Bitcoin price drops to $63,000, Q3 earnings still expected to be positive

Bitcoin opened the week lower at $63,000, Cointelegraph reported. Federal Reserve Chairman Powell said interest rate cuts will continue in the future, but not as large as the recent 50 basis points. Despite this, Bitcoin prices are expected to remain up in the third quarter.

On September 30, Bitcoin fell about 4% from a high of $65,634 to $63,049; it fell 3.6% in 24 hours and is currently quoted at $63,344.

Powell said in a speech to the National Association for Business Economics in Nashville that two 0.25% rate cuts are expected by 2024.

The remarks came less than two weeks after the Federal Open Market Committee (FOMC) cut interest rates by 50 basis points. Futures markets predict that the November meeting may see a small rate cut of 0.25%, while December is more likely to take radical measures.

Bitcoin traders remain optimistic about the fourth quarter. Data shows that in the third quarter, Bitcoin prices rose 0.6%, while they rose 7% in September.