First Mover Americas: Bitcoin Shaky as Traders Bank Profits

Bitcoin pared some of Thursday’s losses during the European morning to trade above $90,000. BTC remains over 1% lower in the last 24 hours, a possible sign of profit-taking following its surge above $93,000 earlier in the week. The drop was catalyzed by Fed Chair Jerome Powell’s hawkish comments that damped hopes of swifter interest-rate cuts. “The economy is not sending any signals that we need to be in a hurry to lower rates,” Powell said in prepared remarks at a Dallas conference. As of Friday, the market is pricing in a 66% chance of a 25 basis-point cut at the December FOMC meeting, down from Thursday’s 83%. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, is 0.66% higher.