Bitcoin price continued its slide through much of Thursday, dipping to as low as $106,290 as traders digested a wave of macro uncertainty — from Federal Reserve Chair Jerome Powell’s cautious tone on future rate cuts to renewed volatility following U.S.–China trade talks.
The bitcoin price fell over 3% in early trading before stabilizing slightly above $107,000. The drop extends a multi-day long decline that began after the Federal Reserve delivered a widely expected 25 basis point rate cut but signaled that December’s meeting may not bring another.
Powell’s remarks at the post-meeting press conference struck a notably hawkish tone. While acknowledging progress toward the Fed’s 2% inflation goal, he emphasized that the committee had “strongly differing views” and that no decision had been made about a December cut.
Traders quickly scaled back expectations — with futures now pricing roughly a 60% chance of another reduction, down from nearly full certainty just a day earlier.
“Powell’s comments created a bit of risk-off sentiment,” said Charlie Sherry, head of finance at BTC Markets, according to Bloomberg. “Add in the Trump–Xi meeting stirring markets today, and, unsurprisingly, you get some volatility. Some technology stocks are rallying, but crypto hasn’t followed — which shows some relative weakness and hesitation in digital assets right now.”
Treasury yields and the U.S. dollar climbed following Powell’s remarks, while risk assets broadly sold off. The two-year Treasury yield jumped nearly 10 basis points as traders reassessed the Fed’s trajectory.
Meanwhile, market attention also turned to Seoul, where U.S. President Donald Trump met with Chinese President Xi Jinping. Trump described the talks as “amazing” and announced a deal to halve tariffs on fentanyl-related goods, claiming the two sides were “pretty close” to a broader trade agreement involving rare earth materials and agricultural purchases.
While such developments have little direct impact on Bitcoin, risk sentiment tends to spill across markets — and Thursday’s pullback in equities appeared to drag digital assets with it.
SpaceX moves $471 million in Bitcoin
Amid the macro jitters, on-chain analysts also flagged large Bitcoin movements linked to Elon Musk’s SpaceX. Data from Arkham Intelligence shows the company moved 281 BTC (worth roughly $31 million) late on October 29 — its fifth transfer this month, totaling 4,337 BTC (about $472 million).
The transfers were routed through Coinbase Prime, suggesting institutional custody activity rather than market sales. Some believe 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, though the firm reportedly reduced its stack by about 70% during the 2022 market crash.
As of this month, Arkham tracks roughly 7,258 BTC (about $799 million) still linked to SpaceX addresses, though that figure could rise as recent transfers are reclassified.
Tesla, meanwhile, retains 11,509 BTC, worth about $1.3 billion, according to the same data.
Bitcoin price is waiting for clarity
With U.S. monetary policy in flux, trade negotiations uncertain, and major corporate holders quietly reshuffling coins, Bitcoin’s latest move reflects a broader narrative: investors waiting for direction.
The next major catalyst may arrive in December — either from a Fed rate cut or from markets losing faith that one is coming. Until then, Bitcoin remains in a holding pattern between macro optimism and monetary restraint.