pahueg on Nostr: People are asking why $62k has become the new $58k for Bitcoin, and why it’s not ...
People are asking why $62k has become the new $58k for Bitcoin, and why it’s not breaking higher despite being at the start of the rate-cutting cycle.
The answer lies in the current wave of market uncertainty. Let’s break it down. 🕵️🔎
First, we’ve got the looming US election, casting a shadow over the market like a modern-day Damocles’ sword. According to Polymarket, Trump currently holds a significant lead with a 6% margin. However, until the results are in, this uncertainty is keeping the market in a holding pattern.
Also, the market remains uncertain about the Fed's next interest rate move. Just 15 days ago, on September 24, there was nearly a 60% probability of a 50 bps rate cut. Now? That chance has plummeted to 0!
This dramatic shift highlights the level of uncertainty gripping the market, and uncertainty is always a market drag—Bitcoin included.
But here’s the kicker: November 5 brings the US elections, clearing up political uncertainty, and by November 7, we'll have more clarity on interest rates.
Early Nov will be interesting for sure!
#Bitcoin #USElections #InterestRates #50bsp
The answer lies in the current wave of market uncertainty. Let’s break it down. 🕵️🔎
First, we’ve got the looming US election, casting a shadow over the market like a modern-day Damocles’ sword. According to Polymarket, Trump currently holds a significant lead with a 6% margin. However, until the results are in, this uncertainty is keeping the market in a holding pattern.
Also, the market remains uncertain about the Fed's next interest rate move. Just 15 days ago, on September 24, there was nearly a 60% probability of a 50 bps rate cut. Now? That chance has plummeted to 0!
This dramatic shift highlights the level of uncertainty gripping the market, and uncertainty is always a market drag—Bitcoin included.
But here’s the kicker: November 5 brings the US elections, clearing up political uncertainty, and by November 7, we'll have more clarity on interest rates.
Early Nov will be interesting for sure!
#Bitcoin #USElections #InterestRates #50bsp