Bitcoin extended its losses after comments by Federal Reserve Chair Jerome Powell, which signaled a more hawkish stance, dampened expectations of further U.S. interest rate cuts this year.
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The world’s largest cryptocurrency fell by about 3.1%, dropping below the $108,000 level before trimming its losses on Thursday.
The decline came after the Federal Reserve announced a quarter-point cut to its benchmark interest rate, bringing it down to a range of 3.75%–4% on Wednesday, in line with strong market expectations. This marked the second consecutive rate cut by the Fed.
Powell cautioned investors against expecting additional rate cuts later this year.
