Bitcoin Edges Lower on Mild Profit Taking — Market Talk
Bitcoin falls slightly as traders take profits after the cryptocurrency reached a one-month high in the previous session. The Federal Reserve resumed cutting interest rates on Wednesday. Bitcoin initially fell after the decision as Fed Chair Jerome Powell pointed to more measured path of rate cuts than anticipated. However, bitcoin later reversed higher as the Fed still pointed to further rate cuts that are positive for risky assets. "It's worth noting that we are now well past the midpoint of a September that has historically been one of the weakest months for crypto performance," LMAX Group strategist Joel Kruger says in a note. Bitcoin falls 0.5% to $117,012 after hitting a high of $117,948 Thursday, LSEG data show. ([email protected])