“Headed lower on Wednesday ahead of the decision, bitcoin remained so in the minutes following the news at $111,700, down 3% over the past 24 hours.”, — write: www.coindesk.com
“Job gains have slowed this year, and the unemployment rate has edged up but remained low through August,” read the bank’s policy statement. “Inflation has moved up since earlier in the year and remains somewhat elevated.”
Interestingly, there was some opposition to the rate cut, with Kansas City Fed President Jeffrey Schmid voting to hold policy steady. As he did last meeting, Fed Governor Stephen Miran voted for a 50 basis point rate cut.
Lower on the session ahead of the rate decision, bitcoin BTC$110,069.24 remained so in the minutes following the news, trading at $111,700, down 3% over the past 24 hours.
Stocks continued with modest gains on the session, the Nasdaq leading the major averages with a 0.5% advance. The 10-year Treasury yield rose three basis points to 4.02% and the dollar strengthened.
Market participants are now focused on Fed Chair Jerome Powell’s press conference at 2:30 pm ET for any signals regarding the central bank’s thinking on the economy, inflation, and interest rates. For now, traders are fully expecting another 25 basis point rate cut at the Fed’s final meeting of the year in December.
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However, bitcoin and other non-yielding assets may benefit in the coming months as liquidity returns and investors rotate out of cash-heavy positions into growth and alternative stores of value.
- Bitcoin fell to $108,000 after the Fed’s decision and a silent meeting between Trump and Xi in South Korea.
- Major cryptocurrencies like XRP and Dogecoin saw losses, with futures tied to the S&P 500 also trading lower.
- The Fed’s policy shift towards easier financial conditions may benefit crypto markets, but geopolitical factors remain crucial.
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