Bitcoin (BTC) reached $102,000 as crypto sentiment started to recover from a new macro scare on Dec. 19. BTC price increased by 2% compared to the daily open. The US Federal Reserve’s decision to cut the benchmark interest rate by 0.25% caused a crypto and risk-asset sell-off, with BTC/USD falling to $98,695 on Bitstamp.
Fed Chair Jerome Powell indicated reluctance over future interest rate cuts due to a rebound in various inflation gauges. The S&P 500 and Nasdaq 100 both ended the trading session down by around 3%. CME Group’s FedWatch Tool estimates the odds of a further rate cut at the Fed’s next meeting in January at 8.6%.
Despite the volatility, Bitcoin is still up 6% in December.
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