Bitcoin price today: drops for 3rd straight day below $96k on hawkish Fed outlook

Bitcoin fell 6% to $95,699.0 by 08:47 ET (14:47 GMT). 

It fell below the $100,000 mark on Thursday after the Fed officials signaled a slower pace of rate cuts in 2025, with broader cryptocurrency markets also falling sharply.

Bitcoin sees further profit-taking after Fed meeting

The world's largest cryptocurrency hit an all-time high of $108,244.9 on Tuesday, after which prices tumbled on profit-taking and an uncertain macroeconomic outlook.

This sell-off further intensified after the Fed forecast just two more interest rate cuts in 2025, against previous expectations of four.

The central bank’s hawkish stance weighed on Bitcoin as tighter monetary policy reduces liquidity, making speculative assets like cryptocurrencies less attractive.

Moreover, Fed Chair Jerome Powell said the central bank has no intention of participating in any government initiative to stockpile substantial amounts of bitcoin. 

This underscored growing doubts about a Strategic Bitcoin Reserve, given the regulatory hurdles it is likely to face.

Incoming President Donald Trump had raised the prospect of a Bitcoin reserve, during an interview with CNBC last week. 

First combined spot Bitcoin and Ethereum ETFs approved in the U.S. 

The U.S. SEC has given the green light to filings from both the Nasdaq and the Cboe BZX Exchange to list and trade crypto index exchange-traded funds from Hashdex and Franklin Templeton.