Bitcoin Price Eyes $74K as Fed Rate-Hike Bets Hit 96%

Bitcoin price slid toward $74,000 on Nov. 10 after Federal Reserve Governor Christopher Waller said he would support a December interest-rate hike, pushing market odds for a 25-basis-point increase to 96%.

Waller spoke at the Bank of England Watchers Conference in London and said he would back a 0.25% rate increase at the Dec. 9 Federal Open Market Committee meeting regardless of the October US Consumer Price Index. The CPI release was expected to show a 0.3% monthly rise, down from 0.6% in September, but Waller said September Personal Consumption Expenditures data were weak enough to justify tightening.

How did Waller’s Fed speech move Bitcoin price?

Following the comments, CME Group’s FedWatch Tool showed December hike odds jump from 76.3% to 96.3%. Bitcoin on Bitstamp fell about 1.3% to $74,080, while Nasdaq 100 futures dropped 0.4% before the US stock market open. Tighter monetary policy can reduce liquidity and pressure risk assets, including crypto.

The October CPI report was limited to month-on-month figures because the 2025 US government shutdown reduced data availability, according to the Bureau of Labor Statistics. The lower CPI outlook was attributed partly to easing fuel and shelter prices by Natixis CIB Americas economist Christopher Hodge.