Bitcoin Price Slips on Hawkish Fed Comments

Bitcoin's price has seen a decline following comments from Kansas City Fed President Jeff Schmid, who expressed concerns about persistent inflation during a Federal Reserve meeting. Although the Fed decided to cut rates, Schmid voted against this move, emphasizing that the recessionary effects could be attributed to structural changes in the labor market rather than monetary policy adjustments. His remarks led to a slight dip in Bitcoin's value, pushing it under the $110,000 mark once again. Additionally, Fed Chairman Jerome Powell emphasized that any potential rate cuts are not guaranteed, further unsettling both the cryptocurrency and stock markets. This has shifted market expectations regarding future rate adjustments, decreasing the estimated chances of a rate cut at the upcoming December meeting. As a result, Bitcoin and other assets experienced increased volatility amid ongoing macroeconomic uncertainties and concerns surrounding inflation and labor market dynamics.

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