😱 Here are the reasons for the current#bitcoindecline
🤏 After the US Federal Reserve minutes revealed the extent of officials’ concern about how to tame inflation, market hopes about the possibility of cutting interest rates decreased from twice this year to only once.
✅Traders in the federal funds futures market reduced their expectations to only one cut in 2024. The probability of just one cut jumped to approximately 58%.
✅In this context, the chief investment officer of the Alliance of Independent Advisors, Chris Zaccarelli, said that the hawkish tone of the minutes of the last meeting of the Federal Reserve indicates that “higher for longer is the official slogan.”
✅The Fed’s meeting came in the wake of a series of readings that showed that inflation was more stubborn than officials expected at the beginning of 2024. The Fed targets an inflation rate of 2%.