Bitcoin Falls Below $72,000 as Markets Price Three Fed Hikes by March

Bitcoin (BTC) fell below $72,000 to its lowest level in about three months Thursday as traders priced three Federal Reserve rate increases before March and Treasury yields climbed. Bitcoin traded at $70,965 at 7:46 p.m. ET Thursday, Nov. 12, down about 4.8% from the prior day. The price marked its weakest level since mid-August. Federal funds futures reflected expectations for three quarter-point increases, which would lift the Fed’s target range from 3.75% to 4% to 4.5% to 4.75%. Market pricing put the chance of a quarter-point increase at the Fed’s Dec. 8-9 meeting at 94%. The two-year Treasury yield rose to 4.87% over two trading sessions, while the 10-year yield climbed above 5.11%. The move came after October inflation ran hotter than expected.

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