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Here are the reasons for the current decline in #bitcoin.
🤏 After U.S. Federal Reserve minutes revealed the extent of officials' concerns about how to bring inflation under control, market hopes for the possibility of cutting interest rates rose to twice this year to just one.
✅Traders in the federal funds futures market have reduced their expectations to a single cut in 2024. The probability of a single cut has jumped to about 58%.
✅In this context, the chief investment officer of the Alliance of Independent Advisors, Chris Zaccarelli, said that the hawkish tone of the minutes of the last meeting of the Federal Reserve indicates that "higher and longer is the official slogan ".
✅The Fed meeting follows a series of readings that showed inflation was more stubborn than officials expected at the start of 2024. The Fed is targeting an inflation rate of 2%.
