The price of Bitcoin continued to decline throughout much of Thursday, dropping to a low of $106,290 as traders processed a wave of macroeconomic uncertainty—from Federal Reserve Chair Jerome Powell’s cautious stance on potential rate cuts to renewed volatility following U.S.-China trade discussions.
The price fell over 3% in the early trading hours before stabilizing slightly above $107,000. This decline extends a multi-day trend that began after the Federal Reserve announced a widely anticipated 25 basis point rate cut but indicated that the December meeting might not lead to another.
Powell’s commentary during the post-meeting press conference carried a notably hawkish tone. While he recognized progress toward the Fed’s 2% inflation goal, he stressed that the committee held “strongly differing views” and that no decisions regarding a December cut had been made.
Traders promptly adjusted their expectations—futures are now pricing in approximately a 60% chance of another reduction, down from almost complete certainty just a day prior.
“Powell’s remarks fostered a risk-off sentiment,” stated Charlie Sherry, head of finance at BTC Markets, according to Bloomberg. “Combined with the Trump–Xi meeting creating market fluctuations today, it’s no surprise to see some volatility. Some technology stocks are seeing gains, but crypto hasn’t kept pace—which shows some relative weakness and caution in digital assets currently.”
Following Powell’s comments, Treasury yields and the U.S. dollar rose, while risk assets broadly declined. The two-year Treasury yield surged nearly 10 basis points as traders reevaluated the Fed’s path.
Simultaneously, market focus shifted to Seoul, where U.S. President Donald Trump held talks with Chinese President Xi Jinping. Trump described the discussions as “amazing” and announced an agreement to reduce tariffs on fentanyl-related goods, claiming the two nations were “pretty close” to a broader trade deal involving rare earth materials and agricultural purchases.
While such events have minimal direct impact on Bitcoin, risk sentiment tends to permeate across markets—and Thursday’s stock market retreat seemed to drag digital assets down with it.
SpaceX moves $471 million in Bitcoin
Amid the macro uncertainties, on-chain analysts also noted significant Bitcoin transfers associated with Elon Musk’s SpaceX. Data from Arkham Intelligence indicates the company moved 281 BTC (estimated at around $31 million) late on October 29—marking its fifth transfer this month, totaling 4,337 BTC (approximately $472 million).
The transactions were processed through Coinbase Prime, suggesting institutional custody activity rather than market sales. Some speculate that SpaceX may be reorganizing its wallets from older Bitcoin address formats (“1”-prefix legacy types) to newer Taproot and SegWit formats.
Musk first confirmed SpaceX’s Bitcoin holdings in 2021; however, the firm reportedly reduced its holdings by about 70% during the 2022 market downturn.
As of this month, Arkham reports approximately 7,258 BTC (around $799 million) still linked to SpaceX addresses, although this number may increase as recent transfers get reclassified.
Tesla, on the other hand, retains 11,509 BTC, valued at around $1.3 billion, according to the same data.
Bitcoin price is waiting for clarity
With U.S. monetary policy in a state of flux, uncertain trade negotiations, and significant corporate holders quietly reorganizing their coins, Bitcoin’s recent movement reflects a broader narrative: investors are awaiting clearer direction.
The next major catalyst could materialize in December—either from a Fed rate cut or from markets doubting that one is forthcoming. Until then, Bitcoin remains in a waiting pattern between macro optimism and monetary caution.
