Bitcoin dropped nearly 3% after Federal Reserve Chair Jerome Powell signaled that further rate cuts may not be forthcoming, citing economic strength. Powell’s comments follow two recent rate cuts of 50 and 25 basis points in September and November. The odds of a December rate cut dropped to under 60%, according to The Kobessi Letter. Bitcoin's price fell to under $87,000 before recovering above $88,000. Traders remain focused on whether the Fed will cut rates, as lower rates often drive investors toward riskier assets like Bitcoin. The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on November 19th.
