Bitcoin price continued its slide through much of Thursday, dipping to as low as $106,290 as traders digested a wave of macro uncertainty — from Federal Reserve Chair Jerome Powell’s cautious tone on future rate cuts to renewed volatility following U.S.–China trade talks.
Early trading in bitcoin saw a drop of over 3 percent. stabilizing slightly above $107,000. This is the latest in a series of days-long declines that started after the Federal Reserve delivered The Fed announced a 25-basis point cut in rates, which was widely anticipated. However, it also hinted that the December meeting might not see another.
Powell’s comments during the following press conference had a decidedly hawkish tone. He acknowledged progress towards the Fed’s goal of 2% inflation, but stressed that the committee has not reached the target. “strongly differing views” This is what you should know no decision There had been a discussion about a cut in December.
Traders quickly scaled back expectations — with futures now pricing roughly a 60% chance of another reduction, down from nearly full certainty just a day earlier.
“Powell’s comments created a bit of risk-off sentiment,” Charlie Sherry is the head of Finance at BTC Markets. according Bloomberg. “Add in the Trump–Xi meeting stirring markets today, and, unsurprisingly, you get some volatility. Some technology stocks are rallying, but crypto hasn’t followed — which shows some relative weakness and hesitation in digital assets right now.”
After Powell’s remarks the U.S. currency and Treasury yields both rose, while other risky assets fell. As traders revised the Fed’s path, two-year Treasury rates jumped by nearly 10 basis point.
The market also paid attention to Seoul, South Korea, where U.S. Donald Trump had met Chinese President Xi Jinping. Trump described the meetings as “amazing” and claimed that the two sides had reached an agreement to reduce tariffs on goods containing fentanyl. “pretty close” A broader agreement on trade involving agricultural products and rare earths materials.
While such developments have little direct impact on Bitcoin, risk sentiment tends to spill across markets — and Thursday’s pullback in equities appeared to drag digital assets with it.
SpaceX transfers $471,000,000 in Bitcoin
In the midst of macro-jitters, On-Chain analysts Also, large Bitcoin transactions linked to Elon Musk’s SpaceX were flagged. Data from Arkham Intelligence shows the company moved 281 BTC (worth roughly $31 million) late on October 29 — its fifth transfer this month, totaling 4,337 BTC (about $472 million).
These transfers went through Coinbase Prime and suggest institutional custodial activity, rather than market transactions. SpaceX could be moving away from old Bitcoin address formats.”1″Prefixes for legacy formats can be used to convert them into the newer Taproot or SegWit format.
Musk first confirmed SpaceX’s Bitcoin holdings by 2021. However, the company reportedly decreased its Bitcoin stack to about 70% in the event of a 2022 crash.
Arkham is tracking roughly 7,258 BTC ($799 million), which are still tied to SpaceX. This number may increase if recent transfers get reclassified.
Tesla has 11,509 BTC in its possession, which is worth approximately $1.3 Billion, according to these same figures.
Price of Bitcoin is still awaiting clarity
Bitcoin’s most recent movement reflects the broader story of investors who are waiting for direction. With U.S. currency policy uncertain, trade negotiations in doubt, and corporate majors quietly shifting coins around, Bitcoin’s move has a wider narrative.
The next major catalyst may arrive in December — either from a Fed rate cut or from markets losing faith that one is coming. Bitcoin will remain in an intermediate state between macrooptimism, and the monetary restrictions until that time.
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Source: bitcoinmagazine.com
