Bitcoin Price Craters to $107,000 as Fed Turns Cautious, Traders React to Trump–Xi Meeting
Bitcoin's price dropped to the low $107,000s following cautious remarks from Fed Chair Powell and mixed reactions to the Trump-Xi meeting.Summary
The price of Bitcoin sharply declined to the low $107,000s on Thursday morning, erasing the previous week's rebound and extending its weak October performance. This drop followed Federal Reserve Chair Jerome Powell's cautious post-meeting comments after the Fed implemented a widely anticipated 25-basis-point rate cut. Powell indicated that further easing this year was not guaranteed, causing market probabilities for a December cut to drop significantly, which negatively impacted risk assets like Bitcoin. This cautious sentiment overshadowed positive news from the Trump-Xi summit regarding soybean purchases and rare-earth issues. Furthermore, institutional demand showed weakness, with U.S.-listed spot Bitcoin ETFs experiencing significant outflows. Although Powell confirmed the Fed is nearing the end of its Quantitative Tightening (QT) program, which could eventually boost liquidity, near-term analyst predictions for Bitcoin remain divided.
(Source：Bitcoin Magazine)