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Expectations of Fed Rate Cut Decrease, Bitcoin Continues to Adjust to Two and a Half Week Low

Summary: According to sources, Bitcoin has rebounded slightly but remains overall low, falling to a two and a half week low the previous night. LMAX Group strategist Joel Kruger stated in a report that since reaching a historic high last week, Bitcoin has been in an 'adjustment mode', mainly due to higher-than-expected US wholesale inflation data ...

According to sources, Bitcoin has rebounded slightly but remains overall low, falling to a two and a half week low the previous night. LMAX Group strategist Joel Kruger stated in a report that since reaching a historic high last week, Bitcoin has been in an 'adjustment mode', mainly due to higher-than-expected US wholesale inflation data weakening market expectations of a Fed rate cut. In addition, some selling may be related to profit-taking by short-term accounts and recent statements by the US Treasury Secretary.

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