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As Bitcoin 
$101,765 prices fall below $110,000 at the time of writing, concerns about deeper declines continue to escalate. The anticipated surge did not materialize due to negative ETF data, contributing to the unrest among crypto investors. Additionally, the statements by U.S. Treasury Secretary Bessent regarding a “strong recovery in employment” further amplify the market’s uncertainty.
Bitcoin’s Slide
U.S. Treasury Secretary Bessent forecasts a rapid recovery in the labor market. This development might pose a risk to the continued interest rate cuts. The Federal Reserve emphasized a measured policy approach yesterday, indicating that the process of steady rate cuts has not yet commenced. Fed Chair Powell’s comments for the upcoming meeting in 40 days were cautious, suggesting not to be certain of further cuts.
As Bessent articulates her position, several key points emerge during her address:
“U.S. President Trump and Chinese President Xi have had a chance to discuss general matters. Trump has agreed to halve the fentanyl tariff applied to China. Additionally, the U.S. will suspend certain technology export restrictions to China for a year. Measures under Section 301 against China are also on hold.
Japan is beginning to disengage from Russian LNG. The deal with China is likely to be signed in the upcoming week. China has agreed to purchase 12 million metric tons of U.S. soybeans this year. The U.S. government shutdown is starting to negatively impact the American economy.
I expect a Fed Chair nominee to be determined by Christmas. Although I appreciate the Fed’s 25 basis point rate cut, I am not fond of the language used. I am highly optimistic about the growth and inflation levels in 2026.
Employment growth will rebound very strongly.”
Future Prospects
The resolution of the China issue, coupled with a lack of rapid inflation increases, creates a not entirely unfavorable environment for cryptocurrencies to rise. The ongoing negativity in the market is not expected to last long. Notably, the signing of a one-year agreement with China could alleviate tensions in risk markets.
