{"id":811848,"date":"2024-12-11T22:21:51","date_gmt":"2024-12-12T04:21:51","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/11\/bitcoin-drops-below-59k-as-fed-might-pause-rate-cuts-in-november\/"},"modified":"2024-12-11T22:21:51","modified_gmt":"2024-12-12T04:21:51","slug":"bitcoin-drops-below-59k-as-fed-might-pause-rate-cuts-in-november","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/11\/bitcoin-drops-below-59k-as-fed-might-pause-rate-cuts-in-november\/","title":{"rendered":"Bitcoin drops below $59K as Fed might pause rate cuts in November"},"content":{"rendered":"

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Home<\/a><\/span> \u00bb Bitcoin<\/a><\/span> \u00bb Bitcoin drops below $59K as Fed might pause rate cuts in November<\/span><\/span> <\/p>\n

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by<\/span><\/p>\n

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Estefano Gomez<\/a><\/p>\n<\/div><\/div>\n

\n Oct. 10, 2024 <\/time>\n <\/p>\n<\/p><\/div>\n<\/section>\n

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Bitcoins Fed\u2019s Bostic signals possible pause in rate cuts as Bitcoin tumbles, dropping 4% in the past 24 hours.<\/h2>\n<\/section>\n
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Author: Christopher Aluka Berry<\/p>\n
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Key Takeaways<\/h3>\n
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Bitcoin’s price fell below $59K after Fed’s rate cut pause hint.<\/li>\n
US inflation rose slightly above expectations in September.<\/li>\n<\/ul>\n<\/section>\n
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Bitcoin\u2019s price fell below $59,000 on Thursday, slipping 4% in the past 24 hours, following remarks from Raphael Bostic, Atlanta Fed President, suggesting a potential pause in November rate cuts.<\/p>\n
Bitcoin price chart (CoinGecko)<\/figcaption><\/figure>\n
Atlanta Fed President Raphael Bostic said the central bank might hold off on cutting interest rates next month, depending on how economic data unfolds.<\/p>\n
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\u00a0\u201cI am totally comfortable with skipping a meeting if the data suggests that\u2019s appropriate,\u201d Bostic stated in an interview earlier today.<\/p>\n<\/blockquote>\n
His comments come after the Labor Department reported<\/u><\/a> a slightly higher-than-expected Consumer Price Index (CPI) inflation rate for September.<\/p>\n
Bostic, while acknowledging recent choppiness in economic indicators, said:<\/p>\n
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\u201cThis choppiness to me is along the lines of maybe we should take a pause in November. I\u2019m definitely open to that.\u201d<\/p>\n<\/blockquote>\n
He added that the Fed has the ability to \u201cbe patient and wait\u201d to see how the data evolves.<\/p>\n
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The US inflation rate increased by 0.2% in September, slightly above the 0.1% expectation. This uptick, combined with a rise in weekly jobless claims, added to market volatility. However, Bostic remained open to the idea of resuming cuts later in the year.<\/p>\n
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\u201cIt\u2019s a journey to get to neutral\u2026whether you move 25 basis points here or there, I don\u2019t think those are as consequential,\u201d he said.<\/p>\n<\/blockquote>\n
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