Bitcoin’s price tumbled after the United States Federal Reserve Chair Jerome Powell cast doubt on an interest rate cut in December.
The Bitcoin market fell almost 3% after the United States Federal Reserve hinted that further interest rate cuts might not be coming, contrary to expectations from those in the crypto and wider financial market.
“The economy is not sending any signals that we need to be in a hurry to lower rates,” said Federal Reserve Chair Jerome Powell during a speech in Dallas, Texas, on Nov. 14.
Powell’s statement comes after two recent rate cuts in September and November of 50 and 25 basis points, respectively. The next Fed interest rate decision is set to be announced on Dec. 18.
