Bitcoin slides near $103,000 as December rate cut becomes more uncertain
Bitcoin and major cryptocurrencies fell Wednesday due to profit-taking and uncertainty over a potential December Fed rate cut.Summary
Bitcoin dropped to around $103,222, with other major cryptocurrencies like Ether and Solana also declining, driven by accelerated investor profit-taking and long liquidations after failing to break the $107K resistance level, according to Vincent Liu of Kronos Research. A brief risk-on sentiment following the U.S. Senate's passage of a government reopening bill quickly faded. The primary catalyst for crypto traders remains the Federal Reserve's potential December interest rate cut, but this has become uncertain. Fed Chair Jerome Powell suggested the cut is not guaranteed, and The Wall Street Journal reported the central bank is increasingly divided on the matter. While the CME FedWatch Tool still shows a 66.9% chance of a cut, experts suggest that even if enacted, the positive impact might be limited as much of the optimism is already priced into current valuations.
(Source：The Block)