Bitcoin Price Prediction: As Arthur Hayes Explains Why Fed Rate Cuts Aren’t Boosting BTC, Bulls Flock To Buy This SHIB 2.0
The Bitcoin price rose 1% in the last 24 hours to trade at $59,234 as of 00:49 a.m. EST despite trading volume dropping 16% to $23.8 billion. The Federal Reserve is on the verge of cutting interest rates, following the European Central Bank (ECB), the Bank of England, and the People’s Bank of China. There is now a 76% chance that the Fed will cut interest rates by 0.25% points this month. Arthur Hayes, co-founder and former CEO of BitMEX, has shared his reasons why the Fed’s interest rate cuts may not significantly affect the Bitcoin price. My theory on why Fed rate cuts aren't going to plan. Since JAYPOW annc Sept rate cut at J-Hole, $BTC down 10%, y? I thot rate cuts were good for risk assets. RRP pays 5.3% no T-bill under 1-yr maturity pays more. MMF will move money from T-bill -> RRP which is $ liq -ve. Since… — Arthur Hayes (@CryptoHayes) September 2, 2024 Since Jerome Powell, the Fed Chair, confirmed a rate cut in September on August 23, BTC ...