Strategist: Lower Federal Reserve interest rate cut expectations and profit taking are driving bitcoin to continue to adjust
2025-08-20 08:01:55
Bitcoin rallied slightly, but remained low overall, having fallen to a two-and-a-half-week low the night before. Joel Kruger, strategist at LMAX Group, said in a note that bitcoin had been in "correction mode" since hitting record highs last week. He noted that this was mainly influenced by higher-than-expected wholesale inflation data in the United States, which weakened market expectations for a rate cut by the Federal Reserve. Kruger also mentioned that some of the sell-off could be related to profit taking in short-term accounts, as well as recent statements from the US Treasury secretary that the strategic bitcoin reserve would not be expanded through new purchases.
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