Bitcoin Falls on Reduced U.S. Rate Cut Bets, Balancer Hack — Market Talk
Bitcoin falls to a two-and-a-half-week low as reduced expectations for further U.S. interest rate cuts prompt investors to pull back from riskier assets, Deus X Pay director of trading James Madden says in a note. The repricing of rate expectations comes after Fed Chair Jerome Powell said another rate cut in December was not a foregone conclusion at last week's meeting. A hack of finance protocol Balancer has also hit the crypto sector, draining more than $100 million in digital assets, Madden says. The selloff in cryptocurrencies is effectively unwinding over-leveraged positions accumulated during October, resulting in a much-needed market correction, he says. Bitcoin falls to a low of $104,205, LSEG data show. Ethereum also hits a three-month low of $3475.81. ([email protected])