NEW YORK / LONDON (IT BOLTWISE) – Despite speculation about a possible interest rate cut by the US Federal Reserve in December, Bitcoin remains stable. Investor Kevin O’Leary doesn’t expect a significant impact on the price of Bitcoin even if the Fed doesn’t cut interest rates.
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Well-known American entrepreneur and investor Kevin O’Leary, also known as “Mr. Wonderful”, recently expressed his opinion on the current speculation about a possible interest rate cut by the US Federal Reserve in December. O’Leary does not believe the Fed will cut interest rates and does not see this having a negative impact on the Bitcoin price. In an interview, he emphasized that such a decision by the Fed would not make a big difference for Bitcoin.
O’Leary argues that inflation remains a significant issue, making a rate cut unlikely. The annual inflation rate rose to 3% in September, the highest level since January. Despite these concerns, market participants see a high probability of a rate cut in December, which is usually seen as a positive for riskier assets such as cryptocurrencies.
Market participants have priced in an 89.2% chance of a rate cut in December, according to CME Group’s FedWatch tool. Such a decision could encourage investors to shift from less lucrative bonds and time deposits to riskier assets like cryptocurrencies. Still, O’Leary remains optimistic that Bitcoin will remain stable even if the Fed doesn’t cut interest rates.
Bitcoin has seen a 17.35% decline in the last 30 days and is currently trading at around $91,440. O’Leary expects the Bitcoin price to stay within a 5% range of the current value without major short-term fluctuations. This assessment is based on the assumption that there are currently no significant catalysts for a strong price increase.
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