Bitcoin Plummets as Fed Rejects Rate Cut Hopes

Bitcoin experienced a steep decline yesterday, dropping below $113,000 after the Cleveland Federal Reserve President Beth Hammack dismissed expectations for an interest rate cut. Hammack’s statement at the Jackson Hole symposium solidified the hawkish stance of the Fed, leading to market recalibration and a sharp drop in Bitcoin prices. Traders had previously anticipated a near-certain rate cut based on rising inflation concerns and economic pressures.