Market Flux Event
Bitcoin Slides Toward $74K as Fed Governor Waller Backs December Rate Hike
Read this in the Market Flux appBitcoin fell below $75,000 on November 10 as markets responded to hawkish signals from Federal Reserve Governor Christopher Waller, who stated he would vote to raise interest rates by 0.25% at the December FOMC meeting. The comments pushed market bets on a December rate hike to 96%, dragging Bitcoin price action and stock futures lower together.
The selloff was compounded by strong U.S. jobs data and outflows from Bitcoin ETFs, adding further pressure to crypto markets. Bitcoin was last trading around $74,000, with traders watching the upcoming U.S. inflation report as the next potential catalyst.
On-chain data from Santiment Intelligence showed Bitcoin's non-empty wallet count has declined by approximately 108,700 since October 16, when the network came close to hitting 60 million funded wallets with a count of 59.99 million. The falling wallet count signals broad investor retreat from the asset. Economist and gold advocate Peter Schiff added to the bearish chorus, urging holders to sell before what he called "a short window before the crash."
© AI-generated summary is provided by Market Flux
Sources
- BitcoinBitcoin Slips Under $75K as Peter Schiff Says Sell Before a Short Window Closes
- BlockonomiBitcoin Wallet Count Falls by 108,700 as BTC Slips Below $75K
- ETMarkets#Bitcoin drops below $75,000 as strong US jobs data and ETF outflows weigh on crypto markets
- CointelegraphBitcoin price eyes $74K as Fed rate-hike bets hit 96% after Waller speech
- Coin TelegraphBitcoin price eyes $74K as Fed rate-hike bets hit 96% after Waller speech
- Crypto BriefingBitcoin slides toward $74K as Fed’s Waller backs a December rate hike
- Coin DeskBitcoin slips before U.S. inflation report as traders price in Fed rate increase
- CoindeskBitcoin slips before U.S. inflation report as traders price in Fed rate increase