Bitcoin Ready for 'Big Moves' on 91% Chance of Fed Rate Cut: Crypto Daybook Americas

Market Overview - Bitcoin (BTC) price has shown significant volatility, dropping from $123,000 to $120,000 before recovering to around $121,400, with privacy coins like Zcash (ZEC) and Dash (DASH) experiencing sharp increases [1] - The CoinDesk 20 Index has bounced back to 4,178 points from a low of 4,097 [1] Volatility and Federal Reserve Expectations - Implied volatilities for Bitcoin have surged to their highest levels in the past 30 days, indicating anticipation of significant price movements [2] - Market participants are pricing in a 91% chance of a 25 basis point rate cut by the Federal Reserve at the upcoming meeting on October 28-29 [3] Institutional Interest in Digital Assets - A report from State Street indicates that nearly 60% of institutional investors plan to increase their digital asset exposure in the coming year, with average exposure expected to double within three years [3] Regulatory Developments - U.S. Democratic senators have proposed a counter to the market structure bill, suggesting a "restricted list" for DeFi protocols considered too risky, which may impact regulatory progress [4] Technological Developments - Chainlink has launched a Chainlink-grade RPC endpoint for the HyperEVM testnet, providing infrastructure for developers in the HyperliquidX ecosystem [5]