Odds of December Fed rate cut plunge to 33% as BTC falls below $89K

The odds of a Federal Reserve rate cut in December have decreased to 30%, a significant drop from previous expectations. This change reflects shifting market dynamics and investor sentiment regarding the future of interest rates and economic conditions. The decline in rate cut expectations may influence various financial markets, including cryptocurrencies.

Bitcoin's price is attempting to recover above the $95,000 mark after recently dropping to a local low of approximately $89,000. This decline has led to a significant increase in implied volatility, with Bitcoin trading around $92,858 at the time of reporting.

Bitwise's new XRP exchange-traded fund (ETF) is scheduled to launch on Thursday under the ticker 'XRP'. This marks a significant expansion of Bitwise's cryptocurrency offerings, which previously focused primarily on Bitcoin. The launch is anticipated to attract institutional investors and enhance market participation in the cryptocurrency sector.

Bitcoin futures traders are showing resilience despite the cryptocurrency's price dropping to $89,000. The stability in the derivatives market suggests that traders may be anticipating a potential price reversal, indicating a level of confidence amidst the recent downturn.

Bitcoin futures traders are demonstrating resilience as the cryptocurrency's price drops to $89,000. Despite this decline, the stability in the derivatives market suggests that traders may be anticipating a potential price reversal, indicating confidence amidst the current market volatility.

XRP's price is at risk of a 25% decline to $1.55 due to a significant drop in ledger activity over the past four months. This downturn has raised concerns among analysts regarding the cryptocurrency's future performance.

XRP's price is at risk of a 25% decline to $1.55 due to a significant drop in ledger activity over the past four months. This downturn has raised concerns among analysts regarding the cryptocurrency's future performance.

The likelihood of a Federal Reserve rate cut in December has dropped to 33%, down from 67% at the beginning of November, coinciding with a decline in Bitcoin's price below $89,000. This shift reflects a significant change in investor sentiment and market dynamics.