Bitcoin's price fell below $100,000, shedding 5% to $97,008.96, after trading above $102,000 on Monday. The decline is attributed to rising U.S. yields and uncertainty surrounding the Federal Reserve's future interest rate cuts. While investors anticipate a doubling of bitcoin's price this year, concerns about inflation and potential rate cuts could impact its trajectory.
The price of the flagship cryptocurrency was last lower by 5% at $97,008.96, according to Coin Metrics. The broader market of cryptocurrencies, as measured by thein the U.S. services sector in December, adding to concerns about stickier inflation. Rising yields tend to pressure growth oriented risk assets.Bitcoin traded above $102,000 on Monday and is widely expected to about double this year from that level.
However, uncertainty about the path of Federal Reserve interest rate cuts could put bumps in the road for crypto prices. In December, the central bank signaled that although it was cutting rates a third time, it may do fewer rate cuts in 2025 than investors had anticipated. Historically, rate cuts have had a positive effect on bitcoin price while hikes have had a negative impact.
BITCOIN CRYPTOCURRENCY FEDERAL RESERVE INTEREST RATES INFLATION
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