Bitcoin extends decline on Wednesday
Bitcoin fell toward $90,000 on Wednesday, hitting seven-month lows as investors continued to unload risk assets amid ongoing concerns about lofty tech valuations and growing uncertainty surrounding the Federal Reserve’s rate-cutting path.
Wall Street dropped for a fourth straight session on Tuesday, with technology stocks leading losses as analysts flagged bubble concerns.
Meanwhile, markets are now pricing in about a 47% chance of a 25 basis point Fed rate cut in December, down from over 90% a month ago.
Several Fed officials cautioned against additional easing amid inflationary pressures, tempering earlier expectations that the end of quantitative tightening would boost liquidity and support speculative assets.
Bitcoin is now down nearly 30% from the record above $126,000 reached in October and is on track for its first annual decline since 2022.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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