Bitcoin around $95k after hitting over a six-month low

The world’s biggest cryptocurrency last traded 0.7% lower at $95,101.3

Bitcoin trimmed some losses after hitting over a six-month low on Monday, but remained pressured by fading expectations of a Federal Reserve rate cut next month and heightened caution ahead of delayed U.S. economic data releases.

The world’s biggest cryptocurrency last traded 0.7% lower at $95,101.3 by 1:13 GMT. It dropped to as low as $93,043.5 in the last 24 hours, reaching its lowest since late April.

Bitcoin dropped nearly 7% last week, marking its third straight weekly decline.

The decline comes as traders sharply scale back bets on a December policy easing. Rate futures now imply roughly a 40% probability of a cut at the Fed’s Dec. 10-11 meeting, down from around 90% earlier this month.

A growing number of Fed policymakers have signalled reluctance to move further, citing uneven inflation trends and a still-resilient labour market. Boston Fed President Susan Collins said last week she would be “hesitant to ease policy further” without clear evidence of deterioration.

Crypto markets, which had rallied earlier this year on aggressive Fed easing bets, are now losing momentum.

Bitcoin spot ETFs have also seen accelerating outflows as investors unwind positions tied to looser monetary conditions.

Sentiment has been further dented by the recent data blackout caused by the U.S. government shutdown, which left investors without key macro indicators for weeks.

The shutdown delayed releases from the Bureau of Labor Statistics, including the September non-farm payrolls report, now due on Thursday.

Most altcoins also trimmed some early losses to trade marginally lower.

World no.2 crypto Ethereum dropped 0.3% to $3,188.13

World no. 3 crypto XRP was largely unchanged at $2.226.