at the moment, Bitcoin has dropped even more and is trading at $112,973.
Ether also dropped more than 3% to about $4,300, while XRP and Solana posted similar declines. The pullback erased part of the week’s advance that had briefly lifted Bitcoin to $118,000, its highest level in months.
Fed Easing Fails to Ignite Follow-Through
The retreat comes just days after the Federal Open Market Committee trimmed its benchmark rate by 25 basis points, a move that initially fueled risk-on buying across digital assets. But Fed Chair Jerome Powell signaled a measured, “meeting-by-meeting” approach to future cuts, damping hopes for a rapid easing cycle.
“The market dipped slightly over the weekend as traders remain cautious in an uncertain macro environment,” said Jeff Mei, chief operating officer at BTSE. “Rapid cuts aren’t on the table, and that tempers enthusiasm.”
Despite the retreat, analysts say the mood is far from bearish. Rachael Lucas, an analyst at BTC Markets, described the current phase as one of “nervous optimism.”
“Long-term holders aren’t panicking, and on-chain data shows minimal selling,” Lucas noted. “But short-term traders are restless, waiting for a breakout above $124,000 to signal the next leg higher.”
Market watchers point to several potential triggers for a renewed rally, from fresh spot Bitcoin ETF approvals in new jurisdictions to an uptick in institutional allocations or sovereign-level adoption.
For now, however, the crypto market appears to be pausing after a volatile summer. The September rate cut, once viewed as a defining moment, has so far failed to deliver the sustained momentum many traders were betting on.
