Cryptocurrency bettors held back from lofty Bitcoin (CRYPTO: BTC) projections despite the Federal Reserve's quarter-point rate cut last week.
Bitcoin Projections Trimmed Down
As of this writing, the odds on the apex cryptocurrency exceeding $125,000 in September were only 5% on Polymarket, while the chances of it topping $130,000 were reduced to 1%.
The odds of Bitcoin surpassing $120,000 were down to 14%, whereas the likelihood of the coin staying below $107,000 increased to 29%.
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Eric Trump Predicted Otherwise
Interestingly, vocal cryptocurrency advocate and executive vice president of The Trump Organization Eric Trump, stated in an interview last week that a rate cut would significantly boost cryptocurrency prices.
“I just think you would potentially see this thing skyrocket,” Trump was quoted as saying by Yahoo Finance.
The Federal Reserve enacted a widely anticipated quarter-point rate cut last week, but the impact on the cryptocurrency market has been anything but positive. Since the rate cut, Bitcoin has dived by 4.35% to below $113,000.
Rate cuts are typically viewed as bullish for cryptocurrencies, as investors may shift from low-yield bonds and savings to riskier assets.
Price Action: At the time of writing, BTC was exchanging hands at $112,743.36, down 2.53% in the last 24 hours, according to data from Benzinga Pro.
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