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Bitcoin's price dipped below $90,000 for the first time since mid-November, reaching a low of $89,800 amid growing doubts about Federal Reserve rate cuts. Market participants are adjusting to a strong labor market, which has led to speculation that the Fed's easing cycle may be over, impacting risk assets like cryptocurrencies. Despite the current volatility, some analysts remain cautiously optimistic about Bitcoin's performance in the first fiscal quarter of 2025.
Asian stock markets fell as the dollar reached a 14-month high following a strong U.S. payroll report, which raised bond yields and dampened equity valuations. Expectations for Federal Reserve rate cuts have diminished, with a focus on upcoming U.S. consumer price data that could influence future monetary policy. Oil prices surged amid supply concerns, while China's export growth added to trade tensions with the U.S.
Wall Street's major banks are divided on the pace and depth of Federal Reserve interest rate cuts, following a surprise half-point reduction. Goldman Sachs anticipates quarter-point cuts at each meeting until June, while JPMorgan forecasts another half-point cut in November, contingent on labor market conditions. Other banks, including Bank of America and Citigroup, predict additional cuts totaling 75 basis points this year, with varying expectations for 2025.
Aditya Bhave
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
bitcoin dips below ninety thousand as fed rate cut doubts grow
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