Bitcoin suffers biggest drop since September as Fed signals slower rate cuts

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ODAILY
a day ago
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Odaily reported that after the Federal Reserve hinted at more cautious room for future rate cuts, speculative investments generally retreated, and Bitcoin recorded its largest decline in more than three months, falling to the critical level of around $100,000. IG Australia Pty market analyst Tony Sycamore wrote in a report that the outcome of the Federal Reserve meeting should not have surprised investors who are "focused on the continued rise in US inflation and activity data", "however, it has become a catalyst to wash away some of the speculative excess that flowed into risk assets like stocks and Bitcoin after the US election." Since the November 5 election, Bitcoin prices have risen 50%, and earlier this week hit a record high of $108,316. Pantera Capital managing partner Paul Veradittakit said that "all signs point to a good bottom and outlook for Bitcoin", even though some traders were disappointed with the Federal Reserve meeting and took profits.

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