Bitcoin has fallen below the $110,000 mark for the first time in over six weeks as traders take profits from the recent market rally. The world’s largest cryptocurrency was trading at $109,317 on Monday, a 2.9% drop over 24 hours and its lowest price since July 9.
The decline follows a brief rally last Friday, which was sparked by Federal Reserve Chair Jerome Powell’s remarks hinting at a potential interest rate cut. According to Rachael Lucas, a crypto analyst at BTC Markets, this positive sentiment faded as investors reassessed the likelihood and timing of a rate cut. Lucas also noted that a single whale holder selling off 24,000 BTC, or about $2.6 billion, triggered a series of liquidations in derivatives markets, adding to the downward pressure.
Adding to the uncertainty, U.S. President Donald Trump announced the firing of Federal Reserve Governor Lisa Cook, raising concerns about the central bank’s political independence.
The market-wide downturn was not limited to Bitcoin. Ethereum experienced a sharp fall, dropping 7.4% to $4,371. Other major cryptocurrencies also saw significant declines, with XRP down 4.8%, Solana slipping 9.85%, and BNB falling 4.25%.
