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Reading: Bitcoin falls to $100,000 following hawkish FOMC despite 25bp rate cut
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Your Crypto News Today > News > Crypto > Bitcoin > Bitcoin falls to $100,000 following hawkish FOMC despite 25bp rate cut
Bitcoin

Bitcoin falls to $100,000 following hawkish FOMC despite 25bp rate cut

December 18, 2024 3 Min Read
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Bitcoin falls to $100,000 following hawkish FOMC despite 25bp rate cut

Table of Contents

Toggle
  • Slower tempo coming into 2025
  • Not allowed to personal Bitcoin
          • Talked about on this article

Bitcoin (BTC) fell to a low of $100,300 following hawkish feedback by Fed chair Jerome Powell through the Federal Open Market Committee’s (FOMC)

Markets retreated decrease regardless of the anticipated 25 foundation level reduce within the US rate of interest, bringing the speed to the 4.5% to 4.75% vary.

Bitcoin was buying and selling at $100,740 as of press time, down 5.7% over the previous 24 hours, based mostly on yourcryptonewstoday knowledge.

The broader crypto market skilled related losses, with Ethereum (ETH) down 6.8% over the previous day to $3,697 as of press time, whereas BNB and Solana (SOL) have been down 4.6% and eight.1%, respectively.

Dogecoin (DOGE) registered the worst efficiency among the many high 10 after an 11% correction introduced the value right down to a low of $0.348.

The US inventory market additionally reacted negatively to Powell’s remarks. The S&P 500 closed with a 1.55% drawdown, whereas the Nasdaq 100 shrunk by 2%. 

Coinbase’s COIN inventory closed at a 6.6% loss, whereas MicroStrategy’s MSTR corrected 5.7%.

Slower tempo coming into 2025

Powell signaled that the coverage charge can now be extra cautious following the latest cuts, including that the choice to maneuver slower displays greater inflation expectations and a path of uncertainty forward. 

Moreover, he stated that any potential charge cuts in 2025 will rely available on the market knowledge subsequent 12 months.

The London Inventory Change revealed that US charge futures are pricing in simply two charge cuts subsequent 12 months. In the meantime, charges futures markets now anticipate 37 foundation factors of cuts in 2025, in comparison with the earlier expectation of 49 foundation factors.

Moreover, odds on the prediction market Kalshi are 90% towards no charge cuts in January 2025.

However, Powell acknowledged he’s optimistic in regards to the subsequent 12 months, including:

“It’s in a extremely good place, our coverage is in a extremely good place (and) I anticipate one other good 12 months subsequent 12 months.”

Not allowed to personal Bitcoin

The Fed chair was additionally questioned in regards to the heightened curiosity within the US organising a Bitcoin Strategic Reserve. He answered that the Fed just isn’t allowed to personal Bitcoin, and this can be a matter for Congress to contemplate.

Powell then added:

“However we’re not searching for a regulation change on the Fed.”

He didn’t remark additional on the matter.

Talked about on this article

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