Bitcoin dips below $61K despite Fed’s dovish stance
Bitcoin (BTC) continued trading in the red and fell below $61,000 despite the Federal Reserve’s dovish remarks in the Federal Open Market Committee’s (FOMC) minutes published on Oct. 9.
As of press time, BTC was trading at $60,935, down 2% over the past 24 hours.
The FOMC minutes revealed that a “substantial majority” of the participants supported a 50 basis point reduction in US interest rates this year, which would bring it down to a range of 4.75% to 5%.
While a minority preferred a smaller cut of 25 basis points, citing concerns that a larger reduction could be perceived as premature, the larger cut backers argued that it aligned better with recent indicators of inflation and labor market conditions.
Moreover, they emphasized…
