Bitcoin recovered some of its losses from Thursday’s dip and is now trading above $90,000. Despite being over 1% lower in the last 24 hours, BTC’s current price indicates a possible profit-taking scenario after reaching over $93,000 earlier in the week. The drop was triggered by comments from Fed Chair Jerome Powell, who suggested a more cautious approach to interest-rate cuts. Powell stated at a Dallas conference that “The economy is not signaling a need for immediate rate cuts.” Market expectations for a 25 basis-point cut at the December FOMC meeting have decreased to 66% from Thursday’s 83%. The CoinDesk 20 Index (CD20), which tracks the overall crypto market, is up by 0.66% as of Friday.
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