Bitcoin Slides Toward $74,000 as Fed's Waller Floats December Rate Hike

Bitcoin traded lower around $74,000 as hawkish remarks from Federal Reserve Governor Christopher Waller pushed market-implied odds of a December rate hike up to 99%. Speaking in London, Waller endorsed a 25-basis-point increase to a 4.00%-4.25% target range regardless of whether inflation cools, adding that a 50-basis-point hike should be considered if October core CPI rises 0.3% month-over-month or higher. Risk assets retreated broadly in response; Bitcoin fell as low as $74,080, gold dropped below $4,100 per ounce, and the 2-year U.S. Treasury yield advanced 4 basis points to 4.616%.