Add as a preferred source on GoogleBitcoin Falls Below $80,000 as Traders Watch Fed for December Rate Clues
A BTSE executive expects no change at the Oct. 27-28 meeting, while September minutes showed most officials saw another year-end rate hike as potentially appropriate.
Bitcoin (BTC) fell below $80,000 in Asian trading Monday as investors watched the Federal Reserve’s Oct. 27-28 meeting for clues about a possible rate hike in December.
At about 2:30 a.m. ET Monday (06:30 UTC), Bitcoin traded at $79,949, down 0.8% over 24 hours. Ether (ETH) was $2,313, down 1.5%.
BTSE Chief Operating Officer Jeff Mei expects the Fed to leave rates unchanged this week. He said markets will focus on whether the Fed chair signals a December rate hike. Mei pointed to high oil prices, rising U.S.-Iran tensions and inflation as factors that could prompt a firm tone, which he said would mean tighter liquidity for crypto and stocks.
Minutes from the Fed’s September meeting showed most participants considered another rate increase before year-end potentially appropriate, without specifying which meeting. The Fed has two meetings remaining this year: Oct. 27-28 and Dec. 8-9. The December meeting will also include new economic projections.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.