Bitcoin Falls toward $74,000 as Fed rate‑hike bets rise to 96% after Waller speech
The dip followed a 1.3% drop on the day and coincided with US stock futures slipping, while the FedWatch odds of a December hike jumped to 96.3%.
Key takeaways
- 1Bitcoin fell to $74,080, down 1.3% (Cointelegraph)
- 2CME FedWatch probability of a December rate hike rose to 96.3% (Cointelegraph)
- 3October CPI expected to rise 0.3% month‑on‑month (Cointelegraph)
- 4Nasdaq‑100 futures slipped 0.4% after Waller speech (Cointelegraph)
- 5Polymarket odds of a December hike were almost 90% earlier in the week (CoinGape)
Bitcoin fell toward $74,080 on Tuesday, down 1.3% on the day, after Fed governor Christopher Waller said he would vote to raise rates by 25 basis points at the December FOMC meeting.
TradingView data showed the price on Bitstamp hit $74,080, the lowest since early November. US stock futures also slipped, with Nasdaq‑100 futures down 0.4%. CME Group’s FedWatch Tool recorded the probability of a December hike rising from 76.3% to 96.3% following the speech.
Waller’s comments came ahead of the October CPI report due at 8:30 a.m. ET, which markets expect to show a 0.3% month‑on‑month increase. He said the Fed would not be swayed by a softer print, and he flagged higher fuel costs and a tight labour market as reasons for continued tightening.
The rate‑hike outlook has already influenced crypto markets. Polymarket data earlier this week put the odds of a December hike at almost 90%, and Natixis chief US economist Christopher Hodge linked the expected slowdown in core CPI to falling shelter and diesel prices, which could temper energy‑related price pressures.
Traders will watch the CPI release for any deviation from forecasts, as a hotter reading could push the odds higher and add further pressure on Bitcoin. The next FOMC meeting on Dec. 9 will confirm whether the 25‑basis‑point hike materialises.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.