We're not allowed to own bitcoin Bitcoin shaken by FOMC's aftermath, warns of further declines early next year
The rebound in various inflation indicators seems to have come as a blow to the cryptocurrency, with Chairman Jerome Powell expressing hesitancy to cut interest rates next year.
“While we have lowered our policy rate substantially, we need to be more cautious about further reductions in the future,” Powell said.
“We're not allowed to own bitcoin,” he said, putting the nail in the coffin of the idea of a strategic stockpile of bitcoin in a second Trump administration. “That's a matter for Congress to consider, and the Fed has no plans to pursue legislative changes,” he said.
According to the Chicago Mercantile Exchange (CME) FedWatch tool, the probability of another rate cut at the January meeting is currently rated as low as 8.6%. Stock markets were also negatively impacted, with the S&P 500 and Nasdaq 100 closing down about 3% each.
