00:00It's Benzinga bringing Wall Street to Main Street.
00:02Bitcoin dropped nearly 3 percent after Federal Reserve Chair Jerome Powell
00:05signaled that further rate cuts may not be forthcoming, setting economic strength.
00:10Powell's comments followed two recent rate cuts of 50 and 25 basis points in September and
00:16November. The odds of a December rate cut dropped to under 60 percent, according to the Cobassi
00:21Letter. Bitcoin's price fell to under $87,000 before recovering above $88,000. Traders remain
00:27focused on whether the Fed will cut rates, as lower rates often drive investors toward riskier
00:32assets like Bitcoin. The influence of Bitcoin as an institutional asset class is expected to
00:37be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on November 19.
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