Originally published on: September 30, 2024
Bitcoin kicked off the week on a downward trend, falling to $63,000, despite United States Federal Reserve Chair Jerome Powell hinting at potential rate cuts. The cryptocurrency market saw a sell-off, but Bitcoin remains poised to end Q3 with positive returns.
On Sept. 30, Bitcoin plummeted from $65,634 to an intraday low of $63,049, marking a 4% drop, according to data from Cointelegraph Markets Pro and TradingView. As of now, Bitcoin is trading at $63,344, with a 3.6% decrease over the past 24 hours.
Powell’s statements at the National Association for Business Economics conference indicated a cautious approach to future rate cuts, projecting two more 0.25% reductions in 2024, instead of a 50-basis-point cut. The Federal Open Market Committee (FOMC) had previously slashed rates by 50 basis points, the first cut since March 2020.
Market forecasts suggest a restrained approach by the Fed during the November meeting, with a quarter-point reduction, while December could see a more significant cut. The chance of a 0.5% rate drop at the Dec. 18 FOMC meeting stands at approximately 48%.
Despite market expectations for further rate cuts, cryptocurrencies saw positive gains for the third consecutive week. Bitcoin is set to close Q3 with a 0.6% increase and a 7% rise in September, as per CoinGlass data.
This article serves as a guide and does not offer investment advice. Readers should conduct their research before making any financial decisions.
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